Holger Zschaepitz(@Schuldensuehner) 's Twitter Profileg
Holger Zschaepitz done

@Schuldensuehner

Holger Zschäpitz is market maniac @Welt and Author of 'Schulden ohne Sühne?' a book on states' addiction to debt. Pics: https://t.co/0T7FGGZvLQ

ID:40129171

linkhttp://www.welt.de/autor/holger-zschaepitz/ calendar_today15-05-2009 00:26:19

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Just learned from Carlo Clerici that for my graph putting balance sheet in relation to GDP, I may not take 2010 adj GDP in denominator, but last year's trailing GDP. When soars, the measure is skewed to the upside. Now ECB balance sheet equals to 66% of Eurozone GDP.

Just learned from @cclerici that for my graph putting #ECB balance sheet in relation to GDP, I may not take 2010 adj GDP in denominator, but last year's trailing GDP. When #inflation soars, the measure is skewed to the upside. Now ECB balance sheet equals to 66% of Eurozone GDP.
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deleveraging continues as balance sheet keeps shrinking. Total assets dropped by $37bn in the past week to $8,584.6bn, the lowest level since Nov 2021. Fed balance sheet equates to 33.4% vs 's 78%, BoJ's 128%.

#Fed deleveraging continues as balance sheet keeps shrinking. Total assets dropped by $37bn in the past week to $8,584.6bn, the lowest level since Nov 2021. Fed balance sheet equates to 33.4% vs #ECB's 78%, BoJ's 128%.
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Good Morning from Germany where trade balance keeps improving not due to booming exports, but to fact that commodity prices have fallen, making imports cheaper & leading to better terms of trade. Exports fell by 0.6% in Oct MoM, imports fell 3.7%. Trade surplus widened to €6.9bn

Good Morning from Germany where trade balance keeps improving not due to booming exports, but to fact that commodity prices have fallen, making imports cheaper & leading to better terms of trade. Exports fell by 0.6% in Oct MoM, imports fell 3.7%. Trade surplus widened to €6.9bn
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In case you missed it: balance sheet has shrunk by a whopping €298bn to €8,471.4bn, the lowest since Dec 2021, as banks have repaid €296bn of their TLTRO loans. Total assets still equate to 78% of Eurozone GDP vs Fed's 33%, SNB's 115%, BoJ's 128%.

In case you missed it: #ECB balance sheet has shrunk by a whopping €298bn to €8,471.4bn, the lowest since Dec 2021, as banks have repaid €296bn of their TLTRO loans. Total assets still equate to 78% of Eurozone GDP vs Fed's 33%, SNB's 115%, BoJ's 128%.
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Good morning from the high-tax country . The Tax-to-GDP has jumped by a whopping 1.6ppts in 2021 to 39.5%. This puts Germany well above avg 34.1% of the OECD countries, and if social spending is included, Germany is even in first place. welt.de/wirtschaft/plu… via WELT

Good morning from the high-tax country #Germany. The Tax-to-GDP has jumped by a whopping 1.6ppts in 2021 to 39.5%. This puts Germany well above avg 34.1% of the OECD countries, and if social spending is included, Germany is even in first place. welt.de/wirtschaft/plu… via @welt
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Fed-sensitive US 2y yields swung nearly 20bp peak-to-trough: they hit a peak of 4.55% in the morning before dropping all the way to 4.37% after somewhat dovish Powell speech. Fed tightening forecasts swung, w/Fed terminal rate dropping from 5.05% to 4.92%. (via Vital Knowledge Media)

Fed-sensitive US 2y yields swung nearly 20bp peak-to-trough: they hit a peak of 4.55% in the morning before dropping all the way to 4.37% after somewhat dovish Powell speech. Fed tightening forecasts swung, w/Fed terminal rate dropping from 5.05% to 4.92%. (via @knowledge_vital)
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Eurozone slowed for 1st time in 1.5yrs in sign of hope for ECB. Nov CPI dropped to 10% from 10.6% in Oct while Core CPI remained steady at 5%. Money markets are pricing ~56bps of rate hike in Dec. bloomberg.com/news/articles/…

Eurozone #inflation slowed for 1st time in 1.5yrs in sign of hope for ECB. Nov CPI dropped to 10% from 10.6% in Oct while Core CPI remained steady at 5%. Money markets are pricing ~56bps of rate hike in Dec. bloomberg.com/news/articles/…
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Good Morning from , where supermarket prices keep rising. German Food CPI jumped 21% YoY in Nov, the highest food price since the start of the statistic & way higher than in other Eurozone countries. In , food inflation is just 14% & in 16%.

Good Morning from #Germany, where supermarket prices keep rising. German Food CPI jumped 21% YoY in Nov, the highest food price #inflation since the start of the statistic & way higher than in other Eurozone countries. In #Italy, food inflation is just 14% & in #Spain 16%.
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Yield curve inversion reaches new extremes: US 10y yields have fallen further below those on short-term bonds than at any time in decades wsj.com/articles/yield…

Yield curve inversion reaches new extremes: US 10y yields have fallen further below those on short-term bonds than at any time in decades wsj.com/articles/yield…
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Peak in one chart. German Inflation plunged by 0.5% MoM in Nov, the first month-on-month decrease since Nov 2021 AND the biggest monthly drop since Nov 2020.

Peak #Inflation in one chart. German Inflation plunged by 0.5% MoM in Nov, the first month-on-month decrease since Nov 2021 AND the biggest monthly drop since Nov 2020.
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Good Morning from , where are lagging far behind , so Germans getting poorer. Nominal earnings were up 2.3% in Q3 YoY but inflation rose 8.4% in same period, so real (price-adjusted) earnings plunged by 5.7%, largest real wage loss since statistics began.

Good Morning from #Germany, where #wages are lagging far behind #inflation, so Germans getting poorer. Nominal earnings were up 2.3% in Q3 YoY but inflation rose 8.4% in same period, so real (price-adjusted) earnings plunged by 5.7%, largest real wage loss since statistics began.
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Elon Musk went on tear against , ’s top advertiser, after he said AAPL threatened to block TWTR from App Store w/o explanation & mostly had stopped advertising. Apple was top advertiser on Twitter, spending $48mln in Q1, >4% of Twitter’s rev. washingtonpost.com/technology/202…

Elon Musk went on tear against #Apple, #Twitter’s top advertiser, after he said AAPL threatened to block TWTR from App Store w/o explanation & mostly had stopped advertising. Apple was top advertiser on Twitter, spending $48mln in Q1, >4% of Twitter’s rev. washingtonpost.com/technology/202…
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OOPS!  President Christine Lagarde says she’d be surprised if Eurozone  had peaked, suggesting the recent ramp-up in interest rates isn’t close to being over. bloomberg.com/news/articles/…

OOPS! #ECB President Christine Lagarde says she’d be surprised if Eurozone #inflation had peaked, suggesting the recent ramp-up in interest rates isn’t close to being over. bloomberg.com/news/articles/…
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faces deficit of 6mln iPhone Pros on tumult. Production losses will affect Apple’s most in-demand phones. Workers have fought back against Covid lockdown fallout. In a worst-case scenario, one-fifth of sales would be lost. bloomberg.com/news/articles/…

#Apple faces deficit of 6mln iPhone Pros on #China tumult. Production losses will affect Apple’s most in-demand phones. Workers have fought back against Covid lockdown fallout. In a worst-case scenario, one-fifth of sales would be lost. bloomberg.com/news/articles/…
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