The Daily Shot Brief – April 26th, 2018




The United States: The US total labor income (defined below) is a leading indicator for consumer spending, and it accelerated last month.

Source: Deutsche Bank Research


Equity Markets: Below is a scatter plot of PE ratios vs. Treasury yields.

Source: Market Ethos, Richardson GMP


The United Kingdom: This chart shows the decline in EU citizens migrating to the UK.

Source: Pantheon Macroeconomics


Energy Markets: The rig count recovery has been much slower than in previous cycles, but the new rigs are far more efficient.

Source: Moody’s Investors Service


Emerging Markets: Argentina’s inflation is expected to (gradually) moderate this year.

Source: BMI Research


Eurozone: The Eurozone’s economy is heavily dependent on exports. A global slowdown or a trade war could be devastating.

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


Rates: The 2005 CBO economic forecast was surprisingly similar to the latest one except for the 10yr Treasury yield.

Source: @jasonfurman


China: This pie-chart shows the breakdown of China’s household debt.

Source: @markets; Read full article


Credit: After hedging the currency risk, the yield on US investment-grade debt is below that of euro-denominated bonds.

Source: @acemaxx, @PictetWM


Food for Thought: Millennials have fully recovered from the financial crisis.

Source: Deutsche Bank Research



Edited by Joseph N Cohen

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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen),, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.

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