United States: According to Alpine Macro, stronger than expected retail sales in May were partly driven by a temporary boost in consumer incomes (in excess of savings).
Eurozone: As we saw yesterday, the PMI reports showed marked improvement in business activity, especially in France.
Equities: Globally, 80% of the markets trade with valuations in the upper quartile relative to historical averages.
Credit: Foreign firms are taking advantage of the Fed’s accommodative policy that boosted demand for dollar-denominated credit.
Rates: Nearly half of all banks in the Fed’s Senior Loan Officer Survey are seeing loan yields greater than the cost of funds. This is a result of a steepening yield curve.
Food For Thought: Which firms are most affected by H-1B visa restrictions?
Edited by Daniel Moskovits
To receive the Daily Shot Premium, you need to be a subscriber to The Wall Street Journal. The Daily Shot readers qualify for a special membership offer of $1 for 2 months and can join simply by clicking here.
If you are already a WSJ member, you can sign up for The Daily Shot at our Email Center by clicking here.
The Daily Shot Premium is also available online at DailyShotWSJ.com
If you have any issues at all, please contact a Customer Service representative by calling 1-800-JOURNAL (1-800-568-7625) or sending an email to firstname.lastname@example.org.
Contact the Daily Shot Editor: Editor@DailyShotLetter.com