Greetings,
The United States: Small businesses increasingly see their local economic conditions as being better than the national situation.
Unrelated: The probability of two Fed rate hikes between now and the end of the first quarter rose above 50%.
China: China’s outbound investment dipped, as Beijing clamps down on large foreign acquisitions.
Credit: Many leveraged loan documents these days permit big dividend payments by the company. While it’s not usually an issue in this economy, lenders will regret this development when cash flow becomes more constrained. The green line represents the “restricted payment” score (which is very loose now).
Equity Markets: The US market looks massively overvalued relative to the rest of the world.
That’s why flows into non-US ETFs have been so brisk.
Energy Markets: Last quarter, China drove the bulk of the global oil demand growth.
Global Developments: This table shows the demographic risks (aging population) around the world.
Food for Thought: Alexa, Siri, Cortana, and Google compared.
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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