A review of multiple data sources for British Columbia and the Pacific Northwest for current snowpack levels and water equivalent levels compared with those versus history shows low levels worthy of note.
Indeed, current average water equivalent levels in BC are well below historical levels and significantly lower than the comparative in Q1 2021.
Moreover, snow water equivalent levels across the U.S. Pacific Northwest are well below historical levels throughout Oregon and have deteriorated in recent months.
Given the large amounts of hydroelectric generation in the region, water levels are meaningful for many Western power markets and other parts of the overall energy ecosystem (i.e., natural gas-fired generation and pipeline flows in selected sub-markets).
Slower growth could expose additional problems in the Asian economies. With the fall in APAC forward P/E multiple already comparable to that in prior downturns, investor focus is now turning to EPS cuts.
Rolling 12-month flows as a percentage of market capitalization had reached levels only better than the global financial crisis. Somewhat expectedly, flows to several markets turned positive in the past week. While sentiment switches to "bad news is good news," a lag between expectation and appearance of poor economic data may mean the rebound lasts long enough to test investor patience. Could this be the start of a multiyear inflexion?
Owing to improved supply-demand dynamics and easing cost pressure after a record-high level, China's domestic raw milk price could decrease moderately after its increase in 2020/21. The current slowdown in total dairy demand in 2020/21 is likely due to supply chain disruption and the loss in certain consumption occasions amid the pandemic.