The Daily Shot Brief – October 17th, 2018



The United States: Here, we have a few additional updates on the housing market.

• This chart shows mortgage originations by loan type.

Source: John Burns Real Estate Consulting

• The housing sector’s contribution to the GDP remains below the pre-crisis highs (the housing recession began in 2006).

Source: John Burns Real Estate Consulting

• And here is the housing affordability index by region.

Source: Scotiabank Economics


Rates: With cross-currency swap basis spreads blowing out (see chart), Treasury yields are not very attractive after being hedged into euro or yen.

Source: Rothko Research


China: Business confidence has been softening.

Source: Fitch Solutions


The Eurozone: The Eurozone is more exposed to higher oil prices than other economies.

Source: TS Lombard


Equities: This chart provides the S&P 500 performance attribution. The P/E multiple contraction has offset a significant portion of the increase in earnings expectations this year.

Source: Bloomberg


Global Developments: Debt doesn’t buy you as much GDP growth as it once did.

Source: IIF


Emerging Markets: Russia’s central bank has exited its holdings of Treasuries (to reduce sanctions risks).

Source: @BChappatta


Food for Thought: The most valuable retail brands:

Source: @howmuch_net; Read full article





Edited by Joseph Cohen

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Thanks to Josh Marte (@joshdigga), Matt Garrett (@MattGarrett3), Joseph Cohen (@josephncohen),, S&P Global, and Moody’s Investors Service for helping with the research for the Daily Shot.

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