Greetings,
United States: At the national level, inventories-to-sales ratios are at record lows.
![The Daily Shot Brief – July 28th, 2021](https://thedailyshot.com/wp-content/uploads/US-Autos22107280439.png)
Eurozone: The whole Bund curve is about to go negative.
![The Daily Shot Brief – July 28th, 2021](https://thedailyshot.com/wp-content/uploads/EZ-GE-The-whole-Bund-curve-is-about-to-go-negative2107280439.png)
China: Manufacturing investment remains weak despite the recent rise in exports.
![The Daily Shot Brief – July 28th, 2021](https://thedailyshot.com/wp-content/uploads/CH-Manuf2107280439.png)
Equities: M&A is becoming more challenging in the current environment.
![The Daily Shot Brief – July 28th, 2021](https://thedailyshot.com/wp-content/uploads/EQ-Merger-arb2107280439.png)
![The Daily Shot Brief – July 28th, 2021](https://thedailyshot.com/wp-content/uploads/EQ-Merger-arb-ST2107280439.png)
Credit: 1st-lien recovery expectations continue to trend lower due, in part, to more loan-only structures (lower debt cushion).
![The Daily Shot Brief – July 28th, 2021](https://thedailyshot.com/wp-content/uploads/CR-Estimated-recovery-on-1st-lien2107280439.png)
Food for Thought: Intel’s vs. AMD’s market share:
![The Daily Shot Brief – July 28th, 2021](https://thedailyshot.com/wp-content/uploads/VTT-Intel-v-AMD-market-share2107280439.png)
Edited by Richard Holmes
Contact the Daily Shot Editor: Editor@DailyShotLetter.com