Greetings,
United States: The inventory-to-sales ratio tumbled in recent months amid supplier bottlenecks and rising demand.
For example, the inventory-to-sales ratio for lumber and other construction materials is now the lowest in over a decade which caused the recent spike in lumber prices.
Eurozone: Will we see a pickup in PEPP (ECB’s emergency QE) purchases in response to higher yields?
Despite increased yields, bond spreads remain tight.
Japan: The BoJ is making money on its ETF holdings.
China: Beijing started buying stocks to cushion the selloff, …
…which helped initially but the selloff resumed and the market is down some 2% on the day.
Emerging Markets: A Supreme Court judge in Brazil tossed out several criminal cases against former President Lula. He can now challenge Bolsonaro.
Brazil’s markets tumbled in response to the judge’s decision.
• Stocks (down 4%):
Food For Thought: This is a world map from the 15th century that influenced Columbus.
Edited by Devon Lall
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
