Energy: The US economy’s exposure to rising crude oil prices is relatively low. The nation’s oil intensity (oil consumed per unit of GDP) has declined significantly in recent decades (see chart). And US net imports of crude are at the lowest level in years.
Also, US crude oil inventories declined in recent weeks. The second chart shows oil stockpiles measured in days of supply (vs. the previous year).
Equities: Can a rebound in fund flows keep the rally going?
Japan: Japan’s fiscal stimulus will not be enough to sustain a temporary boost to GDP growth this year, according to Pantheon Macroeconomics.
The United States: Construction spending is rebounding, driven by residential building.
The housing recovery is set to continue in 2020, according to Gavekal.
Global Developments: Below is the relative GDP “impact” of each country’s protests and rising populism since April 2008.
Food for Thought: Salt consumption:
Edited by Devon Lall
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