The United States: Here, we have a few additional updates on the housing market.
• This chart shows mortgage originations by loan type.
• The housing sector’s contribution to the GDP remains below the pre-crisis highs (the housing recession began in 2006).
• And here is the housing affordability index by region.
Rates: With cross-currency swap basis spreads blowing out (see chart), Treasury yields are not very attractive after being hedged into euro or yen.
China: Business confidence has been softening.
The Eurozone: The Eurozone is more exposed to higher oil prices than other economies.
Equities: This chart provides the S&P 500 performance attribution. The P/E multiple contraction has offset a significant portion of the increase in earnings expectations this year.
Global Developments: Debt doesn’t buy you as much GDP growth as it once did.
Emerging Markets: Russia’s central bank has exited its holdings of Treasuries (to reduce sanctions risks).
Food for Thought: The most valuable retail brands:
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