Greetings,
The United States: Morgan Stanley’s business conditions index moved lower in response to softer business expectations.
The Eurozone: This is not a fair comparison because we are looking at bonds in two different currencies. Nonetheless, it’s worth noting that the 5-year Greek government bond yield is now lower than the US equivalent.
Equities: The passive/active fund flow divergence persists.
China: Pantheon Macroeconomics expects inflation to rise, driven by food prices.
Credit: Leveraged loan flows are correlated with Treasury yields.
Food for Thought: $100 vs. $1 notes in circulation:
Edited by Joseph Cohen
To receive the Daily Shot Premium, you need to be a subscriber to The Wall Street Journal. The Daily Shot readers qualify for a special membership offer of $1 for 2 months and can join simply by clicking here.
If you are already a WSJ member, you can sign up for The Daily Shot at our Email Center by clicking here.
The Daily Shot Premium is also available online at DailyShotWSJ.com
If you have any issues at all, please contact a Customer Service representative by calling 1-800-JOURNAL (1-800-568-7625) or sending an email to support@wsj.com.
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.
We would also like to thank the Federal Reserve Bank of St. Louis for the incredible job they have done providing data and graphics to the public. Here is the credit and legal notice related to all FRED charts: FRED® Graphs ©Federal Reserve Bank of St. Louis. All rights reserved. All FRED® Graphs appear courtesy of Federal Reserve Bank of St. Louis. http://research.stlouisfed.org/fred2/
Contact the Daily Shot Editor: Editor@DailyShotLetter.com