United States: US state and local tax receipts have been going to benefit payments rather than investment.
Asia-Pacific: Australia’s housing credit growth remains exceptionally strong.
Home prices continue to climb.
China: Country Garden is an investment-grade builder in China. Even some companies that are not excessively leveraged are spooking investors. Country Garden’s share price and bonds are tumbling.
Equities: Retail investors have been plowing a great deal of money into the markets in recent days. But remarkably, in addition to the broad index ETFs, they’ve been buying value sector ETFs (according to JP Morgan Research). So this rotation is not limited to institutions.
Global Developments: Port blockages appear to have peaked.
Food for Thought: Mobile apps spending and downloads:
Edited by Devon Lall
Contact the Daily Shot Editor: Editor@DailyShotLetter.com