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⚠️4 Central Bank Meetings Means Busy 🤯Week Ahead US US *FOMC Rate Decision TONS Housing DataGB UK *Bank of England Rate Decision UK PMIs JP Japan Rate Decision CH SZ Rate Decision 🇪🇺Euro area Eurozone PMIs German IFO CA CAD Retail Sales

Eurozone consumer prices rose at the fastest pace in almost a decade in August, up 3% on a year earlier

Eurozone shares -0.8% (-0.9% wk) US shares -0.9% (-0.6% wk) w grth concerns & vol with “triple witching” expiry of options & futures contracts US 10 yr yld +2bp to 1.36% Oil -0.9% to $72 Gold +0.03% to $1754.3 Iron ore -3.4% (2nd chart) ASX futures -0.9% $A 0.7256 w $US +0.3%

Bulgaria has significant problems with corruption and money laundering. Nevertheless, the European Union is prepared to accept the country as the next member of the eurozone. Many fear that might be a bad idea.

Record-breaking energy prices are driving bond investors to bet on a jump in eurozone inflation in coming months

Eurozone inflation may clock in higher than the European Central Bank currently expects, according to Governing Council member Mārtiņš Kazāks, adding to warnings that policymakers may be underestimating price trends.

Record-breaking energy prices are driving bond investors to bet on a jump in eurozone inflation in the coming months

Eurozone July construction output +0.1% vs -1.7% m/m prior

Labour costs in the eurozone have fallen for the first time in a decade, slipping 0.1 per cent in the three months to June from a year ago despite rising consumer price inflation and falling unemployment.

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#ECB balance sheet jumps by a whopping €139bn to hit fresh ATH at €8,191.3bn on QE and as Receivables from IMF gained €122.4bn. ECB's total assets now equal to almost 80% of Eurozone's GDP vs Fed's 37%, BoE's 39%, and BoJ's 133%.

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GDP growth, 2021. India: 12.6% China: 7.8% US: 6.5% Turkey: 5.9% France: 5.9% Spain: 5.7% UK: 5.1% Indonesia: 4.9% Canada: 4.7% Mexico: 4.5% Italy: 4.1% Eurozone: 3.9% Brazil: 3.7% S Korea: 3.3% S Africa: 3% Germany: 3% Russia: 2.7% Japan: 2.7% Saudi: 2.6% (Source: OECD, 2021)

GDP growth, 2021. India: 12.6% China: 7.8% US: 6.5% Turkey: 5.9% France: 5.9% Spain: 5.7% UK: 5.1% Indonesia: 4.9% Canada: 4.7% Mexico: 4.5% Italy: 4.1% Eurozone: 3.9% Brazil: 3.7% S Korea: 3.3% S Africa: 3% Germany: 3% Russia: 2.7% Japan: 2.7% Saudi: 2.6% (Source: OECD, 2021)

GDP growth, 2021. India: 12.6% China: 7.8% US: 6.5% Turkey: 5.9% France: 5.9% Spain: 5.7% UK: 5.1% Indonesia: 4.9% Canada: 4.7% Mexico: 4.5% Italy: 4.1% Eurozone: 3.9% Brazil: 3.7% S Korea: 3.3% S Africa: 3% Germany: 3% Russia: 2.7% Japan: 2.7% Saudi: 2.6% (Source: OECD, 2021)

GDP growth, 2021. India: 12.6% China: 7.8% US: 6.5% Turkey: 5.9% France: 5.9% Spain: 5.7% UK: 5.1% Indonesia: 4.9% Canada: 4.7% Mexico: 4.5% Italy: 4.1% Eurozone: 3.9% Brazil: 3.7% S Korea: 3.3% S Africa: 3% Germany: 3% Russia: 2.7% Japan: 2.7% Saudi: 2.6% (Source: OECD, 2021)

It used to be #Italy  that was seen as the biggest risk. But now #Spain  is the new problem child in the Eurozone. The govt in Madrid is coping w/the pandemic extremely badly, the GDP has collapsed. There is even the threat of a banking crisis. via @welt 

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The Bank of England just announced it will finance the gvt directly. Meanwhile in the eurozone the tragi-comedy of errors, also known as the Eurogroup, will reconvene tonight to proclaim that the crisis is SO urgent that it will do NOTHING of macroeconomic significance.

UK grew only 1.1% 2019. Still the highest rate among European members of G7. Increase in GDP Q4 2019 with Q4 2018: US +2.3% Canada +1.7% (Q3) UK +1.1% Eurozone +0.9% France +0.8% Germany +0.4% Italy 0.0% Japan -0.4%

The latest UK GDP figures in context. Growth between Q4 2018 and Q4 2019: US +2.3% Canada +1.7% (Q3) Japan +1.7% (Q3) UK +1.1% Eurozone +1% France +0.8% Germany 0.5% (Q3) Italy 0.0%

Eurozone the slowcoach of the 2010s, tho no major western economy has boomed. EZone GDP rose by 15% over the decade, nearly half that of the US and slower than UK and even doldrums Japan. The ClubMed eurozone – Greece, Italy, Portugal and Spain – collectively grew just 4%.

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