EU Archive

Exports, News Headlines, Atlanta Fed, German Comment

They say its the strong $ that’s hurting exports. I say it’s the drop in oil related capex after the price collapse: This is what news headlines have been looking like (not good): From Rüdiger (top German Specialist) research: German new business orders for August were broadly lower. Compared to July, which ...Read More

Mtg Purchase Apps, Chicago PMI, ADP, Euro Comment

This is still going nowhere, and, most recently, trending lower, and obviously not responding positively to the ultra low rates of the last several years: MBA Mortgage Applications Highlights After surging in the prior week following the FOMC’s decision against a rate hike, mortgage activity fell back in the September 25 week. ...Read More

Mtg Purchase Apps, CPI, Home Builder’s Index, Euro Area Balance of Trade, CEO Outlook

Looking like it’s turned south: MBA Mortgage Applications Fed continues to fail to sustain enough aggregate demand to meet it’s 2% inflation target: Consumer Price Index Highlights Consumer prices came in soft in August and will not be turning up the heat on the doves at the FOMC. Pressured by gasoline, the ...Read More

Spain, QE chart, Wholesale trade, UK and France industrial production, Import and export prices

Fyi, we will be in Spain next week. Here are some of the details: There is a newly formed MMT Group in Spain called APEEP which stands for “Asociación para el Pleno Empleo y la Estabilidad de Precios”. In an effort to bring MMT into the political debate in Spain, they will ...Read More

France PMI, Germany PMI, EU PMI, EU Retail Sales, UK service PMI, US Trade, ISM Non Manufacturing, Saudi Pricing

France : PMI Composite Highlights French private sector activity in August expanded at a significantly slower pace than indicated in the flash report according to the final PMI data for the month. At just 50.2, a 7-month low, the key composite output index was revised down an unusually large 1.1 points versus ...Read More

quick macro update

It all started when the FICA tax cuts and a few of the Bush tax reductions were allowed to expire at the end of 2012, followed by the sequesters a few months later 2013. That resulted in 2013 GDP growth of a bit less than 2% or so that might have been ...Read More

euro area trade, housing comments, consumer prices

Continues very strong. This is for member using the euro: Size of New Homes in U.S. Shrinks by One Closet By Kris Hudson Aug 18 (WSJ) — Of the 206,000 homes that went under construction in the second quarter, the median size was 2,479 square feet. That was 40 square feet smaller—or ...Read More

Empire manufacturing, housing market index, EU merchandise trade

The lack of support from the lost oil capex continues to ripple out: United States : Empire State Mfg Survey Highlights Out of the blue, the Empire State index has plunged deeply into negative column this month, to minus 14.92 in August vs plus 3.86 in July. This is by far the ...Read More

MTG Purchase Apps, EU Industrial Production, China Industrial Production, JOLTS

Yes, purchase apps are up 20% vs last year, but you can see from the chart the number of applications has leveled off and declined a bit more recently this year, and remains at depressed levels: The slump in industrial production is global: European Union : Industrial Production Highlights Industrial production declined ...Read More

China, Germany, Productivity, NFIB Index, Redbook, Wholesale Trade

A few thoughts: China’s US Tsy holding had been falling perhaps because they were selling $ to buy Yuan to keep it within in the prior band. Pretty much all exporting nation’s currencies have already weakened vs the $, including the Yen and Euro, so this is a bit of a ‘catch ...Read More