The Daily Shot Brief – October 27th, 2021



United States: Market-based inflation expectations are climbing. The 10yr breakeven rate reached 2.7% for the first time since 2006.

Source: The Daily Shot

The stock market is also betting on higher inflation. The Horizon Kinetics Inflation Beneficiaries ETF has been outperforming.

Source: The Daily Shot


Europe: EU gas demand depends mainly on the weather. The current supply situation, according to Barclays, suggests that even a mild winter will lead to continued high gas prices.

Source: Barclays Research


China: Thermal coal prices are down 40% from the highs.

Source: The Daily Shot


Equity: Many analysts continue to warn that equity valuations are nearing bubble territory.

Source: Stifel

Stocks also appear stretched relative to commodities, which typically favors value over growth sectors.

Source: Stifel


Rates: The nominal yield curve has been flattening. That hasn’t been the case with the real curve.

Source: Morgan Stanley Research


Food for Thought: Market capitalization of global automakers:

Source: @RBAdvisors

Edited by Daniel Moskovits

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