Since its inception in 1999, the Euro has lost 40% of its purchasing power.
To put this into perspective: 1 Euro today can only purchase about 60% of what it could back in 1999. Source: Relai 🇨🇭
What is happening in Poland is nothing short of economic wonder.
Standard of living in Poland overtaking Spain and Italy within just one generation is amazing. Source: Michel A.Arouet, IMF
In Germany, the number of corporate insolvencies up by a third.
In April 2024, the local courts reported 1,906 corporate insolvencies. The courts put the creditors' claims from the corporate insolvencies reported in April 2024 at ~€11.4bn. In April 2023, the claims had totaled ~€1.3bn. Source: HolgerZ, Bloomberg
A storytelling chart about Europe
thru Michael A. Arouet, FT
Deindustrialization continues unabated in Germany.
Industrial production fell by 2.5% in May to a level last seen in 2010 - except for covid –, meaning industrial activity is unlikely to contribute to GDP growth in Q2. The consensus forecast was for a 0.1% increase in May. Production in industry, excluding energy & construction, dropped 2.9%, mainly driven by lower activity at car & machinery producers. Construction output decreased 3.3%, while energy production increased 2.6%. Source: Bloomberg, HolgerZ
Energy demand in China has increased rapidly over the last few decades due to rising incomes and industrialization.
The country now uses about the same amount of energy per person as the European Union. You can see this in this chart, with new data from the Energy Institute’s Statistical Review of World Energy. This measure of primary energy is based on the substitution method, which tries to account for the inefficiencies of fossil fuels compared to renewables. Source: Our world in data (This Data Insight was written by @_HannahRitchie and Pablo Rosado.)
Eurozone core inflation unexpectedly sticky: Headline CPI slows to +2.5% in June from 2.6% in May, in line w/forecasts
However, core inflation unchanged at 2.9% – a notch higher than forecasted. Experts had expected it to cool to 2.8%. Source: HolgerZ, Bloomberg
France vs German 10 year spread keeps moving even higher...
Source: The Market Ear
