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21 May 2024

Deflationary forces are intensifying again in germany.

Producer prices fell by 3.3% YoY in April. In March, the decline was 2.9%. PPI is a good leading indicator for CPI. Source: Bloomberg, HolgerZ

16 May 2024

The issue with europe:

1) Over-regulation; 2) Too much bureaucracy: 3) Lack of hashtag#innovation. As shown below, Tech champions are lacking. Source: Bloomberg

15 May 2024

Germans already work much less than others, but German unions and some left politicians are seriously requesting move to four days workweek without pay cut

Source: FT, Michel A.Arouet

14 May 2024

European companies feeling less positive about investing in China.

Source: Bloomberg

10 May 2024

German business model was based on:

1. Cheap energy from Russia; 2 Cheap subcontractors in Eastern Europe; 3. Steadily growing exports to China. All three are gone by now Source: Michel A.Arouet, Bloomberg

6 May 2024

US vs. Europe: equity returns were very much similar before 2009...

Source: FT

6 May 2024

US vs. Europe in one chart

Source: Michel A.Arouet

25 Apr 2024

Europeans ‘less hard-working’ than Americans, says Norway oil fund boss Tangen finds US investments more attractive due to weaker regulations and more risk-taking >>>

Europe is less hard-working, less ambitious, more regulated and more risk-averse than the US, according to the boss of Norway’s giant oil fund, with the gap between the two continents only getting wider. Nicolai Tangen, chief executive of the $1.6tn fund, told the Financial Times it was “worrisome” that American companies were outpacing their European rivals on innovation and technology, leading to vast outperformance of US shares in the past decade. His views are significant as the oil fund is one of the largest single investors in the world, owning on average 1.5 per cent of every listed company globally and 2.5 per cent of every European equity. Its US holdings have increased in the past decade while its European ones have declined. US shares account for almost half of all its equities compared with 32 per cent in 2013. The leading European country — the UK — represented 15 per cent of its equity portfolio a decade ago but just 6 per cent last year. Source: FT

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