The Daily Shot Brief – March 1st, 2018




The United States: How much of the recent corporate tax reductions will go to the American worker? Estimates vary dramatically.

Source: Morgan Stanley, @SteveRattner

Here is how Morgan Stanley sees the allocation of gains from the tax cuts. Wall Steet is enormously grateful to Uncle Sam this year.

Source: Morgan Stanley, @SteveRattner


Equity Markets: The S&P 500 implied volatility remains elevated relative to corporate credit spreads.

Source: Bloomberg


Credit: Short interest is building in high-yield bond ETFs.

Source: @trevornoren; Read full article


Eurozone: There hasn’t been much concern in the market about the Italian elections. Here is the 1-week EUR/USD risk reversal.

Source: Bloomberg


China: Higher rates last year had put some pressure on commodity-focused sectors (the “old economy”). The “new economy” industries, however, did better. This chart shows the economic “rebalancing” taking place in China.

Source: Goldman Sachs


Emerging Markets: Brazil’s output gap is still quite large.

Source: @macrolca


Food for Thought: One in 14 US women smokes while pregnant.

Source: CNN; Read full article



Edited by Joseph N Cohen

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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen),, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.

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