The first of November 2011 will probably come to be seen as a key crossroads in the eurozone crisis – the momentwhenJean-ClaudeTrichethandedthehelmof the European Central Bank on to Mario Draghi.The final year of ECB President Trichet’s term of office only served to confirm what we had been criticising for a number of years: pursuit in […]
New economic figures indicate that China’s economy seems to be holding up well and stabilizing: domestic demand is cushioning weakness in global demand. The January manufacturing Purchasing Managers Index (PMI) in China climbed to 50.5 from 50.3 in December, well above market expectations of 49.6. This increasingly positive economic picture underlines the improvement of monetary […]
The leaders of the members states of the European Union discussed employment and economic policies at yesterday’s informal meeting. First, the so-called fiscal compact aimed at strengthening fiscal discipline and introducing more automatic sanctions and stricter surveillance within the euro area was finalised. It has been renamed the “Treaty on Stability, Coordination and Governance”. Under […]
The Federal Open Market Committee (FOMC) went beyond expectations of the markets yesterday by pushing back the timing of the expected first hike from mid-2013 to late 2014, by stating that: “economic conditions are likely to warrant exceptionally low levels for the federal funds rate at least through late 2014”. With a further reduction in […]
Corporate earnings are expected to grow by 9% in the United States and by 8% in Europe in 2012. As leading economic indicators are stabilising in Europe and improving in the United States, pressure on estimated 2012 earnings should ease. Thus, excluding a new financial shock, most adjustments on estimated earnings are likely to have […]
Existing home sales rose strongly in December 2011. They increased by 5.0% m-o-m to 4.61 million annualised, which was slightly below consensus expectations (4.65 million). This provided confirmation of the revival in sales seen since August last year. Existing home sales bounced back by a robust 12.5% q-o-q annualised in Q4, following a fall of […]
Core CPI rose by 0.145% m-o-m, in line with consensus estimates. Over the past three months, the core CPI has increased by 1.8% annualised, a lower reading than over the preceding three months of 2.1% (see chart hereunder). US Core CPI: % Change Year-on-year core inflation stabilised at 2.2% in December (before rounding, it actually […]
Has something changed in the way the euro area crisis is perceived? Despite the downgrade of nine euro area countries (see illustration hereunder), which resulted in the EFSF losing its AAA rating, and the threat of a spiral of downgrade and defaults, markets have remained positive. The upbeat mood seen since the beginning of the […]
In the early days of 2012, the Swiss National Bank (SNB) came under the spotlight again. This time, however, it was not because of its currency interventions but because of its (now) former head, Philipp Hildebrand. Indeed, Mr Hildebrand had to resign after his wife bought US dollars a couple of days before the SNB, […]
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