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19. July 2019
USA: University of Michigan consumer survey continues to show upbeat households as they see no significant headwinds - and definitely not monetary headwind
There will be no updates from July 29 to August 9 due to vacation
Germany: Inflation at the factory gates falls sharply in June despite increasing labour costs
18. July 2019
USA: Philadelphia Fed survey raises doubt about the credibility of the Federal Reserve. The short and long-term indicators jump. Employment index hits an all-time high
South Korea finally cuts policy rates as the country faces headwinds from all directions
Japan: Trade statistics show no signs of a rebound. Inventories are on the rise
17. July 2019
USA: Housing starts report disappoints in June, but the outlook remains upbeat according to the latest homebuilder survey
16. July 2019
USA: Very strong retail sales report discredits Fed Chairman Powell. This could turn into a significant policy mistake if manufacturing sentiment were to bounce back as well 
ZEW survey shows growing concern among investors regarding the extent of headwinds facing the German economy
Britain: The first profound impact of Brexit hits the shore, according to the June labour market report. The risk of recession in 2020 is on the rise
Brussels missed an opportunity to become a global player matching its size
15. July 2019
USA: Empire State manufacturing index bounces back in July after Fed Chairman Powell was 'bullied' into easing monetary policy
China: House price inflation slows as policymakers maintain tightening measures in the housing market
Chinese growth declined in the second quarter to the lowest level since the early 1990s
12. July 2019
USA: Producer price inflation remains benign despite import tariffs
China: Monetary statistics show no signs yet of aggressive easing measures
China: The June trade report pictures a weak economy. Trump is not rewarded by the Chinese to the extent 'promised by Beijing'
11. July 2019
USA: Core inflation increases as Fed Chairman Powell talks about a rate cut despite a soaring fiscal deficit
Turkey records a minor current account surplus as domestic demand has collapsed. The central bank governor is fired and close allies of President Erdogan are leaving the AK Party
10. July 2019
The French economy stands out from the crowd, but the Euro-zone's main growth engine is still down
Food for thought: In the past, inflation and higher interest rates created downturns. Today, are low interest rates creating the foundation for the next downturn?
China: Producer prices falling into the deflation zone indicates no signs of a manufacturing rebound
9. July 2019
USA: Small business sentiment declines after a strong rebound in the previous months. NFIB survey continues to show a very tight labour market
Japan: Nominal and real wages continue to contract despite historically low unemployment. The risk of recession is still high
8. July 2019
China's foreign exchange reserves stabilise, but for all the wrong reasons
Germany: A minor rebound in manufacturing activity in May does not change a gloomy outlook
Podcast interview with Camilla Noerup Sorensen from the Institute for Strategy at the Royal Danish Defence College about a wide range of global foreign policy issues linked to the Rise of China
5. July 2019
USA: Robust June labour market report rules out July rate cut
Germany: Industrial orders fall sharply as there are no signs of a rebound in demand. All factors point to a weak euro
4. July 2019
Euro-zone: Consumer spending disappoints in May despite cyclical tailwinds
3. July 2019
USA: Service sentiment index continues lower. The orders index falls sharply
Podcast interview with Morten Springborg, Thematic Specialist, about tech competition between China and the West, splinternet, 5G and how strong China's tech sector really is
Podcast interview with Casper Wichmann, China tech expert, about tech competition between China and the West, splinternet, 5G and how strong China's tech sector really is
A short note about the EU's top jobs decision: Compromise candidate Ursula von der Leyen is more political inaction. Christine Lagarde keeps the ECB Italian-French
China: Caixin service index declines. Anecdotal evidence of a much weaker economy
1. July 2019
There will be no 'daily macro' updates on July 2
USA: Manufacturing ISM index declines in June although less than market expectations. More worryingly, the ISM orders index fell again sharply
A short note on whether Huawei is a security or a commercial risk. The credibility of President Trump suffered significantly after the G-20 meeting
Bank of Japan Tankan survey shows more weakness than reflected in the monthly surveys; consumer confidence falls sharply in June
China: June PMI index stays in the contraction zone in spite of economic stimulus measures;  Xi Jinping and Donald Trump kick the can down the road, but $250 billion import tariffs remain
28. June 2019
Spain: Rajoy's economic reforms continue boosting growth despite a political mess. Europe turning left will soon dent fiscal credibility
Swiss economic indicators show an increased risk of a technical recession later in 2019; a harbinger of slower Euro-zone growth
Japan: Industrial production rose strongly in June despite extended Golden Week holidays
27. June 2019
EU survey: Euro-zone economic sentiment falls sharply in June; export downturn accelerates
Turkey: A sharp improvement in the economic confidence index does not change the 'double-dip recession scenario' - President Erdogan faces pressure from opposition and AKP
26. June 2019
USA: Durable goods orders continued to lose momentum in May despite the corporate tax cuts. The biggest obstacle to corporate spending is geopolitical uncertainty
France: Consumer sentiment continues to improve boosted by a better labour market and increasing real purchasing power, but the costs may be too high
Germany: Consumer climate deteriorates as households face increasing political uncertainty and a 'government of inaction' in Berlin
25. June 2019
USA: The Conference Board consumer confidence and new home sales statistics disappoint significantly to the downside
France: Service sentiment improves, but manufacturing headline index declines, as the export outlook index falls sharply in June
