The United States: The US could be running a $2 trillion annual budget deficit in less than a decade. That’s a lot of new debt for the market to absorb each year.
Equity Markets: Proforma earnings add-backs for M&A deals have risen sharply in recent years.
China: The China SMI report for this month shows strong economic activity continuing while prices climb. Manufacturing looks particularly strong.
Credit: The P.F. Chang Bistro bonds are tumbling amid a downgrade by S&P Global. See “further reading” for more detail.
Cryptocurrency: Is Bitcoin repeating the dot-com bubble’s trajectory?
The Eurozone: Private investors hold only 10% of German government bonds. It’s impressive that this market functions at all.
Food for Thought: An updated map of opioid costs.
Edited by Joseph N Cohen
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 email@example.com.
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.
We would also like to thank the Federal Reserve Bank of St. Louis for the incredible job they have done providing data and graphics to the public. Here is the credit and legal notice related to all FRED charts: FRED® Graphs ©Federal Reserve Bank of St. Louis. All rights reserved. All FRED® Graphs appear courtesy of Federal Reserve Bank of St. Louis. http://research.stlouisfed.org/fred2/
Contact the Daily Shot Editor: Editor@DailyShotLetter.com