Search Results: 32
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32 matches for "e.z":
A Fog of Political and External Risks in the EZ...and Recent Economic Data Have Been Soft Too
The German trade data on Friday completed a poor week for economic reports in the Eurozone's largest economy. The seasonally adjusted trade surplus fell to €22.1B in May, from €24.1B in April, mainly due to a 1.8% month-to-month fall in exports. Imports, on the other hand, were little changed.
Eurozone capital markets have been split across the main asset classes this year. Equity investors have had a nightmare. The MSCI EU ex-UK index is down 10.6% year-to-date, a remarkably poor performance given additional QE from the ECB and stable GDP growth. Corporate bonds, on the other hand, are sizzling.
The EZ Economy has rarely been in better from...but external risks and policy uncertainty loom.
Poor Q3 GDP Data and Volatile BTPS Ahead...But Markets Already Have Priced-In A Lot Of Pain
A Slowing EZ Economy and Treacherous Markets...Neither Probably Will Stop the ECB From Ending QE Next Month
The Eurozone economy is in rare good form...So what should investors worry about?
The final June inflation report from Germany yesterday confirmed that pressures are rising. Inflation rose to 0.3% year-over-year in June, up from 0.1% in May, mainly due to higher energy prices. Household energy prices--utilities--fell 4.9% year-over-year, up from a 5.7% decline in May, while deflation in petrol prices eased to -9.4%, up from -12.1% in May.
Data yesterday showed that industrial production in the Eurozone stumbled in May. Production fell 1.2% month-to-month, driven by weakness in all major economies and falling output in all sub-industries. The poor headline follows an upwardly revised 1.4% jump in April, which means that production rose marginally in the first two months of the second quarter.
Yesterday's EZ PMI data surprised to the downside. The composite PMI in the euro area dipped to 52.9 in August, from 53.2 in July, below the initial estimate 53.3. The headline was marred by weakness in the German services PMI, which crashed to a 40-month low of 51.7, from 54.4 in July.
Yesterday's ECB policy decision was a carbon copy of the announcement in July. The central bank maintained its key refinancing rate at 0.00%, and also kept its deposit and marginal lending facility rates unchanged at -0.4% and 0.25% respectively. The ECB also kept the pace of QE unchanged at €80B per month. Finally, the central bank refrained from formally extending QE.
It will take months, and perhaps years, before markets have any clarity on the U.K.'s new relationship with the EU. In the U.K., the main parties remain shell-shocked. Both leading candidates for the Tory leadership, and, hence, the post of Prime Minister, have said that they would wait before triggering Article 50.
We tend to keep a close eye on monetary policy initiatives in Japan, as the BOJ's fight to spur inflation in a rapidly ageing economy resembles the challenge faced by the ECB.
This weeks' IMF's staff report on the Italian economy has increased the urgency for a compromise between the EU and Italy over the country's suffering banks. The report highlighted that financial sector reform is "critical" to the economy, and that the treatment of the significant portion of retail investors in banks' debt structure should be dealt with "appropriately."
Yesterday's State of the Union address by EC president Jean-Claude Juncker commanded more attention than usual, but contained little news on the key talking points for investors.
Accelerating GDP growth and low inflation...It's the perfect combination, but will it last?
The Eurozone economy is slowing...will the ECB care?
A Poor Q4 In The EZ, But Not Uniformly Horrible...All Eyes Are Now On The Q1 Numbers For Signs Of A Rebound
Strong and stable growth in the Eurozone...but now comes the increase in yields and inflation
The EZ economy enters 2018 in fine form...but markets are beginning to look tricky
Has Christmas been Cancelled in the EZ Economy?...Both Survey and Hard Data Point to Another Soft Quarter in Q4
The EZ economic data have stabilised...But what about tail-risks?
A Christmas present to markets from the ECB...Low core inflation and sizzling GDP growth in 2018
The EZ economy finally stretches its legs...but it won't sustain Q1 and Q2 momentum for long
The R-Word is Once Again Being Spoken in the EZ...But it Probably Won't be that Bad, at Least not in H1
The Eurozone Economy is doing fine...but recent soft data provide a much needed reality check
EZ GDP growth is slowing, gently, to 2%...with political uncertainty looming, as ever
A dovish tightening of Monetary Policy...QE will end this year, nut no rate hike in H1 2019
The Eurozone optimists are out in numbers...But don't expect economic miracles just yet
The EZ Economy is in a good Cyclical Shape.. But Can It Shrug off Political Changes in 2017?
The Eurozone Economy Is In Fine Form.. But Don't Believe Everything the ECB is Telling You
The Eurozone economy is in fine form...but this is likely as good as it gets
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