- Japan: **GDP reclassified to SNA 2008**
- US: Quarterly Services Survey (Q3)
- Canada: Building Permits, New Housing Prices (Oct), Housing Starts (Nov)
- Russia: CPI (Nov); Hungary: CPI, Fuel Prices (Nov), Foreign Trade (Oct); Croatia: Foreign Trade (Sep), PPI (Nov); Bulgaria: Industrial Turnover (Oct); Lithuania: CPI (Nov); Latvia: CPI (Nov); Poland: Supervisory Liqudity Measures (Oct); Bosnia: Monetary Agg, Dep & Loans, Fgn Reserves, Bal Sheet (Oct); Ukraine: CPI (Nov), PPI (Nov), Industrial
- more updates...
Economy in Brief
U.S. Mortgage Loan Applications Ease as Rates Rise Further
The MBA total Mortgage Market Volume Index declined 0.7% last week (-2.4% y/y)...
U.S. Consumer Credit Usage Slackens
Consumer credit outstanding increased $16.0 during October (6.6% y/y)...
German IP Rises - A Mixed to Weak View from the Rest of Europe
Germany's industrial production has come through another period of relative turbulence...
U.S. Trade Deficit Deepens as Imports Surge
The U.S. trade deficit in goods and services increased to $42.6 billion during October from $36.2 billion in September...
U.S. Energy Product Prices Strengthen
Regular gasoline prices increased to $2.21 per gallon (7.5% y/y) last week...
U.S. Productivity Rose 3.1% in Q3
Growth in nonfarm output per hour during Q3'16 was unrevised at 3.1% (SAAR, 0.0% y/y)...
by Louise Curley June 4, 2012
Spain is in trouble once again. Capital is leaving the country and interest rates are rising, as can be seen in the attached chart. The 10 year bond rate was 6.5% on June 1st and probably higher today. The European Central Bank, the European Commission and the International Monetary Fund together with the Spanish government are engaged in trying to find ways to ameliorate the situation while the foreign banks that have lent to Spanish banks in the past are worried about their exposure to these banks.
Some Information on foreign banks' exposure to Spanish banks, as well as to Greece, Ireland and Portugal, can be found in Haver. In The Bank of International Settlements (BIS) data base, there is a table "Foreign Exposure to Greece, Ireland, Portugal and Spain" under the section, Consolidated International Claims on BIS Reporting Banks. Data are quarterly and begin in 2010. Most data end in the fourth quarter of 2011. Countries covered are Germany, France, Italy, Other Euro Area, Japan. U. S. U. K. and Rest of the World. U. S. banks appear to have the largest exposure, $227.7 billion dollars, to Spanish banks followed by Germany and other European Countries. Japanese and Rest of the World banks have much smaller exposures to troubles in the Spanish Banks.
|Exposure of Banks to Claims from Greece, Ireland, Portugal and Spain, Q4 2011 (Billions USD)|
|U. K. Banks||137.5||33.3||192.1||22.3|
|Other Euro Area*||179.6||21.9||67.2||33.5|
|Rest of World Banks*||41.3||5.7||57.3||9.5|
|* Data are as of Third Quarter, 2010|