The United States: Is the trade deficit with China lower than it appears? The charts below show what happens when services, trade with Hong Kong, and the value-add import adjustments are incorporated.
Equity Markets: We continue to see investor sentiment souring rapidly.
Here is the retail investor sentiment index from TD Ameritrade. This “return to reality” is quite positive for the market.
Credit: High-yield ETFs saw record outflows in the first quarter.
China: The country’s smartphone sales are slowing.
Eurozone: The European sector PMI report shows a broad slowdown.
Commodities: This chart shows the top US agricultural export destinations over time.
Rates: The US “soft-data” economic surprise index suggests that Treasury yields should be lower.
Food for Thought: Gasoline taxes by state.
Edited by Joseph N Cohen
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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen), Ycharts.com, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.
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