Greetings,
United States: Traders were concerned about another upside inflation surprise, but the November CPI report was roughly in line with expectations. That’s why stocks and bonds rallied despite a multi-decade high CPI print.
Here’s the breakdown of goods vs. services:
China: The renminbi has diverged from equity prices.
Emerging Markets: The Turkish lira resumed its descent, breaching 14 to the dollar.
Separately, increased lending in Turkey isn’t generating higher deposits. Something is off.
Cryptocurrency: Bitcoin investment products saw inflows totaling $145 million last week, although the recent crypto sell-off triggered $42 million in outflows during the latter half of the week.
Equities: The valuation gap between US stocks and the rest of the world continues to widen.
Food for Thought: Warmer oceans:
Edited by Daniel Moskovits
Contact the Daily Shot Editor: Editor@DailyShotLetter.com
