- China: Soufun 100-City House Price Press Release, Manufacturing PMI, Non-manufacturing PMI (Feb)
- Spain: Pharmaceutical Spending (Jan)
- US: Consumer Sentiment (Feb-final), GDP (Q4-second release)
- Consumer Sentiment Detail (Feb-final)
- Philippines: Loans of Commercial Banks Press (JAN)
- US: Pending Home Sales Index (Jan, Revisions back to 2012)
- Singapore: RMB Statistics (Q4)
- more updates...
Economy in Brief
Chicago Purchasing Managers Index Plummets
Chicago purchasing managers indicated that their February Business Barometer Index dropped sharply to 45.8 this month from an unrevised 59.4 in January...
U.S. Pending Home Sales Rebound
The NAR reported that pending sales of single-family homes rebounded 1.7% during January...
Italy's Inflation In An About Face
Suddenly after outright falls for two straight months, Italy's inflation rate is up by 0.6% in February...
U.S. Consumer Prices Decline as Energy Prices Plummet; Core Prices Improve
The consumer price index fell 0.7% during January following a revised 0.3% decline during December...
U.S. Durable Goods Orders Rebound as Aircraft Orders Jump; Trend Growth Weakens
New orders for durable goods improved 2.8% (5.4% y/y) following sharp declines in four of the previous five months...
U.S. FHFA Home Price Index Ends 2014 at Firm Pace
The U.S. House Price Index from the Federal Housing Finance Agency (FHFA) increased 0.8% in December, after November's 0.7% gain...
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|