Tag Archive: France
FX Daily, April 24: Dramatic Response to French Election
The results of the first round of the French election spurred a dramatic response in the capital markets. Our thesis that there is no populist-nationalist wave sweeping the world is supported by the previous results in Austria, the Netherlands, and now France.
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FX Weekly Preview: Politics and Economics in the Week Ahead
Provided Le Pen and Macron or Fillion make to the second round, the market response to the French election results may be short lived. BOJ, Riksbank and ECB meetings. Spending authorization and some announcement from the White House on tax policy are in focus as Trump's 100th day in office approaches.
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FX Daily, April 21: Markets Enter Consolidative Mode Ahead of Weekend
Neither the terrorist attack in Paris nor the strong eurozone flash PMI has managed to shake investors. Judging from the social media, many suspect that the terrorist attack plays into Le Pen's hands, but investors do not seem particularly concerned. The French interest rate premium over Germany has narrowed, and gold is flat. UK retail sales fell sharply, yet sterling is holding on to the bulk of this week's gains, which are the most here in 2017.
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The Global Burden
Bundesrepublik Deutscheland Finanzagentur GmbH (German Finance Agency) was created on September 19, 2000, in order to manage the German government’s short run liquidity needs. GFA took over the task after three separate agencies (Federal Ministry of Finance, Federal Securities Administration, and Deutsche Bundesbank) had previously shared responsibility for it.
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FX Daily, April 11: Dollar Pushed Lower in Subdued Activity
The US dollar has a slight downside bias today through the European morning. The market does not seem particularly focused on high frequency data, though sterling traded higher after an unchanged year-over-year reading of 2.3%, and the euro traded higher after a stronger Germany ZEW survey.
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FX Daily, April 10: Dollar Narrowly Mixed at Start of Holiday Week
The US dollar is narrowly mixed after a brief attempt in Asia to extend its pre-weekend gains fizzled, and a consolidative tone has emerged. The news stream is light and largely limited to the current Japanese account and the Sentix survey from Europe.
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Credit Suisse Offices Raided In Multiple Tax Probes: Gold Bars, Paintings, Jewelry Seized
Credit Suisse has confirmed that the Swiss bank, some of its employees and hundreds of account holders are the subjects of a major tax evasion probe launched in UK, France, Australia, Germany and the Netherlands, setting back Swiss attempts to clean up its image as a haven for tax evaders.
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Martin Armstrong: “EU in Disintegration Mode”
Famous market forecaster Martin Armstrong wrote a recent article describing the current situation in Europe. Similar to our article, “Trouble Brewing in the EU”, the Armstrong's piece discusses growing discontent and fractures in the E.U. Martin Armstrong observes that,
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Destroying The “Wind & Solar Will Save Us” Delusion
Submitted by Gail Tverberg via Our Finite World blog, The “Wind and Solar Will Save Us” story is based on a long list of misunderstandings and apples to oranges comparisons. Somehow, people seem to believe that our economy of 7.5 billion people can get along with a very short list of energy supplies. This short … Continue reading »
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Great Graphic: French Premium over Germany Continues to Grow
European premiums over Germany typically increase in a rising interest rate environment. France's premium is at the most in two years. France is still set to turn back the challenge from Le Pen.
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ECB Assets Rise Above 36 percent Of Eurozone GDP; Draghi Now Owns 10.2 percent Of European Corporate Bonds
The ECB's nationalization of the European corporate bond sector continues. In the ECB's latest update, the six central banks acting on behalf of the Euro system provided an update on the list of corporate bonds they bought. They bought into 810 issuances with a total of €573bn in amount outstanding.
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Policy Makers – Like Generals – Are Busy Fighting The Last War
The Maginot Line formed France's main line of defense on its German facing border from Belgium in the North to Switzerland in the South. It was constructed during the 1930s, with the trench-based warfare of World War One still firmly in the minds of the French generals. The Maginot Line was an absolute success...as the Germans never seriously attempted to attack it's interconnected series of underground fortresses. But the days of static warfare...
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These Are The 3 Main Issues For Europe In 2017
What will the year ahead look like for Europe? 2017 will be another chapter in the European Union’s slow unraveling… a process that has been underway for over a decade. The EU is a union in name only. The transfer of sovereignty to Brussels was never total, and member states are independent countries… each with their own interests at stake.
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FX Daily, January 10: Positioning more than Fundamentals Give Traders Pause
After strong moves to start the year, the capital markets continue to consolidate. Many observers are suggesting a fundamental narrative behind the loss of momentum, but in discussions with clients and other market participants, it seems as if the main source of caution is coming from an understanding of market positioning rather than a reevaluation of the macro drivers.
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Nomi Prins’ Political-Financial Road Map For 2017
As tumultuous as last year was from a global political perspective on the back of a rocky start market-wise, 2017 will be much more so. The central bank subsidization of the financial system (especially in the US and Europe) that began with the Fed invoking zero interest rate policy in 2008, gave way to international distrust of the enabling status quo that unfolded in different ways across the planet.
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Money, Markets, & Mayhem – What To Expect In The Year Ahead
If you thought 2016 was full of market maelstroms and geopolitical gotchas, 2017's 'known unknowns' suggest a year of more mayhem awaits... Here's a selection of key events in the year ahead (and links to Bloomberg's quick-takes on each).
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European Stocks Greet The New Year By Rising To One Year Highs; Euro Slides
While most of the world is enjoying it last day off from the 2017 holiday transition, with Asia's major markets closed for the New Year holiday, along with Britain and Switzerland in Europe and the US and Canada across the Atlantic, European stocks climbed to their highest levels in over a year on Monday after the Markit PMI survey showed manufacturing production in the Eurozone rose to the highest level since April 2011.
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