Greetings,
The United States: This chart shows the spread between the ISM orders and inventories (a forward-looking indicator) vs. the ISM composite index.
The Eurozone: Businesses increasingly expect a slowdown in hiring.
China: Government bond yields are falling.
Rates: The shift into bond funds from equity funds continues. The net new cash flows to bond funds tend to correlate with the bond market’s performance (second panel).
Food for Thought: Public attention to early-stage presidential campaigns:
Edited by Joseph N Cohen
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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen), Ycharts.com, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.
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