Payrolls rise another 235K, March hike done deal.
Growth revised up, inflation revised up, but don’t expect the ECB to adjust their extraordinary QE program any time soon. However, every ECB-meeting should be more fun from here.
Measured relative to GDP, monetary stimulus by the Bank of Japan is almost triple that of the ECB. As a result, the BoJ is a major shareholders of pretty much all major Japanese companies, among others.
Just like that, factory orders fell 7.4% in January, the most since 2008. Notoriously volatile number, however.
China’s producer prices are up 7.8% YoY. ‘Yes’, commodities matter, ‘no’ they are not going to fall another 50%. Expect average inflation numbers globally to be higher than in the last couple of years.
6. Europe is not dead!
The Eurozone beat the US at GDP growth last year.
After a very short recovery, Greece is down the drain again. GDP growth in Q4 2016; a neat -1.2%.
The US 10-year Treasury yield has (basically) doubled since the low in July last year.
I think markets are being too complacent about the French elections, so I wrote a blog about it. It has charts ;-).