88.2 Germany’s Economy Wobbles – Are We Next?

———Ep 88.2 Summary———
The yields on German sovereign bonds began to tumble in May – now we know why. German Factory Orders and Industrial Production delivered lousy results that month. Germany is an export power so these negatives say a lot about the global customer – that’s us.

———See It———

Twitter: https://twitter.com/JeffSnider_AIP
Twitter: https://twitter.com/EmilKalinowski
Alhambra YouTube: https://bit.ly/2Xp3roy
Emil YouTube: https://bit.ly/310yisL
Art: https://davidparkins.com/

———Hear It———

Vurbl: https://bit.ly/3rq4dPn
Apple: https://apple.co/3czMcWN
Deezer: https://bit.ly/3ndoVPE
iHeart: https://ihr.fm/31jq7cI
TuneIn: http://tun.in/pjT2Z
Castro: https://bit.ly/30DMYza
Google: https://bit.ly/3e2Z48M
Spotify: https://spoti.fi/3arP8mY
Pandora: https://pdora.co/2GQL3Qg
Breaker: https://bit.ly/2CpHAFO
Castbox: https://bit.ly/3fJR5xQ
Podbean: https://bit.ly/2QpaDgh
Stitcher: https://bit.ly/2C1M1GB
PlayerFM: https://bit.ly/3piLtjV
Podchaser: https://bit.ly/3oFCrwN
PocketCast: https://pca.st/encarkdt
SoundCloud: https://bit.ly/3l0yFfK
ListenNotes: https://bit.ly/38xY7pb
AmazonMusic: https://amzn.to/2UpEk2P
PodcastAddict: https://bit.ly/2V39Xjr

———Ep 88.2 Topics———

00:00 Yield curve control is supposed to keep bond yields below a certain level
03:44 What has Japan’s experience been with yield curve control since 2016?
06:55 In late-February / early-March many markets decided to lower yields, not any YCC fear.
07:34 But not Europe! European yields continued to reflate yields through May / June.
11:36 German New Orders in Manufacturing (factory orders) took a very serious tumble in May.
15:12 Germany’s factory struggles say much more about the rest of the world than Germany.
18:01 German industrial production recovered all pandemic losses and is back on… downtrend?!
21:03 Germany’s ZEW economic sentiment survey produced a mixed bag and PMI readings were good.
24:30 Show closing and summary (Germany is a global bellwether; show ratings).

———Ep 88.2 References———

Bond Reversal In Japan, But Pay Attention To It In Germany: https://bit.ly/2VvCa5J
Alhambra Investments Blog: https://bit.ly/2VIC2wW
RealClear Markets Essays: https://bit.ly/38tL5a7

———Who———

Jeff Snider, Head of Global Investment Research for Alhambra Investments and Emil Kalinowski. Art by David Parkins. Podcast intro/outro is “Cupcake Delivery” by Dylan Sitts from Epidemic Sound.