Greetings,
Administrative Update: The next Daily Shot will be out on Monday, January 3rd.
United States: Savings as a share of disposable income are now at the low end of the pre-COVID range.
![The Daily Shot Brief – December 24th, 2021](https://thedailyshot.com/wp-content/uploads/US-Pers-Savings-at-the-low-end-of-pre-COVID-range2112240436.png)
But cumulative excess savings remain massive.
![The Daily Shot Brief – December 24th, 2021](https://thedailyshot.com/wp-content/uploads/US-Pers-Savings-cumulative2112240436.png)
Europe: Natural gas prices tumbled as US LNG cargoes are redirected from Asia to Europe.
![The Daily Shot Brief – December 24th, 2021](https://thedailyshot.com/wp-content/uploads/EU-Ships-Headed-for-EU2112240436.png)
![The Daily Shot Brief – December 24th, 2021](https://thedailyshot.com/wp-content/uploads/EU-NG2112240436.png)
China: China’s credit impulse is expected to rebound in the months ahead as Beijing eases monetary policy.
![The Daily Shot Brief – December 24th, 2021](https://thedailyshot.com/wp-content/uploads/CH-Impulse2112240436.png)
Emerging Markets: Equity valuations remain depressed relative to advanced economies.
![The Daily Shot Brief – December 24th, 2021](https://thedailyshot.com/wp-content/uploads/EM-Valuations2112240436.png)
Equities: Growth stock valuations appear stretched and could be vulnerable to higher interest rates.
![The Daily Shot Brief – December 24th, 2021](https://thedailyshot.com/wp-content/uploads/EQ-Growth-vulnerable2112240436.png)
Food for Thought: Happy holidays! Essential holiday traditions:
![The Daily Shot Brief – December 24th, 2021](https://thedailyshot.com/wp-content/uploads/VTF-AAAA-Essential-holiday-traditions2112240436.png)
Edited by Daniel Moskovits
Contact the Daily Shot Editor: Editor@DailyShotLetter.com