Greetings,
United States: Initial jobless claims continue to trend lower.
Continuing claims are moving down as well, but there are still more than 15 million Americans receiving unemployment benefits.
However, according to Oxford Economics, “roughly 4.1 million individuals will lose access to emergency unemployment benefits over the coming month” (an income cliff).
Eurozone: Real yield differentials with the US point to downside risks for the euro.
Emerging Markets: Will China’s slowing credit impulse put downward pressure on EM currencies?
Equities: Tech fund outflows in May were the worst since 2018.
Global Developments: Currency markets’ implied volatility continues to drift lower.
Food for Thought: Household wealth by generation:
Edited by Daniel Moskovits
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
