Greetings,
The United States: The GDP impact of tightening financial conditions (which peaked in mid-2022) should ease this year.
Equities: Here are year-to-date US equity fund flows by fund group.
The Eurozone: Euro-area financial stocks are improving in absolute and relative terms.
Japan: Nominal wages surged in December.
Europe: The Swedish krona has been under pressure (chart shows EUR gaining against SEK).
Rates: Foreign demand for US Treasuries strengthened in December.
Energy: The copper price has sharply diverged from the Brent oil price.
Food for Thought: Here is the Chinese spy balloon’s path across North America:
Edited by William Villacis
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