The United States: Is wage growth about to accelerate (see more detail here)?
Credit: The Moody’s bond covenant index (which measures investor protections built into the bond documents) is drifting lower.
Energy: Refinery inputs took a massive hit as a result of Harvey.
And this is propane production by region.
China: The US-China trade protectionism efforts are already under way
Emerging Markets: The EM stock market rally has been impressive especially in Latin America. Moreover, EM bond spreads continue to tighten.
Equity Markets: Credit Suisse published its latest report on the US market dynamics. Here are some highlights.
• Trading activity continues to shift to the end of the trading day (MOC = Market On Close).
• Periodic index rebalancing in ETFs is creating end-of day volume spikes on certain days of the year.
Global Developments: More economists now think the Fed is done with rate hikes for the year. Below are the rate projections for the Fed, the BoE, the ECB, and the BoJ.
Food for Thought: Apple’s dependence on the iPhone for growth.
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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