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Commentary
Outlook in US, UK, Japan and Australia
Daily comments on finance, economic and market news for 6 Jun 2013
Daily Comments: 2013-06-06 – European economy
The data flow out of Europe today is pretty bad. German factories orders missed and unemployment rose to record levels in France and Greece. Meanwhile the IMF admitted that Greece's delayed debt restructuring "provided a window for private…
Daily Comments: 2013-06-05
Daily comments on finance, economic and market news for 4 Jun 2013
A change in tone at the Fed on tapering
While the recent data have pushed the Fed's QE withdrawal timetable out, the latest Fed statements indicate a level of hawkishness on tapering QE that we haven't seen in the last few weeks. This jobs report is shaping up to be a key data…
Chart of the day: Debt deflation in the eurozone periphery
Just to follow up on the last post, which was relatively optimistic about the eurozone, I want to show you this chart of non-performing loans in the periphery. I believe it tells a story of debt deflation and explain why the contraction in…
Watch second derivatives in the Eurozone
Markit released a slew of manufacturing PMIs today and the eurozone was the most heavily watched amongst the bunch. The data show Europe still contracting, but at a less pronounced pace. I believe this could be a positive harbinger.
On investing during housing reflation in the US and the fiscal drag in Europe and North America
I have two topics I want to highlight this morning. First, there are the US housing inflation numbers from Case Shiller, which are at a 7-year high. Then there is the fiscal drag in the US, Denmark, the UK, the Euro Zone and Canada. What I…
On the Fed’s tapering and the volatility in Japan
Yesterday, Ben Bernanke said that the Fed would start to wind down it's QE program sometime this summer as I indicated early last week I believed the timetable would be. Market pundits believe these remarks triggered a sell-off in global…
On Germany’s response to Euroland’s problems
Earlier today I wrote a post on the free blog site about blaming Germany for the problems in the euro zone. I ended up defending the German political response and blaming the euro. Let me just add a bit of colour to that here.
Europe’s sinking economy
Europe's GDP numbers have just been released today and they are miserable. They show the Netherlands and France in recession along with the rest of the periphery. And even outside the euro zone, we got some pretty dire numbers out of the…