The United States: Growth in real hourly wages has been uneven.
Credit: Leveraged loan issuance in the US is on track to hit a record this year.
China: Local and regional governments continue to raise money through land sales.
And times are good to sell land, especially if it can be developed for residential use.
Energy Markets: OPEC’s output is expected to rise as oil production in Libya and Nigeria stabilizes.
Global Developments: Several indicators point to strengthening global trade volumes despite the rise in protectionist measures.
Emerging Markets: This chart shows the net easing by EM central banks, which is expected to continue through 2018. Russia, Brazil, and Indonesia are just some of the recent examples.
The Eurozone: This chart shows the interest rates on small business loans in Italy, France, and Germany. The ECB’s monetary transmission concerns have finally been addressed.
Equity Markets: Here is the year-to-date risk-return scatter plot for major asset classes. REITs continue to look terrible.
Food for Thought: Apple (and to some extent the US stock market) remains dependent on the iPhone revenues. Will the public pay nearly $1,000 for the latest product?
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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