11. Nonfarms decide Fed March rate hike
Payrolls rise another 235K, March hike done deal.
BREAKING! US nonfarm #payrolls rose 235K in February, more than expected. https://t.co/2tStqkO42p
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jeroen blokland (@jsblokland) March 10, 2017
BREAKING! US nonfarm #payrolls rose 235K in February, more than expected. https://t.co/2tStqkO42p
—jeroen blokland (@jsblokland) March 10, 2017
10. ECB keeps rates, continues QE
Growth revised up, inflation revised up, but don’t expect the ECB to adjust their extraordinary QE program any time soon. However, every ECB-meeting should be more fun from here.
#ECB monetary policy v ECB #inflation expectations now look like this. #madness https://t.co/IcFOoHNqIj
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jeroen blokland (@jsblokland) March 09, 2017
#ECB monetary policy v ECB #inflation expectations now look like this. #madness https://t.co/IcFOoHNqIj
—jeroen blokland (@jsblokland) March 09, 2017
9. ECB QE is peanuts compared to BoJ QE
Measured relative to GDP, monetary stimulus by the Bank of Japan is almost triple that of the ECB. As a result, the BoJ is a major shareholders of pretty much all major Japanese companies, among others.
The #BoJ’s balance sheet equals 90%! of #Japan’s nominal #GDP. It owns almost 40% of all outstanding Japanese gover… twitter.com/i/web/status/8…
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jeroen blokland (@jsblokland) March 07, 2017
The #BoJ’s balance sheet equals 90%! of #Japan’s nominal #GDP. It owns almost 40% of all outstanding Japanese gover… twitter.com/i/web/status/8…
—jeroen blokland (@jsblokland) March 07, 2017
8. German factory hiccup
Just like that, factory orders fell 7.4% in January, the most since 2008. Notoriously volatile number, however.
'Oops!' #Germany's factory orders fell 7.4% MoM in January, the most since the financial crisis. https://t.co/aySGX8UlLs
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jeroen blokland (@jsblokland) March 07, 2017
'Oops!' #Germany's factory orders fell 7.4% MoM in January, the most since the financial crisis. https://t.co/aySGX8UlLs
—jeroen blokland (@jsblokland) March 07, 2017
7. China producer price pressure
China’s producer prices are up 7.8% YoY. ‘Yes’, commodities matter, ‘no’ they are not going to fall another 50%. Expect average inflation numbers globally to be higher than in the last couple of years.
In case you missed it! #China's producer prices rose a massive 7.8% YoY, the most since September 2008! #PPI https://t.co/q5ds14XhCx
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jeroen blokland (@jsblokland) March 09, 2017
In case you missed it! #China's producer prices rose a massive 7.8% YoY, the most since September 2008! #PPI https://t.co/q5ds14XhCx
—jeroen blokland (@jsblokland) March 09, 2017
6. Europe is not dead!
The Eurozone beat the US at GDP growth last year.
'Yes' this really happened. The Eurozone beat the US at #GDP growth in 2016! https://t.co/bUQqAYylZX
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jeroen blokland (@jsblokland) March 07, 2017
'Yes' this really happened. The Eurozone beat the US at #GDP growth in 2016! https://t.co/bUQqAYylZX
—jeroen blokland (@jsblokland) March 07, 2017
5. Mind the gap!
The divergence between short-term yields in Germany and the US remains ‘special.’
The gap between the German and US 2-year bond #yield has widened to 2.20%(!), the biggest in 17 years. https://t.co/i96yjuSYeB
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jeroen blokland (@jsblokland) March 08, 2017
The gap between the German and US 2-year bond #yield has widened to 2.20%(!), the biggest in 17 years. https://t.co/i96yjuSYeB
—jeroen blokland (@jsblokland) March 08, 2017
4. Greek Gloom
After a very short recovery, Greece is down the drain again. GDP growth in Q4 2016; a neat -1.2%.
In case you missed it! #Greece's #GDP level is still down almost 30% since the financial crisis! https://t.co/PK0wmDTfaS
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jeroen blokland (@jsblokland) March 07, 2017
In case you missed it! #Greece's #GDP level is still down almost 30% since the financial crisis! https://t.co/PK0wmDTfaS
—jeroen blokland (@jsblokland) March 07, 2017
3. Double whammy!
The US 10-year Treasury yield has (basically) doubled since the low in July last year.
Chart! The 10-year US Treasury has doubled since the low in July last year! https://t.co/MGg0roxkZD
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jeroen blokland (@jsblokland) March 10, 2017
Chart! The 10-year US Treasury has doubled since the low in July last year! https://t.co/MGg0roxkZD
—jeroen blokland (@jsblokland) March 10, 2017
2. It’s all relative chart
Nice chart by David Ingles. 2.60% is the level that decides if we are entering the bond bear market, according to Bill Gross
In the interest of antiquity and preserving snapshots of major historical trends, I'll just leave this chart of the… twitter.com/i/web/status/8…
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David Ingles (@DavidInglesTV) March 09, 2017
In the interest of antiquity and preserving snapshots of major historical trends, I'll just leave this chart of the… twitter.com/i/web/status/8…
—David Ingles (@DavidInglesTV) March 09, 2017
1. Le Pen monitor
I think markets are being too complacent about the French elections, so I wrote a blog about it. It has charts ;-).
#France govt #debt ~100%, 80%/EUR 1.7 trillion under French law, could be redenominated to new franc if #LePen wins… twitter.com/i/web/status/8…
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jeroen blokland (@jsblokland) March 09, 2017
#France govt #debt ~100%, 80%/EUR 1.7 trillion under French law, could be redenominated to new franc if #LePen wins… twitter.com/i/web/status/8…
—jeroen blokland (@jsblokland) March 09, 2017
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