Greetings,
The United States: Mortgage rates are down 100 bps from the recent highs.
Canada: The BoC hiked rates by 25 bps and signaled a pause. The market doesn’t see any more rate increases in this cycle, with rate cuts kicking in later this year.
The Eurozone: Goldman no longer expects a recession in the Eurozone.
Asia – Pacific: Pantheon Macroeconomics expects the Bank of Korea to raise rates by another 25 bps. Rate cuts could begin around Q4 2023.
Energy: US natural gas futures dipped below $3.0/MMBtu.
Commodities: Political troubles in Peru have been a tailwind for both copper and silver.
Emerging Markets: EM local currency sovereign bonds, particularly in LatAm, significantly outperformed despite a strong dollar and rising global inflation.
Food for Thought: Lastly, here is the global GDP by country in 2022:
Edited by William Villacis
Contact the Daily Shot Editor: Brief@DailyShotResearch.com
