Thursday, 14 May 2015

A few charts and stories of interest today

A few charts and stories of interest today...

Yesterday I mused that European GDP growth was unlikely to stay above US GDP levels for long (link here)...maybe it should be better described as a race to the bottom...



...and even the Bank of England are joining the growth cutting party:


You can see why the Saudis are pretty confident as per this story on the front page of the FT:



However, as this chart from Bespoke shows, inventories continue to build: 


Got to watch oil. Been very strong all things considered.  I like selected oil equities for their assets/related than the oil price per se.  

Talking about energy, I thought this was a good graphic on Japan showing their 'energy insecurity'.  


Talking about Japan I thought this article indicated the continuing tension in the Japanese economy/financial markets specifically concerning equities and bonds correlation.  Generally correlations on Japanese assets are - to use a technical phrase - 'all other the place'.  This report from GaveKal Capital suggests that either the yen goes up based on US Treasury moves...or the US bond curve flattens as the US dollar goes up compressing inflation hopes.  Tricky...not sure either scenario wanted...

A few final charts.  Another El Nino one (very precise)...


...the US labour force is changing as Millenials become more and more important...


...and maybe this impacts behaviour such as eating out...


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