In today’s briefing:
- EM by EM #25 Lighting the fuse in the Middle East?
- Credit Growth Is Screaming Recession, but Equities Think Otherwise
EM by EM #25 Lighting the fuse in the Middle East?
- Printing Oil instead of borrowing USD is what separates EM’s right now- and the Saudi’s still have leverage
- USDCNY & USDJPY could prove to be the bellwethers on the cycle and US Policy
- The Geopolitical mess still rhymes well with higher credit risk premiums
Credit Growth Is Screaming Recession, but Equities Think Otherwise
- Eurozone loan growth to businesses and households has evaporated, putting direct pressure on already meager GDP growth.
- The Eurozone Credit Impulse has dropped ‘off the charts.’ Only during the Great Financial Crisis did the Eurozone Credit Impulse look worse.
- Unfortunately, Eurozone stocks have already priced in a massive improvement in the Credit Impulse.
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