Greetings, The United States: Rental costs have far exceeded inflation in recent years The Eurozone: Mario Draghi disappointed the markets by not delivering a more immediate monetary ‘bazooka.’ The euro and bond yields rose in response. Emerging Markets: Despite some scary headlines (see story), Ukraine’s currency (the hryvnia) continues to rally. Global …
The Daily Shot Brief – July 24th, 2019
Greetings, The United States: The federal government is boosting spending caps again. The Eurozone: Will loan growth slow over the next few months? China: The July World Economics SMI index shows tepid but stable growth in China’s factory activity. Sales growth registered improvement, but business confidence remains soft. Emerging Markets: TA …
The Daily Shot Brief – July 23rd, 2019
Greetings, The United States: This chart shows the contributions to Atlanta Fed’s GDPNow estimate for the second-quarter GDP growth. The Eurozone: Financial conditions in the Eurozone have been easing. China: What makes the new STAR Market (see story) different? Below is a comment from Gavekal on the topic. Emerging Markets: This …
The Daily Shot Brief – July 22nd, 2019
Greetings, The United States: The charts below show consumer loan application rates (the percentage of households applying for loans) and rejection rates. The Eurozone: Germany’s stock market performance over the past fifteen years has been driven by dividends. China: Below is an illustration of China’s tech sector manufacturing supply chain. Global …
The Daily Shot Brief – July 19th, 2019
Greetings, The United States: The language in the Fed’s Beige Book has become less upbeat over time. Here is the count of words related to ‘trade’ and ‘uncertainty.’ The Eurozone: Will stronger wages finally push the Eurozone’s inflation higher? Credit: Who owns leveraged loans? Energy: US pipeline companies (MLPs) have been …
The Daily Shot Brief – July 18th, 2019
Greetings, The United States: State and local government employment as a share of the total US workforce is at the lowest level in decades. The Eurozone: This chart shows employment growth for France, Germany, and Italy vs. the rest of the Eurozone. Credit: Let’s start with the amount outstanding of leveraged loans …
The Daily Shot Brief – July 17th, 2019
Greetings, The United States: Recent trends in railcar loadings point to softer manufacturing production and trade. The Eurozone: Bets on lower Bund yields (blue) remain elevated. Still a crowded trade? China: Home price appreciation remains robust. Global Developments: Global stock valuations don’t look excessive (relative to the past ten years). Food …
The Daily Shot Brief – July 12th, 2019
Greetings, The United States: Has wage growth peaked? The Eurozone: French industrial employment is finally growing. China: ‘Shadow banking’ credit continues to shrink as Beijing cracks down. Rates: This diagram illustrates the Fed’s pre- and post-crisis approach to managing the fed funds rate. Food for Thought: Concerns about retirement among …
The Daily Shot Brief – July 10th, 2019
Greetings, The United States: Despite US debt levels at multi-decade highs (as % of the GDP), the Federal government continues to enjoy relatively low interest rates (for now). The Eurozone: The market continues to price in ECB rate cuts this year. China: Housing inventory-to-sales ratio continues to trend lower. Global Developments: Here are …
The Daily Shot Brief – July 9th, 2019
Greetings, The United States: The NY Fed’s recession probability estimate (based on the yield curve) keeps climbing (see story). The Eurozone: Japanese investors bought a record amount of Spanish bonds in May. Emerging Markets: This chart shows the year-to-date performance of EM equities. Global Developments: Capital goods imports have stalled. Food …
