- Singpore's HDB Resale Price Index Rebased to Q1 2009=100
- US: Consumer Sentiment (Jan-final), GDP (Q4, Adv), ECI (Q4)
- Consumer Sentiment Detail (Jan-final)
- US: NY Fed Coincident Indexes (Dec)
- US: Chicago PMI (Jan)
- Belgium: Flash GDP (Q4)
- Canada: GDP by Industry (Nov)
- US: Chicago Midwest Mfg (Dec)
- US: Selected NIPA Tables, Summary Key Source Data (Q4-Adv)
- more updates...
Economy in Brief
Chicago Purchasing Managers Index Remains Weak; Prices Collapse
The Chicago PMI for January ticked higher to 59.4 but remained down from 64.5 reached three months ago...
U.S. Employment Cost Index Moderates in Q4
The employment cost index for private industry workers rose 0.6% (2.1% y/y) in Q4'14, following an unrevised 0.7% Q3 rise...
The Germans in the Dell: the Cheese and the Germans Stand Alone
The unemployment rate turned lower in December in both the EU and EMU...
U.S. Initial Unemployment Insurance Claims Plunge to 2000 Low
Initial claims for unemployment insurance dropped to 265,000 during the week ended January 24 from 308,00 during the prior week...
U.S. Pending Home Sales Decline in December and for All of 2014
The NAR reported that pending sales of single-family homes declined 3.7% last month (+6.1% y/y) following a revised 0.6% November increase...
EMU Money and Credit Struggle Higher
EMU money and credit growth in December show signs of making progress...
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|