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22. September 2020
USA: The Federal Reserve's 'rescue mission' propels home sales higher and not least house prices
Britain: The misery continues, according to the September CBI Industrial Trends survey
EU: Dutch consumer confidence survey does not give rise to optimism. There is no 'plan B' to fill the gap from now to an efficient vaccine is distributed in 2021
21. September 2020
Strong Taiwanese export orders report shows, yet again, that a 'zero-tolerance Covid19 strategy' seems, so far, to have been the most successful
Covid19 pulls Japan back into the deflation zone
18. September 2020
USA: Consumer sentiment bounces back at a painfully slow pace supported by an improving labour market and a slowing trend in Covid19 cases. This could soon change because a second wave might be in the pipeline
Britain: Retail sales bounce back, as a 'second wave' hits the shore - and might soon turn into a more forceful wave because a new 'national lock-down' is out of the question
Podcast interview with Christine Stabell Benn,  Professor in Global Health at the University of Southern Denmark, about 'fast-track' Covid19 vaccines and other tools in the toolbox
17. September 2020
USA: Philadelphia Fed survey shows tentative signs of a manufacturing sector becoming 'slightly more self-propelled'. Corporate spending plans on the rise
Global macroeconomic chart update
USA: The NAHB homebuilder index jumps to the highest level since 1998 as Covid19 fuels the housing market
16. September 2020
US retail sales in August continue to bounce back, but progress is slowing. The rebound has far from turned self-propelled
Japan: Exports would have been much weaker without robust Chinese demand in August. Prime Minister Suga is a transition-figure
15. September 2020
USA: Industrial production is slowly moving back on track, but deflationary pressure will soon disappear
Germany: ZEW investor sentiment hits the highest level since February 2001
China's economic rebound continues as Beijing tries to keep the powder dry for more stimulus measures in 2021
14. September 2020
Euro-zone: The manufacturing rebound continues but will soon face headwinds. Deflation in 2020 will be followed by 'mild inflation' and it ends up with yet another round of useless deflation
China: House prices remain on an upward trend supported by several factors, not least capital 'prevented' from going abroad
Japan: Reuters Tankan survey shows painfully slow progress, while Prime Abe is expected to be succeeded by his clone
11. September 2020
Spain: The rebound in the manufacturing sector was stronger-than-expected in July - but Covid19 will not go away 'despite money-printing'
China: Monetary statistics show no signs of aggressive easing, but there are still many unanswered questions about the country's future direction - corrected
Britain: The economy continues bouncing back in July, as the economy 'reopens'. New daily Covid19 cases soar and Labour closes the gap in the latest opinion polls
10. September 2020
USA: Deflation pressure prevails in 2020, but the case for 'mild inflation' in 2021 is building sponsored by central banks 'cutting corners'
Italy: Industrial output bounces back faster-than-market-expectations, as the 'play button' has not yet been pressed in Europe
Britain: Three factors propel house prices higher, ironically, at the same time as British households face tremendous headwinds
9. September 2020
China: Inflation pressure declines in August. China could play an important adverse role for US and European households' real purchasing power in 2021 and beyond
8. September 2020
Brazil: President Bolsonaro combining 'national' and 'socialist' propels his approval rating significantly higher but spells trouble for the country
‌German exporters face a highly chaotic future as Berlin speaking with a forked tongue is now backfiring
Japan: Economy Watchers Survey heralds a strong rebound in consumer spending, but this is contradicted by a weak Reuters Tankan survey
7. September 2020
Germany: Industrial production disappoints in July, but August and September will turn out to be very strong. Nonetheless, several dark clouds are on the horizon
China: Exports recover as Beijing 'cheats' President Trump thoroughly
4. September 2020
US August employment report shows a slower rate of improvement despite aggressive fiscal and monetary easing
Germany: Industrial orders bounce back at a slower-than-expected pace, but more short-term strength is in the pipeline
