Mish's Global Economic Trend Analysis |
China Contraction Unexpectedly Continues Third Month Posted: 31 Oct 2015 09:50 PM PDT Given that economists hardly expect anything bad ever, this headline is hardly shocking: China's Factory Activity Shrinks for an Unexpected Third Month. Activity in China's manufacturing sector unexpectedly shrank for a third straight month in October, an official survey showed on Sunday, fueling fears that the economy may be cooling further in the fourth quarter despite a raft of stimulus measures.Gee. Who Coulda Thunk? Mike "Mish" Shedlock |
€238 Billion Nonperforming Loans at Spanish Banks Despite ECB's Helping Hand Posted: 31 Oct 2015 09:08 AM PDT Via translation, El Confidential comments on the Banking Drag of €238 Billion Nonperforming Loans at Spanish Banks. The profitability of banks has plummeted. And only the loose monetary policy of the ECB has improved the results. That is underscored by a report on the performance of Spanish banks by International Financial Analyst (AFI).With treasury yields low or negative in Eurozone countries, the recapitalization benefits of ECB policy (banks loading up on their own sovereign bonds) have run their course. In case of another downturn, there will be little else the ECB can do. . Mike "Mish" Shedlock |
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