Greetings,
United States: First, let’s look at the April ISM Manufacturing PMI, which surprised to the downside.
International container freight rates are off the highs, but we are unlikely to ever see pre-COVID levels again.
Eurozone: Here is the PMI output index at the Eurozone level (growth has stalled).
Equities: In equity markets, corporate sentiment points to weakness ahead for earnings growth.
Asia-Pacific: Australian bond yields jumped after the RBA raised the Cash Rate Target by about 25bps. More rate increases are anticipated to follow.
Credit: The drawdown in munis is approaching the COVID selloff.
Food for Thought: Lastly, here is the Phillips curve in Google search activity:
Edited by William Villacis
Contact the Daily Shot Editor: Brief@DailyShotResearch.com
