The United States: This chart shows the number of states with increasing economic activity.
Credit: There is very little sub-debt in this LBO cycle but a much greater second-lien debt (SLD) tranche.
The United Kingdom: The UK’s construction activity is contracting again.
Emerging Markets: EM hard currency bond issuance hit a new record (“MENA” = Middle East and North Africa).
Global Developments: Despite the jitters in Spain and the upcoming elections in Japan, the foreign exchange implied volatility index (VIX-equivalent) has been declining recently.
Equity Markets: We’ve had a number of questions regarding internet retail businesses squeezing US department stores. But more than the internet, it’s been the off-price retailers such as Marshalls, T.J. Maxx, Ross Stores, etc. that have taken the “brick & mortar” market share. This chart compares margins and operating profits.
Food for Thought: Gun ownership around the world.
Edited by Joseph N Cohen
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