Wednesday, 4 March 2015

A few charts today - China, Russia, Australia

Ahead of another busy European corporate reporting session a few charts and thoughts...

Europe / debt – ‘The Alpine region of Carinthia faces probable bankruptcy after Austria’s central government refused to vouch for debts left by a disastrous banking expansion in eastern Europe and the Balkans’ (link here). Very surprised at the lack of attention being paid to this.  50% haircut for bondholders potentially…signal for Greece?

China HSBC Services PMI (Feb): 52.0 (prev 51.8), China HSBC Composite PMI (Feb): 51.8 (prev 51.0). ‘steadier growth footing in February’. Annual National People’s Congress also starts today.  Economic growth for ’15 target to be announced tomorrow.


Australian growth – two graphs nicely summarise latest numbers (via Fast FT).  Weak numbers but all a bit lower quality when it comes down to inventories moving about...

 


Russia - HSBC Russia Services PMI (Feb): 41.3 (exp 42.5 prev 43.9), HSBC Russia Composite PMI (Feb): 44.7 (prev 45.6) ‘Output fell at the fastest rate in over five-and-a-half years, despite an increase in manufacturing production’.  Further economic pressure on Putin...and Russia stays as the worst performing BRIC on an economic growth basis...



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