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Home / Alhambra Investment Partners / Eurodollar University’s Making Sense; Episode 88, Part 2: Reversal of Fortunes, and Global Interest Rates from Japan to Germany and a Bunch In Between

Eurodollar University’s Making Sense; Episode 88, Part 2: Reversal of Fortunes, and Global Interest Rates from Japan to Germany and a Bunch In Between

Summary:
88.2 Germany’s Economy Wobbles – Are We Next? ———Ep 88.2 Summary———The yields on German sovereign bonds began to tumble in May – now we know why. German Factory Orders and Industrial Production delivered lousy results that month. Germany is an export power so these negatives say a lot about the global customer – that’s us. ———See It——— Twitter: https://twitter.com/JeffSnider_AIPTwitter: https://twitter.com/EmilKalinowskiAlhambra YouTube: https://bit.ly/2Xp3royEmil YouTube: https://bit.ly/310yisLArt: https://davidparkins.com/ ———Hear It———

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88.2 Germany’s Economy Wobbles – Are We Next?

———Ep 88.2 Summary———
The yields on German sovereign bonds began to tumble in May – now we know why. German Factory Orders and Industrial Production delivered lousy results that month. Germany is an export power so these negatives say a lot about the global customer – that’s us.

———See It———

Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/

———Hear It———

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———Ep 88.2 Topics———

00:00 Yield curve control is supposed to keep bond yields below a certain level
03:44 What has Japan’s experience been with yield curve control since 2016?
06:55 In late-February / early-March many markets decided to lower yields, not any YCC fear.
07:34 But not Europe! European yields continued to reflate yields through May / June.
11:36 German New Orders in Manufacturing (factory orders) took a very serious tumble in May.
15:12 Germany’s factory struggles say much more about the rest of the world than Germany.
18:01 German industrial production recovered all pandemic losses and is back on… downtrend?!
21:03 Germany’s ZEW economic sentiment survey produced a mixed bag and PMI readings were good.
24:30 Show closing and summary (Germany is a global bellwether; show ratings).

———Ep 88.2 References———

Bond Reversal In Japan, But Pay Attention To It In Germany: https://bit.ly/2VvCa5J
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7

———Who———

Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is “Cupcake Delivery” by Dylan Sitts from Epidemic Sound.

 


Jeffrey P. Snider
As Head of Global Investment Research for Alhambra Investment Partners, Jeff spearheads the investment research efforts while providing close contact to Alhambra’s client base. His company is a global investment adviser, hence potential Swiss clients should not hesitate to contact AIP

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