Eurozone money update: insufficient recovery
Eurozone money trends are improving but remain too weak to support economic optimism, while country details highlight French stress. Continue reading
US money update: positive signal fading
A pull-back in US narrow money momentum casts doubt on post-election economic optimism. Continue reading
Stockbuilding cycle turning less favourable for markets
The current stockbuilding cycle may be approaching its mid-point, which typically marks a shift from “risk-on” to a neutral or negative market environment. Continue reading
Japanese money update: downside risks rising
Japanese money trends remain ominously weak, suggesting poor economic / market prospects and a return of inflation to unacceptably low levels. Continue reading
Assessing “excess” liquidity: reasons for caution
Flow and stock measures of “excess” money cast doubt on claims that the liquidity backdrop for markets is unusually favourable. Continue reading