Greetings,
The United States: Today’s official payrolls report will provide clues to whether worker shortages are translating into faster wage increases. Economists expect to see a jump in hourly earnings. Morgan Stanley’s forecast below is in line with the median estimate.
China: Chinese authorities are concerned about another round of capital outflows – similar to what we saw after the 2015 “devaluation.”
Global Developments: Here are the Q2 changes in earnings expectations for major indices.
Equity Markets: European firms are learning that share buybacks do wonders for stock performance.
Emerging Markets: This chart shows the changes in manufacturing activity (PMI) over the second quarter across several EM economies.
Food for Thought: Democratic party identification by generation:
Edited by Joseph 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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