Today’s Governing Council meeting shows the ECB is steady as she goes. The reduction in the pace of purchases for…
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The long-awaited approval of the European Union Recovery Fund marks another seminal step towards closer European integration. Like all of…
The financial crisis, subsequent Eurozone debt crisis and Japanese reflation (in name only) transformed the role of power money. Central…
The ongoing slump in German industrial activity isn’t likely to end soon. Many of the problems are structural and result…
The ECB’s latest stimulus package seeks to address several problems and does so quite neatly. Banks win, thanks to tiering…
There have been a number of recent developments that impact our asset allocation. First, we are adding more euro shorts…
The populists might get 30% of the vote in the European Parliamentary elections, but that will translate into just above…
Pedro Sanchez’ gamble to call a snap election paid off. His PSOE has become the biggest party in parliament, its share of the vote at least 10% points ahead of any other. Yet one is left with a lingering sense of fragmentation, especially on the right.
We think there will be several effects from a US-China trade deal. These span import substitution, from a probable increase in US sales to China, including technology imports which will actually make it easier for China to meet its “Made in China” goals.
