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The United States: Jobless claims hit another multi-year low for this time of the year and are firmly below pre-COVID levels. The labor market strength continues to top expectations.

The terminal rate, also called the peak fed funds rate, continues to climb as the market expects the Federal Reserve to maintain pressure for longer.

Canada: Exports boosted Canada’s trade surplus.

Emerging Markets: There has been a large dispersion in EM equity returns this year.

Commodities: Iron ore bounced from the lows on China reopening hopes.

Equities: Earnings are increasingly important to performance. Companies with higher earnings revisions have been consistent outperformers since July.

Energy stocks continue to outperform the S&P 500.

Credit: There is concern about a major credit event in the works.

Food for Thought: Lastly, here’s a look at where are Russia’s newest soldiers coming from.

Edited by Alexander Bowers

Contact the Daily Shot Editor: Brief@DailyShotResearch.com

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