Greetings, United States: The April ISM Manufacturing PMI unexpectedly pulled back from the highs. While factory activity remains exceptionally strong, there are signs that supply-chain bottlenecks are becoming a drag on production and employment. Europe: Just like in the US, European supply chains are strained (2 charts). Emerging Markets: Colombia’s finance minister …
The Daily Shot Brief – May 3rd, 2021
Greetings, United States: The updated April U. Michigan consumer sentiment index was even stronger than the prior report. Emerging Markets: India’s COVID cases exceeded 400,000 per day. Cryptocurrency: Ethereum broke above $3k. Here is the Etherium/Bitcoin ratio. Equities: How frequently did 95% of S&P 500 stocks close above their 200-day moving …
The Daily Shot Brief – April 30th, 2021
Greetings, United States: The first-quarter GDP report was roughly in line with expectations. • The economy has almost recovered. • Higher consumer spending (mostly on goods) drove much of the gains last quarter Eurozone: Germany’s unemployment unexpectedly increased. Europe: Next, we have some data on EU exports to China. China: We are …
The Daily Shot Brief – April 29th, 2021
Greetings, United States: The Fed acknowledged economic improvements and higher inflation but sees price gains as “reflecting transitory factors.” Here are the changes from the previous FOMC statement. Moreover, Fed Chair Powell said that “it is not the time to start talking about tapering.” The US central bank remains extraordinarily dovish and entirely focused …
The Daily Shot Brief – April 28th, 2021
Greetings, United States: Restaurants are struggling to find workers as visits rebound. Restaurant wages are going up. United Kingdom: Retail sales jumped this month, according to CBI. China: Investors remain concerned about Huarong’s debt. Will other funds benefit from a regulatory cap on Yu’e Bao (the largest money market fund)? …
The Daily Shot Brief – April 27th, 2021
Greetings, United States: Consumers are concerned about inflation. Will it impact spending? Asia-Pacific: The BoJ downgraded its inflation forecasts, suggesting that the accommodation will stay in place for some time to come. Here is Bloomberg’s take on the BoJ Monetary Policy Board. China: The credit impulse indicator has turned negative, which …
The Daily Shot Brief – April 26th, 2021
Greetings, United States: New home sales surged in March, topping economists’ forecasts. The southern US drove the spike in sales, while activity declined in the West. China: US listings by Chinese companies increased sharply this year. Emerging Markets: In Russia, the central bank hiked rates by 50 bps in response to rising …
The Daily Shot Brief – April 23rd, 2021
Greetings, United States: Let’s begin with the Kansas City Fed’s manufacturing report, which made history this month. The strength of the region’s factory activity is extraordinary. Employment and work-hours indicators soared. Eurozone: Euro-area consumer confidence is approaching pre-crisis levels. Cryptocurrency: Here are the reasons some investors are not getting into cryptocurrencies. …
The Daily Shot Brief – April 22nd, 2021
Greetings, Canada: The Bank of Canada struck a hawkish tone, diverging from the Fed. The loonie and bond yields climbed. United States: Over the past decade, US CapEx has massively deviated from the historical trend, becoming a drag on productivity. Will we see the trend reversing during the current decade? Here are some …
The Daily Shot Brief – April 21st, 2021
Greetings, United States: The semiconductor industry requires significant R&D spending. United Kingdom: Port delays continue to ease. China: The yuan remains a minor component of global F/X reserves. Equities: The most-shorted stocks are lagging again. JP Morgan’s clients have boosted their short positions. Credit: Banks have recouped some of …
