The Daily Shot Brief – July 17, 2026

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United States

Headline retail sales growth slowed, driven by a steep drop in spending at gasoline stations. However, the key “control group”—a direct input for GDP—posted solid gains, …

United States

… due to strong gains in autos and nonstore retail. The jump in nonstore sales could be attributed to Amazon Prime Day, which fell in late June this year rather than the typical July.

Canada

Housing starts slumped.

Euro Area

Euro area peripheral equities have significantly outperformed core markets since 2024, …

Source: Alpine Macro, “Is Club Med Still The Place To Be?” (July 2026)

Asia-Pacific

Taiwan’s stock market tumbled into a technical correction amid a broad selloff in global chip stocks due to concerns over AI valuations, margin pressure, and potential oversupply.

Source: @markets Read full article

Emerging Markets

Malaysia’s economy accelerated in Q2, as resilient services activity and robust semiconductor exports offset geopolitical headwinds.

Equities

Although TMT stocks account for a larger share of global equity market capitalization than at the peak of the dot-com bubble, their earnings and cash flow have grown even more, leaving valuations well below the excesses of 2000.

Source: Alpine Macro, “Recalibration” (July 2026).

Global Developments

Goldman Sachs research shows that geopolitical risk shocks weigh on global GDP growth only briefly, with emerging markets experiencing larger initial declines than developed economies.

Source: Goldman Sachs, “Geopolitics and GDP: Structural Alignment Matters More than Near-Term Risk” (July 2026).