3. September 2020
USA: ISM service survey continues to herald a very strong Q3 GDP growth report, but the economy has not yet turned into a self-propelled recovery
2. September 2020
Britain: House prices soar to a new record high 'despite', or maybe 'because of', Covid19
Australia: The economy plunges into recession in Q2. Nonetheless, the country remains in an excellent position reinforced by 'unoriginal' policymakers in Europe and the United States
Covid19 has reinforced the decline of 'market forces' sponsored by central banks. Western policymakers prioritise 'mitigating the impact' rather than solving the problem
1. September 2020
USA: Manufacturing sentiment continues to surprise to the upside as the economy is fuelled by fiscal as well as monetary stimulus measures
Euro-zone: The first wave of Covid19 is 'deflationary'. The second wave is 'mild inflation' but without compensation for workers
Euro-zone: Public finances absorb the negative employment impact of Covid19 assuming the virus outbreak is a short-term phenomenon
Sweden: PMI survey underscores that the European economy might ride the storm in 2020 better-than-expected. Berlin revises its growth outlook
31. August 2020
Japan: Strong rebound in industrial output in July, but consumer confidence declines. The Bank of Japan inflates its balance sheet at the fastest rate ever recorded
China: The official PMI survey shows that the economy is closer to normalisation as 'zero-tolerance' Covid19 strategy proves a success
28. August 2020
Spain faces an uphill struggle. Therefore, the ECB will keep 'printing' and the northern states will be forced to 'keep giving' until something gives in
Switzerland: KOF economic sentiment index skyrockets to the highest level since 2010. Strong Chinese demand for luxury products
Euro-zone: Business sentiment skyrockets while consumer confidence and sentiment in the periphery are lagging
Germany: Consumer sentiment drops, but pent-up demand is strong after a sharp increase in Q2 savings. The political situation could deteriorate significantly in 2021 ahead of the Bundestag election
27. August 2020
The ECB creates the foundation for higher conventional and asset price inflation - and with only a few protests
France: Business sentiment skyrockets in August - but households could face headwinds in 2021 as the risk of 'inflation without compensation' is on the rise
China: Industrial profits bounce back propelled by higher margins and without the same aggressive stimulus measures as in Europe and the United States
26. August 2020
USA: Durable goods orders bouncing back will see more support from a central bank worried about a 'second wave' of Covid19
The Bank of Korea's monthly business sentiment survey continues to show recovery in sentiment, but hard data is still lagging
France: A half-hearted Covid19-strategy lays the foundation for returning outbreaks - and, therefore, no improvement in consumer sentiment
25. August 2020
USA: New home sales soar propelled by money-printing and Covid19, but consumer confidence falls sharply as policymakers fail to focus on health safety
Turkey: The economic rebound is too weak and the risk of significantly higher inflation is on the rise as the lira has gone into a tailspin
Germany: IFO survey continues to show improvement in sentiment as households and companies adapt to a new environment - reinforced by aggressive fiscal and monetary easing
Podcast interview with Jorgen Delman, China Studies, Copenhagen University, about how to handle relations with China without compromising our own ideals. Is Xi Jinping facing more internal opposition? [FREE ACCESS]
21. August 2020
Britain: Catastrophic CBI industrial survey underscores what lies ahead for an economy facing several shocks
European and US households will soon pay the real price of having rescued the stock market: Inflation without compensation
20. August 2020
USA: The regional manufacturing Philadelphia Fed survey shows a rebound losing steam. The same applies to the weekly jobless claims statistics
Taiwan continues riding high as if nothing has happened. Export orders statistics bode well for global trade except for Japan
Falling Dutch consumer confidence index underscores why Europe needs a smarter and more aggressive approach to Covid19. The union needs to prepare for the 'unlikely' outcome that an 'efficient' vaccine does not emerge
19. August 2020
Japan: Neither hard nor soft data give rise for much optimism. Core machinery orders fell much faster-than-expected in June
