The United States: US railcar loadings (an indicator of economic activity) are still well above the levels we saw in previous years. However, railcar loadings of cyclical cargo have slowed more than they did in 2017 for this time of the year.
China: Lower government bond yields should support the housing market next year.
The Eurozone: The Eurozone’s construction activity continues to improve.
Global Developments: Investors are increasingly uncertain about corporate profits.
Equities: The market is pricing in a slowdown in consumer spending. This chart shows retail and consumer discretionary sectors over the past five days, followed by some examples.
Emerging Markets: It will be a while before Argentina’s inflation begins receding. Will we see a 50% CPI print?
Food for Thought: Sales per employee for different types of retail establishments:
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