The Daily Shot Brief – March 10th, 2020

Greetings,   Equities: M&A activity has been surprisingly robust.   Rates: The Fed decided to boost repo financing to make sure that money markets continue to function smoothly.   Energy: Drilling at the largest US shale plays is unprofitable at current prices.   Emerging Markets: Lebanon is defaulting.   China: Airline passenger traffic remains depressed. …

The Daily Shot Brief – March 9th, 2020

Greetings,   Energy: Crude prices crashed, plummetting some 30% in early trading. US crude (second chart) dipped below $30/bbl for the first time since 2016. The Brent curve moved deeper into contango (positive-sloping).   Commodities: Gold continues to rally amid risk asset rout.   Equities: The correlation between US stocks and crude oil has risen. …