The Daily Shot 9/23/16: Global Macro Currents Sep23

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Greetings, 1. We begin with the energy markets where US crude oil inventories unexpectedly declined, sending prices higher. The Fed’s decision to leave rates unchanged gave crude an additional boost. 2. The next chart shows US oil inventories in terms of barrels as well as days of supply. 3. US crude oil production remains stable –

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The Daily Shot 9/16/16: Global Macro Currents Sep16

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Greetings, First, if you have a moment, please fill out our quick 3-question survey (from Matt Garrett) on the bond market correction: here. We’ll have the results next week. Thanks! Source: @WSJ, ‏@MarathonWealth More on global bond markets shortly. Let’s begin with the United States where the latest economic results have been quite poor. 1. The NY

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The Daily Shot 9/9/16: Global Macro Currents Sep9

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Greetings, 1. We begin with the Eurozone where, as many economists had expected, the ECB did not change its policy. The central bank downplayed the impact of Brexit, which is projected to hit Germany the most. Draghi suggested that the EMU governments should step up efforts to boost growth, in effect acknowledging that the ECB has done

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The Daily Shot 8/19/16: Global Macro Currents Aug19

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Greetings,  1. We begin with emerging markets where foreign funds continue the chase for yield. Here is Taiwan’s 10yr government bond (63bp). Dollar-denominated emerging markets bonds are outperforming US HY bonds and the S&P 500 year-to-date as EM debt ETFs’ shares outstanding continue to climb. Source: Ycharts.com 2. Mainland China and Hong Kong property price divergence

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The Daily Shot 7/15/16: Global Macro Currents Jul15

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Greetings,1. We begin with China where the latest economic figures are for the most part stronger than forecast. The GDP, industrial production, the money supply growth and credit expansion all came in above expectations. Source: Investing.com US futures jumped on the data release from China. The charts below show year-over-year growth in retail sales and

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