The Daily Shot Brief – December 12th, 2017



The United States: US manufacturers are increasingly optimistic. The impending corporate tax cut is expected to give this sector a boost.

Source: NAM; Read full article

And just like commercial builders, manufacturers are having a tough time hiring/retaining quality workers. High healthcare costs are also a problem.

Source: NAM; Read full article


Rates: JP Morgan says that when real fed funds rates hit 1%, we are in the “late cycle” territory

Source: @markets; Read full article


The Eurozone: The implied volatility in the euro hit a multi-year low despite the uncertainty around Italian elections. And there is quite a bit of anti-EU sentiment in Italy (second chart).

Source: The Daily Shot
Source: @wef; Read full article


Credit: Negative convexity and tight spreads limit the upside in high-yield bonds.

Source: SPDR Americas Research


Emerging Markets: The EM non-resident portfolio flows turned negative.

Source: @IIF, @josephncohen


Asia: Singapore has dramatically boosted its national wealth over the past three decades. It has been suggested that the legislators’ incentive compensation was one of the reasons. A 17% corporate tax rate is another.

Source: Steven Kopits


Energy Markets: Oil implied volatility keeps hitting multi-year lows as downside risks are priced out of the market.

Source: The Daily Shot


Bitcoin: All of a sudden there is interest in buying futures. What could possibly the reason?

Source: @QTRResearch


Food for Thought: Compare how much cost/value research you do when buying a car or a TV vs. purchasing health insurance.

Source: Alegeus Healthcare Consumerism Index

How disciplined are you in saving for emergencies or retirement vs. healthcare?

Source: Alegeus Healthcare Consumerism Index

Edited by Joseph N Cohen

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