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.
But cumulative excess savings remain massive.
Europe: Natural gas prices tumbled as US LNG cargoes are redirected from Asia to Europe.
China: China’s credit impulse is expected to rebound in the months ahead as Beijing eases monetary policy.
Emerging Markets: Equity valuations remain depressed relative to advanced economies.
Equities: Growth stock valuations appear stretched and could be vulnerable to higher interest rates.
Food for Thought: Happy holidays! Essential holiday traditions:
Edited by Daniel Moskovits
Contact the Daily Shot Editor: Editor@DailyShotLetter.com