DC Lite #286

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1. Apartment Tightness Index. "This index has been an excellent leading indicator for rents and vacancy rates, and this suggests higher vacancy rates and a further weakness in asking rents. This is the tenth consecutive quarter with looser conditions than the previous quarter."

2. Jobless claims. Initial claims rose by 6k to 223k (vs. 220k est) while continuing claims jumped by 46k to 1,899 (vs. 1,860k est), the highest since November 2021.

3. Retail flows. Retail investors bought $7.8bn in cash equities over the past week, +2.3 standard deviations above the 12-month average.

4. Upside vs. downside fears. "Over the past two weeks, the put/call ratio has fallen and tail risk has risen ... the message is that investors are expecting tail risk on the upside."

5. Global valuations. The premium on US equities relative to other regions is less extreme after adjusting for sector weights.