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Joined May 2019
🚨🚨🚨A Thread: What are credit impulses and why should you care? First, let's focus on China's credit impulse, as that tends to get the most attention This chart shows the %YoY change in Chinese credit outstanding. It's still close to 10% - so not much to worry about? (1/17)
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The ISM surveys are pointing to a renewed acceleration in GDP growth
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The Russell 2000 has underperformed the Nasdaq over the past week
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The GSCI non-energy price index has risen by 1.3% in the past month. That compares to a 5.6% increase the month before
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The US 10-year yield has moved 24 bp lower in the past week, with the breakeven inflation component moving 19 bp lower
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Small caps in the US and eurozone have lost ground against large caps in the past month
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Implied volatility for the S&P 500 is currently higher than that for the Nasdaq and Euro Stoxx
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Copper is down by 4.0% in the past week, while iron is up by 9.8%
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Over the past week, WTI is down by 16.5%, taking it to $65.6
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The GSCI energy index has fallen by 4.7% in the past month, while the non-energy index has risen by 1.3%
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ICYMI: US construction spending growth fell to 5.8% YoY in October. Residential spending growth stands at 16.4% while non-residential growth is at 2.0%
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ICYMI: In Canada, GDP rose by 0.1% MoM in September, which took growth to 3.4% YoY
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The tech & communications sectors have risen in the past month to 39.4% of the S&P 500
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Traders have slightly reduced their positioning across cyclical trades in the past four weeks
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US manufacturing ism prices paid component suggests inflationary pressures now easing
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ICYMI: The US Conference Board measure of consumer confidence fell in November. Consumers' expectations and assessment of the present situation both deteriorated
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