Eurozone Key Issues
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One of the key positive signs in the Eurozone data since the virus hit has been the evidence that households' liquid money balances have been well supported by job retention schemes, extended unemployment insurance, and aggressive monetary stimulus.... More by Claus Vistesen
Yesterday's EZ data showed that French households came out swinging as the economy reopened. Consumers' spending, ex-services, jumped by 36.6% month-to-month in May, driving the year-over-year rate up to -8.3%, from -32.7% in April.... More by Claus Vistesen
Yesterday's advance CPI data in Germany suggest that EZ inflation is now rebounding slightly.... More by Claus Vistesen
Friday's money supply data in the euro area show that liquidity support for the economy remained firm mid-way through Q2. Headline M3 rose by 8.9% year-over-year in May, accelerating from a revised 8.2% increase in April, and extending its ascent from around 5% before the Covid-19 shock.... More by Claus Vistesen
Looking beyond the potential hit from the lockdown in North Rhine-Westphalia, German consumer sentiment is improving steadily.... More by Claus Vistesen
Yesterday's June PMIs offered more of the same, insofar as the survey's key message goes in the past few months.... More by Claus Vistesen
The big talking point over the weekend was the report from Germany's Robert Koch Institute, RKI, that the Covid-19 reproductive rate jumped to 2.88 at the end of last week, driving the seven-day average up to 2.07.... More by Claus Vistesen
Last week's enormous €1.3T take-up in the ECB's first post-virus TLTRO auction was hardly a blip for financial markets, consistent with the reactions to previous auctions.... More by Claus Vistesen
The gradual reopening of the major EZ economies continues, a process which is now accompanied by the inevitable concern that the virus is regaining a foothold.... More by Claus Vistesen
The Covid-19 crisis has turned the tables on the Spanish economy.... More by Claus Vistesen
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