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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 26 Oct 2023 - - - #### Is Germany already the sick man of Europe? Source: Michael A.Arouet [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Is Germany already the sick man of Europe?](https://blog.syzgroup.com/hubfs/1698249461832.jpg) ![Is Germany already the sick man of Europe?](https://blog.syzgroup.com/hubfs/1698249461832.jpg) 25 Oct 2023 - - - #### German business outlook is improving, feeding rebound hopes Ifo expectations index rose to 84.7 in Oct, up from 83.1 in Sep and way better than BBG consensus of 83.5. "What we see here does suggest that we see a certain stabilization,” Ifo President Clemens Fuest told BBG. “The German economy will be shrinking this year, but for the final quarter we do expect a stabilization, slight growth.” Source: HolgerZ, Bloomberg [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![German business outlook is improving, feeding rebound hopes](https://blog.syzgroup.com/hubfs/1698232367597.jpg) ![German business outlook is improving, feeding rebound hopes](https://blog.syzgroup.com/hubfs/1698232367597.jpg) 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 [#Central banks|](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![This chart from Robin Brooks highlights what is curently happening at ECB level: QE for some and QT for others](https://blog.syzgroup.com/hubfs/1698038590537.jpg) ![This chart from Robin Brooks highlights what is curently happening at ECB level: QE for some and QT for others](https://blog.syzgroup.com/hubfs/1698038590537.jpg) 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 [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Disinflationary forces are intensifying in Germany, at least for now](https://blog.syzgroup.com/hubfs/1697793618261.jpg) ![Disinflationary forces are intensifying in Germany, at least for now](https://blog.syzgroup.com/hubfs/1697793618261.jpg) 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 [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![There is a different culture of public debt in Germany than in France](https://blog.syzgroup.com/hubfs/1697538658817.jpg) ![There is a different culture of public debt in Germany than in France](https://blog.syzgroup.com/hubfs/1697538658817.jpg) 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 [#Macroeconomics|](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![Italy 10y risk spread over German 10y bunds back \>200bps as budget day arrives](https://blog.syzgroup.com/hubfs/1697477061119.jpg) ![Italy 10y risk spread over German 10y bunds back \>200bps as budget day arrives](https://blog.syzgroup.com/hubfs/1697477061119.jpg) 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 [#United States|](https://blog.syzgroup.com/syz-the-moment/tag/united-states) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![There are good reasons why European stocks are so cheap compared with US stocks](https://blog.syzgroup.com/hubfs/1697145122453.jpg) ![There are good reasons why European stocks are so cheap compared with US stocks](https://blog.syzgroup.com/hubfs/1697145122453.jpg) 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 [#Commodities|](https://blog.syzgroup.com/syz-the-moment/tag/commodities) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![European gas price jumped to 6mth high as security threats to region’s infrastructure added to rising tensions in Middle East](https://blog.syzgroup.com/hubfs/1697002733167.jpg) ![European gas price jumped to 6mth high as security threats to region’s infrastructure added to rising tensions in Middle East](https://blog.syzgroup.com/hubfs/1697002733167.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/52) [51](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/51) [52](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/52) [53](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/53) [54](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/54) [55](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/55) [❯](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/54) [❯❯](https://blog.syzgroup.com/syz-the-moment/tag/europe/page/55?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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