The United States: The ISM Manufacturing PMI report was surprisingly bad, with key sub-indices coming in below market expectations (PMI below 50 means contraction).
–Backlog of orders:
-There are no signs of price pressures.
The Eurozone: Depositors appear to be less risk-averse as cash moves out of Germany.
Europe: Have European earnings expectations reached a turning point?
China: Stock market volatility has eased in recent months.
Rates: Top banks have been less dominant in the repo market.
As more leveraged participants moved into the Treasury market, the use of repo financing has increased.
Food for Thought: Each state’s financial health:
Edited by Devon Lall
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