Greetings,
The United States: Economists have bumped up their estimates for the third quarter GDP growth. Below is the consensus forecast over time.
And here is the Atlanta Fed’s GDPNow.
Credit: Investment-grade bond inflows remain robust, even as HY debt funds experience outflows.
Energy: Crude oil and gasoline sold off on Friday, anticipating weaker demand for fuel from Florida.
China: Corporate defaults have been on the rise, and the government is not bailing these firms out. It will be interesting to see how this plays out in the wealth management product (WMPs) market.
Emerging Markets: Turkey’s industrial production surprised to the upside. Manufacturing is benefitting from the lira weakness (which makes Turkish exports cheaper).
Equity Markets: We continue to see outflows from US domestic equity mutual funds (MF Flows). That’s not the case with global and fixed-income funds.
This chart shows the breakdown of domestic mutual fund outflows by category.
Food for Thought: The history of global GDP.
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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