The United States: Retail sales rebounded in March, returning to the recent trend.
However, the “control group” retail sales (excludes autos, gasoline, building materials and food services) were disappointing (second chart).
Equity Markets: How long before the start of a recession does the market experience the most amount pain?
China: China’s manufacturing sector continued to expand this month but at a slower pace. Here is the World Economics SMI index.
Energy Markets: Nigeria and Libya could boost their output over the next couple of years, creating a headwind for the Opec/Russia production cuts.
Emerging Markets: Turkey is highly dependent on external financing, which makes it vulnerable to currency weakness.
Alternatives: Hedge fund alpha is the highest during low-correlation periods.
Australia: This chart shows Australian housing valuations and household leverage rising dramatically over the past three decades.
Global Developments: Global risk appetite is coming back.
Food for Thought: How much do Americans spend on taxes?
Edited by Joseph N Cohen
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