The United States: As discussed previously, the end of the inventory build has now slowed imports, reducing the US trade deficit.
Equity Markets: Banks’ equities trading revenue has risen this year amid higher volatility.
The United Kingdom: The retail sales growth is also trending lower.
Energy Markets: US natural gas in storage is now well below the 5-year average.
Emerging Markets: EM bond ETFs have taken a hit, but outflows have been limited – so far.
Eurozone: Italian stocks continue to outperform.
Rates: Real 10yr yields in many advanced economies remain negative.
China: The “muni” bond market is replacing some of the local government funding vehicles (LGFV). But large LGFV balances remain outstanding.
Global Developments: Here is an updated policy transition matrix.
Food for Thought: Search engine market share.
Have a great weekend!
Edited by Joseph N Cohen
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