The Daily Shot® Brief

Greetings,

The United States: The market’s confidence in the US avoiding default is growing. T-Bill yields are moving lower.

Asia-Pacific: Australia’s building permits hit a multi-year low.

Equities: Here is a look at US semiconductor stock valuations.

Rates: Long-dated Treasury futures jumped as the debt ceiling deal is viewed as more fiscally restrictive.

Emerging Markets: CDS spreads and government bond rates have spiked in South Africa and Turkey. For other major emerging market economies, these rates have generally fallen since the beginning of the year.

Global Developments: Here is a look at last week’s currency futures positioning.

Food for Thought: Companies citing “AI” on earnings calls:

Edited by William Villacis

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Greetings,

The United States: Corporate profits declined.

The Chicago Fed’s national activity index rebounded last month.

The United Kingdom: UK trade openness has been lagging.

The Eurozone: Germany’s revised Q1 GDP puts the country into technical recession.

Cryptocurrency: It has been a difficult month for cryptos, with bitcoin underperforming other main tokens.

Equities: Hedge funds have been boosting their exposure to tech mega-caps (based on GS prime brokerage data).

Food for Thought: Who intends to buy an EV?

Edited by Josh Oldmixon

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Greetings,

The United States: The implied terminal rate is back above 5.25% as the FOMC appears divided on future interest rate hikes.

Housing inventories have been tightening across price tiers.

Equities: Nvidia shares surged on expected AI chip demand

The United Kingdom: Given higher-than-expected inflation, the BoE is pressured to keep raising rates.

China: The Shanghai Shenzhen CSI 300 Index is now in the red year-to-date.

Commodities: Copper futures are testing the uptrend support.

Food for Thought: Here are views on prohibiting tobacco or menthol cigarettes:

Edited by William Villacis

Contact the Daily Shot Editor: Brief@DailyShotResearch.com

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Greetings,

The United States: Fewer companies are boosting wages.

The United Kingdom: Manufacturing input prices are now falling.

China: China doesn’t have enough white-collar jobs to accommodate the surge in college graduates.

Commodities: Investors increased their bullish bets on platinum futures while shying away from palladium.

Equities: Open interest in ETF put options is at multi-year highs.

Credit: Leveraged loan funds continue to see outflows.

Food for Thought: Religious affiliations of US adults and Congress members:

Edited by Josh Oldmixon

Contact the Daily Shot Editor: Brief@DailyShotResearch.com

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Greetings,

The United States: Manufacturing and housing conditions are starting to improve, which could stall a recession.

Credit: REITs’ spread between Return on Invested Capital (ROIC) and the Weighted Average Cost of Capital (WACC) is crashing, which signals declining profitability and increased delinquency rates.

The Eurozone: Political developments in Greece could result in a debt rating upgrade this year (to investment grade). Below are Green bank stocks.

Asia-Pacific: The May PMI report showed Japan’s business activity accelerating this month, with services growth surging.

China: Residential sales are still above the underlying demand.

Global Developments: Are markets too optimistic about slowing inflation?

Food for Thought: Here are views on using AI to hire and track employees:

Edited by William Villacis

Contact the Daily Shot Editor: Brief@DailyShotResearch.com

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Greetings,

The United States: Wholesale used vehicle prices were lower again this month.

Fed officials are indicating that there will be no rate increase in June. Market expectations got repriced on Friday in response to Fed signals.

Equities: Equity fund flows have flattened out. Outflows next?

The Eurozone: The DAX hit a record high last week.

China:  Beijing indicated it was unhappy about the renminbi’s sharp decline. The currency jumped on Friday but is retreating again today.

Energy: US rig count is now down on a year-over-year basis.

Food for Thought: Lastly, here is the duration of MLB games:

Edited by William Villacis

Contact the Daily Shot Editor: Brief@DailyShotResearch.com

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Greetings,

The United States: Fewer small businesses plan to increase headcount.

The United Kingdom: London’s economy has been outperforming.

Emerging Markets: Policy easing in Vietnam could fuel economic recovery and possibly benefit stocks.

Commodities: US cattle futures are surging.

Equities: Top five stocks contributed more than 80% of the S&P 500 gains this year.

Food for Thought: What do college seniors see as the most important benefit in their first job?

Edited by Josh Oldmixon

Contact the Daily Shot Editor: Brief@DailyShotResearch.com

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Greetings,

The United States: Housing starts are almost 23% below last year’s levels in April, but residential construction has been stabilizing.

If the impasse over the debt ceiling is resolved, the possibility of a rate hike in June cannot be ruled out.

Rates: The 5-year breakeven inflation expectations index is now at pre-COVID highs. Will the current level continue to act as support?

Equities: Regional banks surged on Wednesday.

Japan: Foreigners have been jumping into Japanese equities, boosting prices.

Canada: A BoC rate hike this summer looks increasingly likely.

Food for Thought: Here are US box office sales:

Edited by William Villacis

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Greetings,

The United States: April’s core retail sales topped expectations.

The United Kingdom: Wage growth is still elevated.

Asia-Pacific: Australia’s Q1 wage growth was slightly below forecasts but still elevated.

China: New home prices increased again last month.

Equities: The tech mega-cap surge has been remarkable.

Food for Thought: Lastly, the share of Americans who identify as LGBT:

Edited by Josh Oldmixon

Contact the Daily Shot Editor: Brief@DailyShotResearch.com

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Greetings,

The United States: The Atlanta Fed’s wage growth tracker declined sharply in April.

Europe: Sweden’s inflation has finally peaked.

Asia-Pacific: Japan’s TOPIX hit a multi-decade high.

China: Industrial production surprised to the downside.

Retail sales were also softer than expected.

Equities: US and European equities no longer offer an attractive yield compared to credit.

Positive earnings surprises haven’t been met with a lot of enthusiasm.

Food for Thought: Lastly, here are the number of US passports issued over the last 30 years:

Edited by William Villacis

Contact the Daily Shot Editor: Brief@DailyShotResearch.com

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