Greetings,
Eurozone: The divergence in loan growth trends between households and businesses keeps widening.
China: Middle-class households are burdened by the high cost of living and childcare, which is one reason for recent government reforms.
Emerging Markets: Emerging markets continue to see capital outflows.
Equities: The sharp decline in US consumer sentiment typically precedes periods of outperformance for discretionary stocks (2 charts).
Rates: The Treasury curve flattened further at the longer end after a mediocre 7-year auction.
Food for Thought: US nursing-home staff quitting because of “low pay, burnout, and fear of COVID”:
Edited by Devon Lall
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