The Daily Shot Brief – June 4, 2026
This is the Daily Shot Brief, an abridged version of The Daily Shot. If you would like to subscribe to the full-length Daily Shot (see example), please register here.
United States
The Fed’s Beige Book reported that overall economic activity increased at a “slight to moderate pace” in 10 of 12 districts and that employment remained in a “low-hire, low-fire” environment, while inflation pressures intensified. Our Beige Book diffusion indicator rose to the highest level since early 2025.
Canada
Labor productivity unexpectedly declined in Q1, as output contracted despite higher hours worked, with weakness concentrated in construction, agriculture, and forestry.
Europe
Driven by strong AI-driven demand for advanced chipmaking tools, ASML Holding has become the most valuable company in European history, surpassing the previous record set by Novo Nordisk.
Emerging Markets
The Turkish lira continues to reach new lows against the dollar, with forwards implying further weakness, reflecting the much higher interest rate in Turkey.
Equities
Low volatility stocks are roughly flat year to date, while high beta stocks have surged.
Credit
Cliffwater’s flagship private credit fund reported even larger redemption requests than in Q1, contributing to a broad selloff in alternative asset managers.
Commodities
Urea futures have retreated, trading below levels from before the Iran conflict began.
