Greetings,
The United States: According to the ISM PMI report, the US manufacturing downturn eased in December as demand strengthened
Equities: Crowded longs are outperforming again.
The Eurozone: Hedge funds are increasingly bearish on the euro.
China: The renminbi weakened beyond 7.3 to the dollar as Beijing increasingly signals its intent to curb the currency’s decline.
Emerging Markets: Argentina’s USD-denominated bonds continue to see a rebound as Milei secures bank financing.
Credit: US corporate BBB/single-A spread hit a multi-year low, indicating higher risk appetite.
Commodities: Cattle futures continue to rally.
Food for Thought: Holiday debt trends:
Edited by William Villacis
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