- Korea: Trade by Commodity, Trade Indexes (Oct); Taiwan: Labor Market (Oct); Vietnam: CPI (Nov); Malaysia: Leading Index, Coincident Index, and Lagging Index (Sep); Singapore: CPI (Oct)
- New Zealand: External Migration (Oct)
- Israel: Bank of Israel Balance Sheet (Oct)
- Peru: GDP, BOP (Q3)
- US: Household Employment for States and Regions (Oct)
- US: Regional Payroll Employment (Oct)
- more updates...
Economy in Brief
Kansas City Fed Factory Sector Activity Improves
The Kansas City Fed reported that its Composite index of 10th District factory sector activity recovered to 7 this month...
Does Canada's Rising Inflation Rate Give the Central Bank Tough Choices?
Canada's CPI inflation for October saw headline growth at 2.4% year-over-year...
U.S. Consumer Prices Remain Unchanged; Core Prices Heat Up
The consumer price index held steady during October (1.7% y/y) following an unrevised 0.1% September uptick...
U.S. Existing Home Sales Continue Improvement
Sales of existing single-family homes rose 1.5% to 5.260 million (AR, +2.5% y/y) in October from 5.180 million in September...
Philadelphia Fed Business Conditions Index Rebounds; Nears 1993 High
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index for November jumped to 40.8 from 20.7 in October...
U.S. Leading Economic Indicators Index Firms
The Index of Leading Economic Indicators from the Conference Board increased 0.9% last month (6.8% y/y) following a 0.7% September 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|