Greetings,
United States: First, let’s look at the April ISM Manufacturing PMI, which surprised to the downside.
![The Daily Shot Brief – May 3rd, 2022](https://thedailyshot.com/wp-content/uploads/US-ISM2205030439.png)
International container freight rates are off the highs, but we are unlikely to ever see pre-COVID levels again.
![The Daily Shot Brief – May 3rd, 2022](https://thedailyshot.com/wp-content/uploads/US-Internationak-freight-rates2205030439.png)
Eurozone: Here is the PMI output index at the Eurozone level (growth has stalled).
![The Daily Shot Brief – May 3rd, 2022](https://thedailyshot.com/wp-content/uploads/EZ-PMI2205030439.png)
Equities: In equity markets, corporate sentiment points to weakness ahead for earnings growth.
![The Daily Shot Brief – May 3rd, 2022](https://thedailyshot.com/wp-content/uploads/EQ-EPS-Corp-Sentiment2205030439.png)
Asia-Pacific: Australian bond yields jumped after the RBA raised the Cash Rate Target by about 25bps. More rate increases are anticipated to follow.
![The Daily Shot Brief – May 3rd, 2022](https://thedailyshot.com/wp-content/uploads/AS-AU-2y2205030439.png)
Credit: The drawdown in munis is approaching the COVID selloff.
![The Daily Shot Brief – May 3rd, 2022](https://thedailyshot.com/wp-content/uploads/CR-Munis2205030439.png)
Food for Thought: Lastly, here is the Phillips curve in Google search activity:
![The Daily Shot Brief – May 3rd, 2022](https://thedailyshot.com/wp-content/uploads/VTC-The-Phillips-curve-in-Google-search-activity2205030439.png)
Edited by William Villacis
Contact the Daily Shot Editor: Brief@DailyShotResearch.com