The Daily Shot Brief – April 17th, 2018




The United States: Retail sales rebounded in March, returning to the recent trend.

Source: Pantheon Macroeconomics

However, the “control group” retail sales (excludes autos, gasoline, building materials and food services) were disappointing (second chart).

Source: Piper Jaffray


Equity Markets: How long before the start of a recession does the market experience the most amount pain?

Source: Market Ethos, Richardson GMP


China: China’s manufacturing sector continued to expand this month but at a slower pace. Here is the World Economics SMI index.

Source: World Economics


Energy Markets: Nigeria and Libya could boost their output over the next couple of years, creating a headwind for the Opec/Russia production cuts.

Source: IIF


Emerging Markets: Turkey is highly dependent on external financing, which makes it vulnerable to currency weakness.

Source: Capital Economics


Alternatives: Hedge fund alpha is the highest during low-correlation periods.

Source: Barclays, Skënderbeg Alternative Investments AG


Australia: This chart shows Australian housing valuations and household leverage rising dramatically over the past three decades.

Source: @macrodidact


Global Developments: Global risk appetite is coming back.

Source: TD Securities


Food for Thought: How much do Americans spend on taxes?

Source: The Tax Foundation; Read full article


Edited by Joseph N Cohen

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