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United States
Recent data show little evidence of a broad-based deterioration in labor-market conditions.
Euro Area
Euro area corporate credit spreads have jumped.
Japan
Foreign investors turned net buyers of Japanese equities.
Asia-Pacific
Australia’s decade of steep tobacco tax increases has fueled an organized-crime-run black market, now accounting for 55% of cigarette sales, while the price of legal cigarettes has surged to almost A$60 a pack.
China
China is bucking the global bond rout, with its 10-year yield falling as weak consumption, a property slump, and heavy bank and household buying hold rates down.
Our calculations show that the ex ante term premium for 10-year CGBs is slightly negative. In other words, taking on duration risk does not appear to be rewarded.
Emerging Markets
Chilean equities have underperformed copper lately.
Equities
Last quarter delivered the strongest S&P 500 earnings growth of this century outside postcrisis rebounds, although roughly 22 percentage points came from one-time gains, leaving underlying growth near 28%. Consensus estimates point to a moderation in Q3 earnings growth, with less assistance from unusual gains.
Equities
Here’s a look at EPS growth by sector or industry.
Food for Thought
France’s wine output is forecast to fall to its lowest level this century.
