Greetings,
United States: At the national level, inventories-to-sales ratios are at record lows.
Eurozone: The whole Bund curve is about to go negative.
China: Manufacturing investment remains weak despite the recent rise in exports.
Equities: M&A is becoming more challenging in the current environment.
Credit: 1st-lien recovery expectations continue to trend lower due, in part, to more loan-only structures (lower debt cushion).
Food for Thought: Intel’s vs. AMD’s market share:
Edited by Richard Holmes
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