18. August 2020
USA: Housing starts and permits skyrocket in July as the housing market is yet again the main beneficiary of an external shock
Japan: A disappointing Reuters Tankan survey reduces the probability of a sharp rebound in economic activity in Q3
17. August 2020
Podcast interview with Anders Ellemann Kristensen in Beijing, General Manager, Albatros Travel China, about the reopening process, state-capitalism and how to profit from China in the future [FREE ACCESS]
USA: Buoyant NAHB homebuilders index and a weak manufacturing Empire State survey
Japan: Real economic activity collapses to a level not seen since Prime Minister Abe took office in 2012
14. August 2020
USA: Upbeat investor and business sentiment is not yet reflected in a downbeat University of Michigan consumer sentiment survey
USA: July retail sales report heralds a sharp rebound in Q3, but the economy needs to handle a 'second wave'
Germany has no choice but to preserve the EMU, whatever it takes, as Berlin is sitting on a ticking bomb. Full debt-sharing seems inevitable
China: The economic rebound loses momentum, but Xi Jinping remains self-confident about the superiority of state-capitalism
13. August 2020
USA: Weekly jobless claims statistics indicate the 'pace of improvement' in the labour market to slow
USA: July federal budget report provides insight into what a Biden-Harris administration might do after the election in November
Unwind the short-Japanese-stocks strategy
12. August 2020
USA: July CPI-report shows tentative signs of inflation making a comeback. The foundation for significantly higher inflation in 2021 is building, but price pressure will remain benign in 2020
Euro-zone: Industrial activity bounces back sharply in June, but Covid19 could make more trouble in the last quarter of 2020
Britain: The economy plummeted in Q2, but June statistics and forward-looking indicators give rise for 'some optimism'
Fiscal and monetary policymakers act as if there is no tomorrow - and barely anyone opposes the approach
11. August 2020
USA: Small business sentiment remains buoyant supported by fiscal and monetary policymakers going berserk
Germany: Investor sentiment jumps to the highest level since 2004
A sharp drop in the Economy Watchers survey's 'future conditions index' underscores the vulnerability of the Japanese economy and stock market
10. August 2020
China: A benign inflation picture, a successful Covid19 strategy and more than 150 million domestic tourists staying home benefit the economy
US employment report: The failure to control the first wave of Covid19 puts a drag on the reopening process
25. July 2020
Vacation: There will be no updates from July 25 to August 9 due to vacation
24. July 2020
‌‌Italy is not too big to fail; Italy is too big to save
Britain: Retail sales bounce back strongly in June, but household sentiment remains depressed
The global growth outlook deteriorates: 'First wave', 'second wave' and geopolitical risks creating massive headwinds to an overpriced global stock market
23. July 2020
USA: Weekly jobless claims show slowing progress in the labour market as the basis for unprecedented fiscal stimulus measures cracks
Germany: Consumer confidence skyrockets as households see a contained virus outbreak and unprecedented fiscal and monetary stimulus measures
France: Service sentiment skyrockets in July but no signs of a rebound in export optimism
South Korea: The economy contracts at the fastest pace since 1998 as a successful Covid19 strategy does not make the economy immune
22. July 2020
USA: Existing home sales bounce back supported by historically low mortgage rates
The global stock market discounting an 'efficient, reliable and fast-track' vaccine in 2020 leaves no room for growth disappointment
21. July 2020
A short note on the EU recovery deal
20. July 2020
Japan: June trade report sees no signs of a rebound in global trade
17. July 2020
USA: University of Michigan consumer survey is the first significant warning to policymakers not to ignore the ongoing resurgence of new daily Covid19 cases
16. July 2020
USA: Philadelphia Fed survey continues to herald a strong manufacturing rebound, but the six-month outlook index falls sharply
USA: June retail sales report shows that market consensus for 2020 is too pessimistic - at least for the time being
Britain: A better-than-expected labour market report does not change the fact the country is in big economic trouble