USA: The Dallas Fed manufacturing headline index plunges in June; corporate spending slows markedly
24. June 2019
Germany: IFO survey shows no signs of an upcoming rebound. Manufacturing sector moves closer to the 'recession zone'
Turkey: President Erdogan defeated in the rerun of the Istanbul election
21. June 2019
USA: Existing home sales report shows solid house price gains supported by low inventories of unsold 'new' homes
A short note on South Korea's 'first-20-days-exports' statistics: No signs of a global trade rebound
20. June 2019
USA: The Philadelphia Fed's manufacturing index fell sharply in June, but there are still no signs of an upcoming recession
Britain: Households continue to see solid support from real wages and a tight labour market, but the outlook is deteriorating
'China proxy': Taiwanese exports orders to mainland China plunge at the fastest rate since 2013
19. June 2019
EU: Monetary policy contradicting the climate challenge will continue to fuel populist parties. Germany shows what lies ahead
18. June 2019
USA: Housing starts surprise to the upside as the monetary environment improves. A dovish ECB complicates the policy task of the Federal Reserve
Germany: ZEW headline index plunges in June as the corporate sector faces several headwinds, not least sweeping climate policy changes
Turkey: Industrial output plunges ahead of the rerun of local elections in Istanbul. A 'double-dip recession' is in the pipeline
China: House prices continue higher; Beijing cannot afford falling asset prices as households face more headwinds 
17. June 2019
USA: The regional manufacturing Empire State headline index plunges in June. Corporate spending plans decline sharply as well
Euro-zone: Labour shortage boosts wage inflation in the first quarter of 2019. A dramatic political shift in Germany is underestimated by the financial market
USA: The White House's inconsistent foreign policy has created a 'world of disorder'
USA: Strong economic statistics make it difficult for the Federal Reserve to cut policy rates, although the situation could change dramatically in the second half of 2019
14. June 2019
+++There will only be delayed updates on June 14+++
China: The economy is rapidly losing momentum; aggressive monetary easing is in the pipeline, not least if the G20-meeting turns into a fiasco
13. June 2019
Euro-zone: Industrial output contracts in April, but there are no signs yet of a growth collapse
President Trump's war on several fronts could turn self-destructive
USA: The budget deficit soars as the 'sentiment boost' from the tax cuts has not yet emerged
12. June 2019
USA: Inflation remains subdued despite the threat of global supply chain disruption caused by the trade war
China: Monetary statistics show policymakers are nervous to make the same 'policy mistake' as in 2008-2009. This will change in the second half of 2019
China: Consumer price inflation increases propelled by food prices; inflation at the factory gates continues to decline. President Xi cannot afford to show weakness in Hongkong
11. June 2019
US small business sentiment jumps in May, as the labour market tightens, according to NFIB
Britain: The labour market shows tentative signs of slowing, but the best leading indicators see an increased risk of a recession in 2020
China: Exports boosted by 'frontloading' after new US tariffs threats; imports plunge. Beijing launches more aggressive stimulus measures
7. June 2019
There will be no updates on June 10 due to a public holiday in Denmark
USA: Surprisingly weak labour market report in May boosts the possibility of a significantly more dovish Federal Reserve
Germany: Manufacturing output plunges by a steep 2.5% in April as Berlin is headed towards a radical political shift towards the left
Japan: The Diffusion Index continues to bounce back, but dark clouds remain on the horizon
6. June 2019
USA: The April trade report shows a sharp decline in exports and imports; Trump waging trade war on several fronts will hit global growth in 2020
A short note on a rapidly changing political environment in Germany: The majority of voters prefer a 'red-red-green' government rather than the current 'Groko' coalition
Germany: Industrial orders fail to make a visible rebound in April. The outlook is weak due to the 'climate wave' in Europe, more nationalism in China and a US president believing in mercantilism
USA: ISM service survey shows a resilient economy despite the ongoing trade war. Trade tensions with EU will escalate as the 'climate wave' in Europe is like a red rag to a bull in the White House
4. June 2019
The Euro-zone unemployment rate declines in April to the lowest level since 2008. The risk of Groko collapse creates new uncertainty
Spain: The political situation turns less gloomy after Ciudadanos rejects the far-right Vox party
Podcast interview with China expert Professor Stig Thøgersen about the formation of public opinion in China, Xi Jinping, nationalism and the risk of an upcoming Taiwan crisis
Australia cuts policy rates as the economy faces headwinds from weak domestic demand, China as well as the United States
3. June 2019
USA: The ISM manufacturing index continues to weaken as the trade war escalates to a more dangerous level
Turkey: Inflation in May falls below market expectations, but stays at an elevated level
China: Caixin's manufacturing PMI index stays close to the 'contraction' zone; Beijing raises the stakes by making a blacklist of 'unreliable' foreign companies
31. May 2019
Japan: Strong hard data do not change the fact that the outlook is gloomy. Consumer confidence falls again sharply
China: PMI index falls sharply in May as the 'cold war' escalates. Is political aftermath in Beijing a possible outcome?
29. May 2019
Germany: Unemployment jumps at the same time as Merkel has apparently second thoughts about the CDU leadership transition
Sweden: Q1 growth surprises to the upside, but the outlook is weak as the Riksbank erodes households' real purchasing power
The US-China trade conflict shows that history often repeats itself - unfortunately
28. May 2019
US consumer confidence skyrockets in May. The labour market tightens, according to households
EU Commission survey shows surprisingly strong economic sentiment index in the Euro-zone in May. The British and the Swedish ESI indexes fall sharply