The United States: Here is the breakdown of the US GDP growth over time. Note that “private investment” includes changes in inventories.
Looking at the fourth quarter, below is the starting point (green) for the Atlanta Fed’s GDPNow model forecast: 2.9%.
The Eurozone: Real rate differentials with the US continue to suggest that the euro is overvalued.
Emerging Markets: Banks have been getting cautious on extending credit to Brazilian municipalities.
Equity Markets: The market is still hungry for IPOs as the post-IPO basket of stocks outperforms.
Credit: Trading volumes in credit ETFs (as well as some other sectors) have been declining. Here is the HYG (iShares High-Yield Corp. Bond ETF) volume, for example.
Food for Thought: The cost of iPhone X as a proportion of average wages.
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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