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United States
The Philadelphia Fed’s manufacturing index surged to the highest level since April 2021, defying expectations for a decline.
The six-month-ahead business conditions indicator posted the largest one-month increase in the survey’s history to reach the highest level since August 1983.
Canada
Small business optimism moderated.
Euro Area
Italian government bonds now yield less than French ones.
Emerging Markets
The composition of the EM equity index has shifted significantly over the last 15 years.
Equities
Equity factor premiums can remain negative for years.
Rates
Ambiguity around the Fed’s reaction function has led to a pickup in US rates volatility.
Global Developments
Nomura’s Chip Shortage Index is near a record high, signaling a deep, AI-driven semiconductor shortage.
