Greetings,
United States: The growth in revolving consumer credit is falling behind the increase in wages. According to TS Lombard, this indicator typically spikes heading into a recession or periods of perceived economic stress.
China: The renminbi declined for the second day (chart below), and China’s stock market slumped (second chart) on worries about the Wuhan coronavirus.
Emerging Markets: EM currencies haven’t rallied as strongly as EM equities over the past year.
Credit: Leveraged loan funds are finally getting some inflows.
Global Developments: According to Arbor Data Science, global economic strength, as measured by imports/exports, has returned to above-average growth for the first time since early 2018.
Food for Thought: US cigarette sales:
Edited by Daniel Moskovits
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