Is the US job market finally cooling down?
The JOLTs report for July showed a huge drop in job openings (8.82mln vs the Street 9.5mln), and June was revised meaningfully lower to 9.16mln from previous 9.58mln Source: Bloomberg, HolgerZ
Investors predict that the coming years will be marked with defaults and spending cuts as a larger portion of corporate, household and state income goes into financing debt
A stark indicator of the approaching sea change is the gap between what governments and companies globally are currently paying in interest and the amount they would pay if they refinanced at today’s levels. Apart from a few months around the global financial crisis, the gauge has always been below zero. Now it’s hovering around a record high of 1.5 percentage points. Source: Bloomberg
Global liquidity slump could become a drag on risk assets
Source: Bloomberg, HolgerZ
As Torsten Slok from Apollo posted this weekend, a US corporate default cycle has started the markets are not paying attention
Source: Vignesh Vijayakumar
EU Composite PMI... monetary policy works with a long and variable lag...
Source: Macrobond, Nordea
In 2009 China sparked global reflation. In 2023, could China to spark global deflation?
Source: www.zerohedge.com
Comparable countries bounced post-COVID, but US did not
~1 million Americans have died of OD’s just since 2010; that’s more than the # of Americans that died in all wars America has ever fought in. Source: The Economist Via Dan R Dimicco thru Luke Gromen
More than half of the major markets in the Bloomberg World Index are now recording positive breadth signals.
Source: Bloomberg, Gina Martin Adams
