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———
Jeffrey P. Snider considers the following as important: Alhambra Research, bonds, commodities, currencies, Economy, Eurodollar University, Federal Reserve/Monetary Policy, Making Sense, markets, Stocks
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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.
———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———
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.