- Portugal: CPI, HICP **HICP Rebased to 2015=100** (Jan)
- **Denmark CPI, HICP & NPI Rebased to 2015=100 (Jan); Norway HICP Rebased to 2015=100 (Jan)**
- UK: LSL ACAD House Price Indexes, RICS Housing Market Survey (Jan)
- Korea: First 10 Days of Trade (Feb)
- New Zealand: Accommodation Survey (Dec); Australia: Survey of Consumer Inflationary Expectations (Feb)
- Manufacturing Survey - New Zealand (Jan)
- more updates...
Economy in Brief
U.S. Budget Surplus Develops
The U.S. Treasury Department reported a $55.2 billion budget surplus during January versus a $17.5 billion deficit twelve months earlier...
U.S. Wholesale Inventories and Sales Ease
Inventories at the wholesale level ticked 0.1% lower (+1.8% y/y) during December...
French and Italian IP Both Drop
December is showing weak industrial output in the euro area...
U.S. JOLTS: Job Openings Rate Increases to Record High
The job market improved greatly last year...
U.S. Energy Prices Move Lower
Gasoline prices continued to decline last week and remained at the lowest level since January 2009...
U.S. Small Business Optimism Deteriorates to Two-Year Low
The NFIB Small Business Optimism Index declined 1.4% during January to 93.9 following a 0.7% December rise...
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|