Greetings,
The United States: More Americans expect to see increases in their local housing prices than at any time since 2005.
Equity Markets: Retail investors further soured on stocks last month – a bullish sign.
Commodities: Increases in global corn production will be driven almost entirely by rising crop yields.
Credit: On average, covenant-light debt has higher leverage. And yet it trades inside the covenant-heavy loan spreads.
Emerging Markets: Equity and FX volatility measures in emerging markets are moving in opposite directions.
Rates: The US Treasury is starting to issue more longer-term debt which should reduce the pressure on the short end of the curve.
China: China’s corporate dividend payout ratio lags other markets.
Eurozone: Germany’s manufacturing orders disappointed. The pullback was especially visible in non-domestic orders.
Food for Thought: Freelancers by age.
Edited by Joseph N 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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