I’ve recently noted that the rebound in the Eurozone’s PMIs in recent months isn’t showing up in the hard economic data for the region. Yesterday, Markit reported that the Eurozone’s flash Composite Output PMI rose from 51.7 in November to 52.1 in December. That’s a three-month high. Germany's reading ticked down from 55.4 to 55.2, while France's fell from 48.0 to 47.0. The Eurozone's M-PMI rose to a 31-month high of 52.7, with Germany's rising to 54.2, while France's fell to 47.1. The NM-PMI for the Eurozone was little changed at 51.0.
The big problem in the Eurozone is that banks account for much of the credit available in the region, and their loan portfolios continue to decline. Lending has been in negative territory every month but two since October 2011. The growth rates of the monetary aggregates have been decelerating all year, with October’s M3 up just 1.4% y/y, the lowest since October 2011.
Today's Morning Briefing: Happy Homeland. (1) Bittersweet ending. (2) Tiny taper ahead? (3) Low inflation won’t be a taper-killer if it helps keep yields down. (4) Productivity driving inflation lower and profit margins higher. (5) Hot coincident indicators. (6) Whatever is the matter with Washington may matter less. (7) Happy Eurozone PMIs again, but banks aren’t lending. (8) Abe should be thankful for latest Tankan survey. (9) A warning about profit warnings. (10) Forward earnings at another record high. (11) Focus on overweight-rated S&P 500 Information Technology. 
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Europe’s Weak Money And Credit Situation
Published 12/17/2013, 12:42 AM
Updated 07/09/2023, 06:31 AM
Europe’s Weak Money And Credit Situation
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.