The Daily Shot Brief – April 27th, 2018




The United States: As discussed previously, the end of the inventory build has now slowed imports, reducing the US trade deficit.

Source: Pantheon Macroeconomics


Equity Markets: Banks’ equities trading revenue has risen this year amid higher volatility.

Source:, h/t Paul Menestrier; Read full article


The United Kingdom: The retail sales growth is also trending lower.

Source: Pantheon Macroeconomics


Energy Markets: US natural gas in storage is now well below the 5-year average.

Source: EIA


Emerging Markets: EM bond ETFs have taken a hit, but outflows have been limited – so far.

Source: Bianco Research


Eurozone: Italian stocks continue to outperform.

Source: BMI Research


Rates: Real 10yr yields in many advanced economies remain negative.

Source:, h/t Paul Menestrier; Read full article


China: The “muni” bond market is replacing some of the local government funding vehicles (LGFV). But large LGFV balances remain outstanding.

Source: @CapEconChina


Global Developments: Here is an updated policy transition matrix.

Source: BMI Research


Food for Thought: Search engine market share.

Source: @trevornoren; Read full article


Have a great weekend!


Edited by Joseph N Cohen

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