The United States: Goods prices in the US continue to be a drag on inflation. Efficient global supply chains and online retail are some of the reasons.
Global Developments: How do stock markets around the world compare to the US in terms of price-to-book ratios?
The Eurozone: An indicator of German economic expectations (ZEW) was a bit softer than expected.
Credit: Commercial mortgage-backed securities (CMBS) portfolio balances are on the rise for the first time in a decade.
Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research: – The third quarter marks a significant turning point for the CMBS market. With only a few exceptions, since 2008, the balance of commercial and multifamily mortgages held in CMBS has declined each quarter. That years-long trend ended this quarter. With the so-called ‘wall of maturities’ behind us, and a vibrant market for new originations, we are once again seeing more new loans being originated for CMBS than we are seeing in old loans paying off and paying down. The result is the largest increase in outstanding CMBS mortgages since the end of 2007.
Emerging Markets: EM sovereign bond ratings have decoupled from portfolio managers’ allocations to EM debt.
Energy Markets: The American Petroleum Institute showed a bigger than expected weekly dip in US crude oil stockpiles. More on the topic tomorrow.
Bitcoin: One has to be careful when comparing the Bitcoin market cap with other assets.
Food for Thought: Female labor-force participation: Norway vs. the US.
Edited by Joseph N Cohen
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