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Marc Chandler
Marc Chandler - ArtykułyEuro Area GDP
The euro area provided its first estimate of Q1. The 0.2% decline in GDP comes after a 0.6% contraction in Q4 and confirms the euro area as the weakest among the high income regions. It is the sixth consecutive quarterly contraction, a record of dubious distinction.
This Great Graphic was posted on lemasabachthani blog. The first chart shows [...]
What Japanese Investors Bought
Country specific data on Japanese portfolio capital outflows is lagged, like the US TIC data, by two months. The March data was recently released. This Great Graphic from Bloomberg shows Japanese investors bond purchases between US Treasuries (green), French bonds (red) and Australian bonds (blue).
One of the key take aways is the Japanese appetite for [...]
Euro Zone Members GDP Performance since 2007 in One Table
This Great Graphic was spotted by a colleague Andrew Hofer. He saw it on the Nikos Tsafos’ blog Greek Default Watch blog. It is a color-coded tracking of how the individual members of the euro have done in terms of GDP and its composition since 2007.
The first column shows GDP relative to 2007. Germany, third [...]
Asset Managers Embrace ETFs
This Great Graphic was in a report by Chris Flood of the Financial Times. It shows the increased use of ETFs by asset managers. Flood reports that ETFS are now used by 18% of US institutional fund managers, up 4 percent points over the past year, based on figures from Greenwich Associates.
A study by Blackrock of the [...]
Some thoughts on negative deposit rates at the ECB
Since the ECB’s decision not to pay interest on reserves, when it brought the deposit rate to zero last July, banks have shifted their funds out of the deposit facility and into current balance. At the same time, they moved funds out of the ECB altogether.
On May 8th, banks further trimmed their overnight deposits at [...]
Portugal’s Step Forward
This is an important day for Portugal. It is selling 10-year bonds for the first time in more than two years. Demand is reportedly strong. Today’s 10-year sale follows the 5-year bond sale in January and heralds to full return of Portugal to the capital markets. Portugal’s success in returning to the capital markets is [...]
No Surprises from the Fed-QE on Course
The Federal Reserve delivered as expected. Its economic assessment was little changed, not being swayed one way or the other by most of the high frequency data. It did recognize that inflation has been “running somewhat below” the FOMC’s longer-term objective, when adjusted for energy prices.
The FOMC reiterated that its monthly purchases can be adjusted [...]
Euro Area and US Consumer Prices
There is much talk of an ECB rate cut on Thursday. Many economists have forecast a cut after a disappointing series of German data last week. Even if the German economy did not contract in Q1 after contracting in Q4, it is off to a poor start in Q2.
The case for an ECB rate cut, [...]
Spain Update: Running from the Bulls?
There have been three recent developments in Spain: the new record high unemployment, the earnings reports of several large banks, and the government’s new fiscal forecasts and strategy.
Spanish 10-year yields continued to trend lower over the course of the week. The roughly 35 bp decline in yield brings the drop since early February to about [...]
What Next For Italy?
Italy is getting closer to putting together a grand coalition government. This has always seemed to us the most likely scenario, but the route to it has been circuitously torturous. Three considerations have led to President Napolitano granting the prerogative of forming a government to the deputy leader of the center-left, Letta.
First, the unprecedented move [...]
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