United States: The latest weakness in the US dollar has been good for smaller US manufacturers by helping them compete on price. Smaller industrial firms have outperformed (the equal-weight stock index below gives smaller industrial firms more weight).
Since we are on the topic of currencies, the dollar-yen volatility market is pricing in a substantial US election risk (2-month – 1-month vol spread).
United Kingdom: The no-deal Brexit risk continues to rise.
The pound remains under pressure.
China: Investors are getting nervous about China’s tech stocks.
Energy: This chart shows US crude oil and gasoline demand, measured in days of supply.
Equities: This chart shows momentum and relative strength of sectors versus the S&P 500.
Food For Thought: World Trade Center-related FDNY deaths by year:
Today’s edition of The Daily Shot Brief is dedicated to all the men and women who lost their lives on 9/11.
Have a great weekend.
Edited by Daniel Moskovits
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