Greetings,
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.
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/
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