11.German Manufacturing Boom

BREAKING! #Germany's Manufacturing #PMI rises to massive 58.3! https://t.co/4C3Leq0bl6

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jeroen blokland (@jsblokland) March 24, 2017

The Eurozone remains in excellent shape, despite all the political hurdles. Germany’s Manufacturing PMI hit a solid 58.3 in March.

10. Producer Prices Spike

#Germany's producer prices rose 3.1% YoY in February, the most in more than five years! #PPI https://t.co/IMRmdeMRZd

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jeroen blokland (@jsblokland) March 20, 2017

Germany also provided more evidence that the great inflation ‘scare’ is behind us. CPI above ECB target, and PPI up 3.1% YoY, the steepest rise in five years.

9. Inflation Puzzle

The ultimate #inflation question! Will this be like 2007-2008 or like 2010-2011? https://t.co/7zBpYzYcq5

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jeroen blokland (@jsblokland) March 23, 2017

One interesting question remains, however. Will inflation follow the PPI on their way up?

8. The ‘power’ of QE

The 'POWER' of #QE! @UBS will charge customers a 0.6% penalty on euro accounts with cash exceeding 1 million euros! https://t.co/7wG8A5FaDa

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jeroen blokland (@jsblokland) March 22, 2017

The inflation scare may behind us, the effects of extraordinary monetary policy are not. More consumers are being punished for ultra low bond yields.

7. Superpower

One of the most bizarre charts #QE has 'produced'! The Bank of Japan now owns 39.1% of all outstanding Japanese gov… twitter.com/i/web/status/8…

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jeroen blokland (@jsblokland) March 23, 2017

Japan remains the world’s QE superpower. The Bank of Japan now holds almost 40% of all outstanding Japanese government debt. Isn’t that just convenient.

6. Stimulus Overdone

How much of #QE do we still need? https://t.co/yPDatg0YGH

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jeroen blokland (@jsblokland) March 21, 2017

But really, how much QE do we need at this point?

5. ECB on the Move

In case you missed it! The implied probability of a December #ECB rate hike has risen to above 50%! https://t.co/t8hJ3o422Y

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jeroen blokland (@jsblokland) March 23, 2017

Things are moving, however. Better growth and higher inflation pushed the chance of a deposit rate hike by the ECB this year to above 50%.

4. Fund Survey

Overview @BofAML Fund Manager Survey. #Banks anyone? https://t.co/X9IscYpNi4

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jeroen blokland (@jsblokland) March 21, 2017

Thinking about investing in bank stocks? Let me remind you that everybody else has already done so. Same goes for shorting the EUR or GBP.

3.One size never fits all

#Debt-to-#GDP ratios in Europe! #Greece 177%, #Netherlands 61%. https://t.co/NeYwS4BBeY

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jeroen blokland (@jsblokland) March 20, 2017

One of my favorite Eurozone divergence charts. Greece’s debt-to-GDP ratio equals 177%, that of the Netherlands (budget surplus 0.4% of GDP in 2016) is 61%.

2. When does Valuation Matters?

Price to book #valuations in one chart! https://t.co/874ryW3OJp

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jeroen blokland (@jsblokland) March 19, 2017

US stocks are expensive by every measure, including price-to-book.

1. It’s all relative!

Putting the recent move into perspective! https://t.co/ljVE9ixIlz

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jeroen blokland (@jsblokland) March 22, 2017

The S&P 500 Index finally fell more than 1% in single trading day. We almost forgot what that looked like. Still, from the low in 2009 you’re doing pretty ok!