Greetings,
The United States: There is a widening gap between consumer sentiment and the savings rate. In the past, this divergence was a precursor to the end of the economic cycle.
Similarly, the disappearance of the output gap also indicates that we are in the late stage of the cycle.
Credit: High-yield credit default swap spreads (CDX) dip below 300bps for the first time in years.
China: Economists anticipate a weaker economic growth this year, as fixed asset investment slows. Elevated interest rates are taking their toll on the property markets.
Bitcoin: Bitcoin appears to be range-bound, unable to breach the $17k level again.
Equity Markets: Corporate America is increasingly optimistic about earn
Emerging Markets: Oman will be the first EM country issuing debt this year to help plug a $7.8bn budget deficit hole. Will the rating agencies downgrade Oman to junk?
The Eurozone: Germany’s factory orders remain near record levels.
Global Developments: This chart shows which economies will see the fastest and the slowest growth this year.
Food for Thought: Confidence in the justice system by country.
Edited by Joseph N Cohen
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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen), Ycharts.com, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.
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