The Daily Shot Brief – May 18th, 2020


Administrative Update

Please note that The Daily Shot will not be published next Monday, May 25th.

United States: Economists continue to downgrade their GDP growth forecasts. The latest consensus estimate suggests that during this quarter, the US economy will shrink by nearly a third.

Source: The Daily Shot


Europe: European equities’ underperformance vs. the US continues to widen

Source: @johnauthers, @bopinion; Read full article


Commodities: Gold continues to rally.

Source: The Daily Shot

Gold’s correlation to the stock market has been unusually high this year.

Source: The Daily Shot


Equities: US share valuations remain a concern. Here is the 12-month forward price/earnings ratio. The bull argument is that the market should look beyond one year to a sharp recovery in earnings. Perhaps.

Source: @FactSet; Read full article


Rates: The Fed has been financing most of the increase in US federal government debt issuance.

Source: Pantheon Macroeconomics


Food for Thought: Amazon vs. the rest of US e-commerce:

Source: @WSJ; Read full article

Edited by Daniel Moskovits

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