The United States: The aging population continues to be a drag on labor force participation.
The Eurozone: There is plenty of silly talk about “Itexit” on social media. Not only would Italy’s €2 trillion+ debt be redenominated (effectively default) in such an event (devastating the global banking system), but the rest of the Eurozone would take a half a trillion euro hit from Italy’s Target2 liabilities (chart below). It’s an unimaginable scenario, with the impact that is orders of magnitude more disastrous than Brexit.
Energy: This chart shows the net oil exports as a percentage of each country’s GDP, signifying exposure to oil prices.
Equity Markets: Bets against Marijuana stocks hit a record high.
Credit: Weaker credits increasingly dominate leveraged loan issuance.
Japan: Job openings have been declining, and the jobs-to-applicants ratio has leveled off.
The job creation trend, however, remains strong.
Food for Thought: The digital health pyramid.
Edited by Joseph Cohen
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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.
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