Further Evidence of the German Economic Resilience

October 26, 2015

The dollar fell overnight by 0.4% against the yen, loonie and kiwi, 0.3%relative to the euro and 0.2% against sterling.

Share prices rose in the Pacific Rim but mostly are down in Europe.  The changes have been only moderate.

The 10-year gilt yield is a basis point lower.  The 10-year JGB firmed a basis point.  Bunds are steady.

Gold and oil edged 0.2% higher.

The IFO Institute’s German business climate index only slipped 0.3 points to 108.2, a 3-month low, in October, much less than expected in light of the VW situation.

Ifo’s services climate index climbed to a record high of 32.4.

In the year to September, producer prices fell 3.6%in Spain and 3.2% in Finland.

Czech business sentiment fell to a 6-month low, but consumer confidence rose to a 7-month high.

Dutch producer confidence slid to a 7-month low.

Mortgage loans in the U.K. declined to a 4-month low of 44,489 in September according to the BBA.

Copyright 2015, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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