Greetings,
United States: The payrolls report surprised to the upside, with over 600k private-sector jobs created in October. Moreover, there was a 235k upward revision to earlier data.
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/US-NFP2111080428.png)
Here is the breakdown by sector.
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/US-NFP-by-sector2111080428.png)
Eurozone: At this point, there is no Russian natural gas flowing to Germany via Poland.
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/EZ-no-Russian-gas-flow-to-Germany-via-Poland2111080428.png)
By the way, this chart shows euro-area expenditures for natural gas.
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/EZ-NG-Expenses2111080428.png)
Emerging Markets: The top four countries comprise 74% of the MSCI EM Index. And they are all net commodity and energy importers (a drag on performance in the current environment).
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/EM-MSCI-EM-Index2111080428.png)
Energy: Additional Canada-US pipeline capacity should reduce oil shipped by rail.
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/EN-Reducing-oil-by-rail2111080428.png)
Credit: With banks’ balance sheets increasingly dominated by reserves and Treasuries/MBS, loan growth has been slow.
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/CR-Reserves-and-Treasury-holdings-displaced-loans2111080428.png)
Capital markets have been happy to provide credit where banks did not.
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/CR-Loan-volume2111080428.png)
Food for Thought: COVID impact on the performance of professional soccer players:
![The Daily Shot Brief – November 8th, 2021](https://thedailyshot.com/wp-content/uploads/VTH-COVID-impact-on-performance-of-professional-soccer-players2111080428.png)
Edited by Devon Lall
Contact the Daily Shot Editor: Editor@DailyShotLetter.com