The Daily Shot Brief – May 24th, 2021


Administrative Update

As a reminder, The Daily Shot Brief will not be published from May 27th to May 31st.

Commodities: Beijing has lost patience with the recent acceleration in commodity costs.

Source: @markets Read full article

Industrial commodities are under pressure. Here are steel rebar futures in Shanghai:

Source: The Daily Shot

And iron ore futures in Singapore:

Source: The Daily Shot


Equities: Adjusted for inflation, the S&P 500 earnings yield is back in negative territory.

Source: @Not_Jim_Cramer


Rates: A steeper US yield curve points to higher fixed-income volatility.

Source: Variant Perception

High volatility means more risk to hold duration, which will help support the term premium. That, in turn, will help the yield curve steepen further, according to Variant Perception.

Source: Variant Perception


Emerging Markets: Here is last week’s performance for select EM currencies.

Source: Capital Economics


Asia-Pacific: Taiwan’s semiconductor exports did not pause last month (that’s not the typical seasonal pattern).

Source: S&P Global Market Intelligence


Food For Thought: Corporate taxes as a percentage of GDP:

Source: BCA Research

Edited by Daniel Moskovits

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