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ECB’s Villeroy says debt cancellation would be dangerous path. His comments were published after Italian PM Conte’s top adviser said the ECB could cancel sovereign bonds bought under its pandemic program or hold them in perpetuity to help Eurozone recover.

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Eurozone shares +0.7% (+1.8% for wk) US shares +0.2% (+2.3% wk) to record high US 10 yr yld -4bp to 0.84% Oil -0.4% to $45.5 Gold -1.5% to $1787.8 Iron ore +0.1% to $124.4 ASX futures +0.6% $A 0.7387 & threatening to break higher with $US index -0.2% & threatening to break lower

Eurozone banks far behind on climate disclosure: ECB

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Sberbank - Commodities Daily - November 27, 2020: > Oil prices ease ahead of OPEC+ meeting early next week. Today, investors will eye the November eurozone consumer confidence and business climate indexes, which we think are likely to be downbeat and put…

Eurozone shares flat US futures -0.3% with caution re rising covid toll, more Astra Zeneca tests Ger 10 yr yld -2bp to 0.59% Oil -1.7% to $45 Gold +0.4% to $1813.9 Iron ore +1.4% ASX futures -0.2% $A 0.7363


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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.

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%.

"The evidence is irrefutable: the UK economy has grown faster than Germany, France and the eurozone as a whole for most of the last two years."

As UK remains focussed on its interminable Brexit debate, the Eurozone is hovering on 3rd recession in 10 years. Made more likely by fiscal and monetary policy tightening into the downturn. A no deal Brexit could tilt tottering Eurozone over the brink. Will Brussels take notice?

Eurozone grew by only 0.2% in Q3, well below modest growth in U.K. and suggesting it’s not only Brexit Britain that has a problem with low growth.

Curious lack of UK media coverage on policy of right-wing bloc which did so well in Italian elections to create, in effect, a parallel currency via perpetual Treasury notes. May sound technical but far bigger problem for EuroZone than Brexit.

So... 2017 growth numbers (Q1+Q2) so far: Austria: 1.5% Spain: 1.7% Sweden: 2.1% France: 1.0% Germany: 1.3% Eurozone: 1.1% UK: 0.5%

Bravo Podemos! A small step that may turn into a large faultline shattering the Eurozone's crisis-denial & austerian contempt for democracy.

The Greek elite who used Goldman Sachs to fiddle Eurozone entry and the euroelite which knowingly accepted this fiddle face day of reckoning