Straight from the Desk

Syz the moment

Live feeds, charts, breaking stories, all day long.

23 Oct 2023

This chart from Robin Brooks highlights what is curently happening at ECB level: QE for some and QT for others

This was NOT supposed to happen. Remember: founding principle for the ECB is separation of monetary and fiscal policy. That's why ECB QE was initially subject to the capital key, so it couldn't favor one country over another. Could this last for ever? Source: Robin Brooks

20 Oct 2023

Disinflationary forces are intensifying in Germany, at least for now

German PPI deflation deepened with PPI down 14.7% YoY, the most since the start of the statistic in 1949. Even compared to the previous month, producer prices fell by 0.2%. Source: HolgerZ, Bloomberg

17 Oct 2023

There is a different culture of public debt in Germany than in France

Nevertheless, French Finance Minister Le Maire hopes to find a compromise for new budget rules w/Germany. “We will continue to work w/Christian Lindner in the coming weeks to try to reach a Franco-German accord that could serve as a basis for a wider deal,” Le Maire said ahead of a meeting with his EU peers in Luxembourg. Source: HolgerZ, Bloomberg

17 Oct 2023

Italy 10y risk spread over German 10y bunds back >200bps as budget day arrives

Italy PM Meloni to unveil tax-cutting 2024 budget today amid debt worries. Source: Bloomberg, HolgerZ

13 Oct 2023

There are good reasons why European stocks are so cheap compared with US stocks

Overregulation, lack of innovation, to name a few Source: Michel A.Arouet, Bloomberg

11 Oct 2023

European gas price jumped to 6mth high as security threats to region’s infrastructure added to rising tensions in Middle East

Q3 Revenue +9% Y/Y to €20.0B (in cc). 🍷 Wines & Spirits -14% to €1.5B. 👜 Fashion & Leather goods +9% to €9.8B. 💅 Perfumes & Cosmetics +9% to €2.0B. 💍 Watches & Jewelry +3% to €2.5B. 🛍️ Selective retailers +26% to €4.1B. Source: Quartr, App Economy Insights

9 Oct 2023

Here's a visual comparing the 5 largest companies in the U.S. to the 5 largest in Europe by market cap

It's absolutely remarkable that $AAPL alone is almost twice the size of all five European giants combined. Source: Quartr

9 Oct 2023

Novo Nordisk weight loss drug Ozempic is causing selloff in candy and beer stocks, per Bloomberg.

Walmart said it’s already seeing an impact on shopping demand from people taking Ozempic. That sent shares of food and beverage companies sliding, some to multiyear lows. Source: Bloomberg, TME

Thinking out loud

Sign up for our weekly email highlighting the most popular posts.

Follow us

Thinking out loud

Investing with intelligence

Our latest research, commentary and market outlooks