UK: Scaling the Apr-20 Sales Hit to GDP
Retail sales collapsed by 18% m-o-m in Apr-20 (15% ex-fuel), taking the total decline to 22%. The overall hit appears to closely coincide with the...
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UK: Disinflation in Apr-20 Confirms Dovish Space
UK inflation data slowed sharply in April, but the 110bp fall in the RPI was only 2bp more than I expected, as the index rounded down to stay at...
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UK: Still Defying Dismally Dire Expectations
The unemployment rate dipped back to 3.9% in March contrary to widespread expectations for a rise. Low response rates seem to have biased this...
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HSBC Holdings – Likely Insolvent Under Revised US Stress Test
*More Stringent US Stress Test Coming: While the largest US banks have already agreed to suspend share buybacks, Democrat lawmakers and consumer...
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UK: Collapse Less Apocalyptic than Feared
UK GDP’s collapse in Mar-20 did not match the almost apocalyptic depths that the Consensus feared. Its 5.8% m-o-m decline is dire, but close to my...
298 Views