One slightly bright spot in Europe has been the use made of the pandemic crisis by some European banks. European banks are still laden with bad debts from the bloc’s sovereign debt crisis, and unlike U.S. banks, still not adequately recapitalized, and still struggling under depressed rates. All these woes Read more
Often in the years since the European sovereign debt crisis, we’ve noted that the European banking system has remained a weak link in the global financial system. In our view, this trouble spot was a likely epicenter of a future crisis. The coronavirus pandemic looked like it could have been Read more
U.S. and Global Stocks “Fear? What fear?” U.S. markets have brushed off coronavirus fears and continue to move to new highs. The available data from China and elsewhere suggest that although Covid-19 (the virus’ new official designation) is more worrisome than SARS and MERS, and could yet be disruptive, it Read more
Last week we mentioned the “election” of a new President of the European Commission (EC), Ursula von der Leyen. We say “election” in quotation marks to remind readers that the European Commission, the primary legislative organ of the European Union, is not comprised of popularly elected members. Von der Leyen Read more
The Eurozone manufacturers’ PMI, a monthly survey of purchasing managers’ views about current trends in manufacturing, fell to 45.6 in September, down from 47 in August. Anything below 50 is contractionary, and the September reading is the lowest in almost seven years. Germany’s manufacturing PMI fell to 41.4 in September, Read more
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