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The Eurozone Economy Plunges Back Into a Severe Decline
The Eurozone Economy Plunges Back Into a Severe Decline Eurozone business activity fell sharply as countries introduced more aggressive measures to counter rising COVID infection rates. Flash PMI Signals Steep Downturn in November IHS Markit reports PMI Signals Steep Downturn in November Amid COVID Lockdowns. Key Findings Flash Eurozone PMI Composite Output Index at 45.1 (50.0 in […]
Canada Catches America’s Cold – PMI Plunges To 4 Year Lows
Canada Catches America’s Cold – PMI Plunges To 4 Year Lows As goes America, so goes Canada it seems. Following the collapse in both Manufacturing and Services survey data in the US, Canada’s PMI just collapsed most since Feb 2016, back into contraction for the first time since March 2015. From a 12-month high of 60.6in […]
India’s Economy Crashes After “Mind-Bogglingly Inane” Tax System Strikes Back
India’s Economy Crashes After “Mind-Bogglingly Inane” Tax System Strikes Back With just a hint of schadenfreude, we note that, following our discussion of “how to destroy an economy”, India’s Composite PMI collapsed to 46.0 in July – its lowest on record (well below the kneejerk lows after demonetization in November) as the “mind-bogglingly inane” new […]
UBS Calls It: “The Global Credit Impulse Suddenly Collapsed To Negative”
UBS Calls It: “The Global Credit Impulse Suddenly Collapsed To Negative” One month ago, a skeptical Deutsche Bank warned that just as global macro surprises and economic momentum had hit 6 year highs, the bullish story was set to rollover from its current elevated levels… … primarily as a result of a series of disappointing data points […]
Canada PMI Crashes Into Contraction
Canada PMI Crashes Into Contraction Canada’s Ivey Purchasing Managers Index collapsed from an exuberant and simply unbelievable 63.6 in November to a contractionary 49.9 in December – one of the biggest MoM drops on record and biggest misses on record. On a seasonally-unadjusted basis, this is the weakest print in at least 2 years. From the best […]
Biggest Crash In South Korea Exports Since 2009 Confirms Global Trade In Freefall
Biggest Crash In South Korea Exports Since 2009 Confirms Global Trade In Freefall While the market’s attention overnight was focused on China’s crumbling manufacturing and service PMI, data which was already hinted in the flash PMI reports earlier in August, the real stunner came not from China but from South Korea, which last night reported […]
The Seventh-Largest Economy in the World Spirals Down
The Seventh-Largest Economy in the World Spirals Down HSBC, which knows a thing or two about the world, and about Brazil, is bailing out of Brazil. It’s unloading its “entire business in Brazil,” it said this week, including retail banking and insurance. It will hand its long list of wealthy clients and over 21,000 employees to Bradesco, […]
Greek Stocks, Economy Collapse, Suffer Worst Declines In History
Greek Stocks, Economy Collapse, Suffer Worst Declines In History The Athens Stock Exchange reopened on Monday and unsurprisingly, some folks were selling. Trading was suspended five weeks ago after PM Alexis Tsipras’ dramatic midnight referendum call precipitated capital controls and a lengthy bank “holiday.” Shares opened lower by nearly 23% and the country’s banks traded limit-down, […]
Manufacturing Hit by Oil-Price Plunge? Southeast Worst Since Financial Crisis
Manufacturing Hit by Oil-Price Plunge? Southeast Worst Since Financial Crisis Atlanta Fed suspects oil bust, strong dollar. Despite President Obama’s emphatic assurances in the State of the Union Address that “our economy is growing and creating jobs at the fastest pace since 1999,” there have recently been some uncomfortable squiggles, so to speak. The collapse in […]
What the Heck Is Happening to US Manufacturing?
What the Heck Is Happening to US Manufacturing? The worst month in the Southeast since the Financial Crisis. Despite President Obama’s emphatic assurances in the State of the Union Address that “our economy is growing and creating jobs at the fastest pace since 1999,” there have recently been some uncomfortable squiggles, so to speak. The collapse […]
