The Daily Shot 7/29/16: Global Macro Currents Jul29

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Greetings, We begin with Japan where the central bank ended up disappointing the markets. The BoJ announced a smaller than expected increase in purchases of ETF’s. There was no move deeper into negative rates and no QE acceleration. Kuroda probably feels somewhat helpless at this point and is betting on the big increase in fiscal stimulus. The

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The Daily Shot 5/20/16: Global Macro Currents May20

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Greetings,  Let’s start with the Eurozone. The latest ECB minutes point to the central bank’s frustration with the currency bloc’s governments’ inaction. The Governing Council is effectively saying: “We are hitting a wall here – it’s time for the Eurozone governments to step up.”  Labor reforms are especially important in this environment in order to support

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The Daily Shot 5/13/16: Global Macro Currents May13

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Greetings, Let us begin with emerging markets. 1. South Africa’s mining production dropped by 18% from a year ago – a record decline. This report sent some analysts back to the drawing board, with growth projections downgraded again. h/t Jonathan 2. Romania and Poland remain in deflation. Will both see stabilization as energy prices move higher? Source: Investing.com

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The Daily Shot: 3/10/16 Global Macro Currents Mar10

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Greetings,We begin with the energy markets where the gradual declines in US oil output continue. Source: EIA This is the weekly US crude production compared with the previous year. Let’s continue with  several other developments in the energy markets. 1. US oil imports are no longer declining. Source: EIA 2. Crude oil inventories continue to build. Here

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