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Negative government bond yields in Europe not necessarily predicting deflation
Core European government bond yields continue to fall and are now outright negative in many countries. Traditionally, this would suggest a stern message from the fixed income market that deflation is...
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Japan Edges Towards the Cliff
The Japanese economy continues to weaken and a recession is now the main consensus. The country’s trade balance, which was long in surplus, is now moving deeper and deeper into deficit and the third...
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UK’s Action Signals Move Closer to Fiscal Dominance
The UK Treasury’s decision to transfer coupon income from the Bank of England’s Asset Purchase Facility is a step towards ‘fiscal dominance’, where the fiscal authority ultimately gains the upper hand...
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France in borderline depression territory
France looks increasingly like it is slipping into recession. It is the poorest performing core country – an increasingly inapt label. Highlighting this are the latest PMI numbers. The services PMI,...
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Buying Time in Portugal Unlikely to Improve Fundamentals
The spotlight remained on Portugal the end of last week as EU finance ministers agreed to give the country seven more years to repay its stock of existing loans. Still, despite the words of praise...
View ArticleA False Sense of Security in the UK
The UK’s economy is increasingly beginning to resemble how it looked prior to the financial crisis – this is not healthy and leaves the UK vulnerable to a repeat of the last crisis. In this...
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