Greetings,
The United States: The ISM Manufacturing PMI surprised to the downside with US factory activity now contracting for thirteen consecutive months.
![](https://thedailyshot.com/wp-content/uploads/US-ISM-13-months2312040542.png)
![](https://thedailyshot.com/wp-content/uploads/US-ISM-ST2312040542.png)
Equities: The percentage of S&P 500 stocks trading above their 200-day moving average.
![](https://thedailyshot.com/wp-content/uploads/EQ-200d-MA2312040542.png)
Investors are nervous about the small-cap outperformance. The Russell 2000 implied volatility index (RVX) has not been following VIX lower.
![](https://thedailyshot.com/wp-content/uploads/EQ-RVX-VIX22312040542.png)
The Eurozone: Recent Eurozone inflation figures may already be below the ECB’s target of 2%, which could raise the odds of an ECB rate cut as soon as Q1, according to Deutsche Bank.
![](https://thedailyshot.com/wp-content/uploads/EZ-Inflation2312040542.png)
![](https://thedailyshot.com/wp-content/uploads/EZ-Inflation22312040542.png)
Emerging Markets: Chile’s manufacturing output exhibited a large upside surprise.
![](https://thedailyshot.com/wp-content/uploads/EM-Chile-IP2312040542.png)
Global Developments: Rate cuts are accelerating, driven by EM central banks.
![](https://thedailyshot.com/wp-content/uploads/GL-AAA-Rate-cuts-are-accelerating-driven-by-EM-central-banks2312040542.png)
Food for Thought: Median age by state:
![](https://thedailyshot.com/wp-content/uploads/VTD-Median-age-by-state2312040542.png)
Edited by William Villacis
Contact the Daily Shot Editor: Brief@DailyShotResearch.com