Greetings,
The United States: Consumer inflation expectations three years out hit a record low. This trend will add to the argument for waiting with the Fed rate hikes until next year.
However, US financial conditions continue to ease despite the quarterly rate hikes. Some at the Fed will focus on this trend to argue for a rate hike in December.
Credit: Investment-grade (IG) credit default spreads are near multi-year lows, outperforming HY CDS (chart shows the spreads for IG and HY CDX).
Energy: Who is selling refined fuel to North Korea?
China: China’s cross-border M&A activity has slowed amid pushback both at home and abroad.
Emerging Markets: Russia’s economic growth continues to recover, as the impact of negative “shocks” (collapse in oil price, hike in rates, etc.) fade.
Equity Markets: Which S&P 500 companies have the greatest exposure to Asia?
Food for Thought: The happiness index around the world.
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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