The Eurozone’s PMIs and leading economic indicators continue to show a solid economic recovery in the region. The latter may be misleading because they’ve been boosted by rapidly rising stock prices, which have been fueled by the ECB’s ultra-easy monetary policies.
So far, such easing hasn’t provided all that much lift to the Eurozone’s industrial production. It did rise 0.8% during April, but that’s after it fell 0.4% the month before. On a y/y basis, it is up only 1.4%. The recovery is considerably stronger in Spain (4.3%), and slightly stronger in Germany (1.8) and Italy (1.6), but much weaker in France (-2.0).
Today's Morning Briefing: Something to Worry About? (1) Geopolitical crises that spike oil prices tend to lead recessions. (2) A serious threat to the bull or yet another relief rally? (3) Caliph al-Baghdadi is bad and meaner than a junk yard dog. (4) The end of complacency? (5) A dangerous situation in Iraq. (6) Oil prices didn’t spike on Libyan and Iranian output cuts. (7) Feuding Caliphates: ISIS vs. Iran. (8) Will Fed taper tapering if oil prices spike? (9) Upgrading S&P 500 Energy to market weight. (10) Happy indicators for S&P 500 revenues. (11) Q2 real GDP is looking up according to latest retail sales and inventories data. (12) Eurozone’s recovery remains lackluster. (More for subscribers.)
So far, such easing hasn’t provided all that much lift to the Eurozone’s industrial production. It did rise 0.8% during April, but that’s after it fell 0.4% the month before. On a y/y basis, it is up only 1.4%. The recovery is considerably stronger in Spain (4.3%), and slightly stronger in Germany (1.8) and Italy (1.6), but much weaker in France (-2.0).
Today's Morning Briefing: Something to Worry About? (1) Geopolitical crises that spike oil prices tend to lead recessions. (2) A serious threat to the bull or yet another relief rally? (3) Caliph al-Baghdadi is bad and meaner than a junk yard dog. (4) The end of complacency? (5) A dangerous situation in Iraq. (6) Oil prices didn’t spike on Libyan and Iranian output cuts. (7) Feuding Caliphates: ISIS vs. Iran. (8) Will Fed taper tapering if oil prices spike? (9) Upgrading S&P 500 Energy to market weight. (10) Happy indicators for S&P 500 revenues. (11) Q2 real GDP is looking up according to latest retail sales and inventories data. (12) Eurozone’s recovery remains lackluster. (More for subscribers.)
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