Greetings,
United States: The nation’s capital expenditures have been relatively slow since the pre-financial-crisis trend.
![The Daily Shot Brief – October 26th, 2021](https://thedailyshot.com/wp-content/uploads/US-Age-Bus-equipment-and-IP-holdings-deviation-from-trend2110260433.png)
US fixed assets are rapidly aging. Combined with labor shortages, these trends point to robust business investment ahead.
![The Daily Shot Brief – October 26th, 2021](https://thedailyshot.com/wp-content/uploads/US-Avg-age-of-fixed-assets-ST2110260433.png)
Europe: This chart shows homeownership rates in the EU.
![The Daily Shot Brief – October 26th, 2021](https://thedailyshot.com/wp-content/uploads/EU-Homeownership-rates2110260433.png)
China: China’s urbanization rate is increasing but at a slowing pace. The latest census data found that the urban population was higher than previously estimated, suggesting this pace is more gradual.
![The Daily Shot Brief – October 26th, 2021](https://thedailyshot.com/wp-content/uploads/CH-Urbanization2110260433.png)
Credit: US and European high-yield upgrades have outnumbered downgrades this year (2 charts).
![The Daily Shot Brief – October 26th, 2021](https://thedailyshot.com/wp-content/uploads/CR-US-EU-HY-upgrades2110260433.png)
![The Daily Shot Brief – October 26th, 2021](https://thedailyshot.com/wp-content/uploads/CR-US-EU-HY22110260433.png)
Rates: Morgan Stanley used machine learning to parse Fed statements and compile a composite score that correlates very well with monetary policy with a one-year lead.
![The Daily Shot Brief – October 26th, 2021](https://thedailyshot.com/wp-content/uploads/RA-Language-in-Fed-statements-correlate-with-monetary-policy2110260433.png)
Food for Thought: Semiconductor sales by end market type:
![The Daily Shot Brief – October 26th, 2021](https://thedailyshot.com/wp-content/uploads/VTT-Semiconductor-sales-by-end-market-type2110260433.png)
Edited by Devon Lall
Contact the Daily Shot Editor: Editor@DailyShotLetter.com