Good morning! Below is Chartcuterie for 4/25/15, cross-posted from Twitter (curated list here). Back from two straight weekends off thanks to travel.
First from Bespoke: Mortgage apps are surging, with purchase application growth getting ready to test 10 year highs.
Labor bargaining power looks to have bottomed, and with it populism, the second conclusion via GS.
Meanwhile, in Europe, the old almost literally eat the young (CS).
JPM summarizes spec positioning across asset classes. USD & oil in very different price regimes but at top together.
Investors trade more ETFs during times of trouble, per GS. Interesting dynamic.
Speaking of times of trouble...distressed debt in EM via Barclays.
In China, FX flows are shrinking the money supply & therefore RRR cuts are needed; other factors at play.
This breakdown of leveraged loan and high yield issuance was interesting; lion's share of market still going to refis (MS).
Finally: leverage ratios by sector. Hi Telecoms and Health Care! (Bespoke)
This concludes Chartcuterie. It'll be back tomorrow with ten fresh charts.
