Greetings,
Equities: The stock market is increasingly pricing in higher corporate taxes as the US elections approach. The underperformance of companies with the highest median tax rates has accelerated.
Will volatility start to rise ahead of the US elections?
Credit: Leverage (debt-to-EBITDA) has risen sharply this year.
Energy: Brent contango (1st chart) and West African crude premium (2nd chart) point to softening oil demand.
China: The World Economics SMI report shows that China’s business confidence is improving at the fastest pace in years.
Eurozone: Euro positioning remains stretched. If the US elections go smoothly, the euro could take a hit later this year.
Food For Thought: How US school districts are starting the academic year:
Edited by Daniel Moskovits
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