by Gregory Mannarino, TradersChoice.net We are in the midst of the largest debt creation cycle in history. In fact, in the past 12 months, the current debt expansion cycle, with regard to world central bank balance sheets, has surpassed the last CENTURY of central bank debt creation combined. So, what is behind this? First, one...
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U.S. MARKETS OVERVIEW
BANKSTERS IN CHARGE. MARKETS KEEP RISING. It was this time a year ago that the COVID War was launched. Fear and hysteria spread across the globe. In the U.S., schools and Silicon Valley were the first to shut down. Remote learning and work-at-home became the new normal… trends that greatly enriched the high-tech industry. As...
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FOOD PRICES CLIMB TO SEVEN-YEAR HIGH
January’s Food Price Index has risen 10 percent year on year, the highest level since July 2014, the U.N. Food and Agriculture Organization (UNFAO) has announced. Grain prices led the increase, with China buying large amounts of U.S. corn during the last half of 2020. At the same time, American grain production fell due to...
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INFLATION SPIKES IN EUROPE
Reversing five months of sinking prices, inflation shot from -0.3 percent in December to 0.9 percent in January, according to Eurostat, the European Union’s statistics agency. Reuters had foreseen only a 0.5-percent hike. Taking food and energy prices out of the calculation, prices gained even more, rising from -0.2 percent in December to 1.4 percent...
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SERVICE SECTOR REVIVES IN U.S., SLOWS ELSEWHERE
IHS Markit’s Purchasing Managers Index (PMI) for the U.S. service economy rose from 54.8 in December to 58.3 in January, the second-sharpest rise in more than five years, the market research firm reported. Ratings above 50 indicate growth; the higher the number, the faster the pace. In contrast, the PMI for Europe’s service sector slipped...
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EUROPE’S ECONOMY DOWN – CHINA, U.S. UP
The Eurozone’s economy shrank 0.7 percent in 2020’s final quarter, contributing to the region’s loss of 6.8 percent for all of 2020 compared to 2019, according to Eurostat, the European Union’s statistics agency. For the year, economic output dropped 8.8 percent below 2019’s in France, 8.3 in Germany, 11 in Italy, and 5 in Spain,...
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OIL MAJORS REPORT RECORD LOSSES
ExxonMobil, the world’s second-largest oil company, reported its fourth quarterly loss in a row for the last three months of 2020, tallying a $22.4-billion loss for the year, the first negative year in the company’s 150-year history. The company’s stock lost more than 40 percent of its value last year, during which ExxonMobil was booted...
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BANK OF ENGLAND SIGNALS NEGATIVE INTEREST RATES AHEAD
The U.K.’s central bank has told commercial banks to make needed changes to their processes and records systems to prepare for the country’s benchmark interest rate to dive below zero. However, that does not mean that negative rates are imminent, the bank added. A negative rate would mean that the central bank would charge commercial...
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INDIA TO PUMP IN CHEAP MONEY TO BOOST ECONOMY
India’s government will seek to borrow $11 billion from capital markets over the next six weeks to initiate capital projects before the country’s fiscal year ends on 31 March, finance minister Nirmala Sitharaman announced in a statement reported by the Financial Times. The nation’s new budget raises capital spending to about $75 billion, up almost...