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
To receive the Daily Shot Premium, you need to be a subscriber to The Wall Street Journal. The Daily Shot readers qualify for a special membership offer of $1 for 2 months and can join simply by clicking here.
If you are already a WSJ member, you can sign up for The Daily Shot at our Email Center by clicking here.
The Daily Shot Premium is also available online at DailyShotWSJ.com
If you have any issues at all, please contact a Customer Service representative by calling 1-800-JOURNAL (1-800-568-7625) or sending an email to email@example.com.
Contact the Daily Shot Editor: Editor@DailyShotLetter.com