Greetings,
China: After the worst stock market slump since 2008 (amid a surge in COVID cases), Beijing has had enough. The authorities announced a number of measures to support the markets.
Subsequently, Hong Kong and mainland shares jumped in response to the announcement.
United States: Financial conditions have tightened sharply this year. According to Morgan Stanley, that’s equivalent to 140 basis points of Fed rate hikes.
Emerging Markets: Markets expect Russia to default on sovereign debt, and it may be years before Russia (government and companies) re-enter global capital markets.
Energy: Brent crude dipped below $100/bbl, …
.. entering bear market territory.
Equities: Mega-caps’ underperformance has been massive in recent months.
Food for Thought: Lastly, let’s take a look at global oil production.
Edited by Alexander Bowers
Contact the Daily Shot Editor: Brief@DailyShotResearch.com
