Of the five Federal Reserve districts which have released their November manufacturing surveys - two are in contraction and three are in expansion. A complete summary follows.
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from Liberty Street Economics
Some banks are quite simple, while others are part of complex multi-layered organizations with affiliates in many industries scattered all around the world. The latter organizations are formally called bank holding companies (BHCs). In this post, we investigate changes in BHC geography, especially the rising share of BHC affiliates in tax havens and financial secrecy jurisdictions.
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by Dirk Ehnts, Econoblog101
For my new book on money and credit in the euro zone I use data on domestic credit to the private sector. Oddly enough, the data has been changed and is now significantly lower than before. The credit bubble has popped! The World Bank has the data series online (here). Domestic credit to GDP in Spain stood at 127.4 in 2014, down from a bit less than 200 in 2012. What?!
Written by Gary
There is a lot of dynamics out there but so far the USA markets look to open in the green. Global markets are mixed, and the big spoiler today seems to be the offshore Chinese Yuan after PBOC intervention.
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Written by Steven Hansen
The National Association of Realtors (NAR) seasonally adjusted pending home sales index insignificantly improved. Our analysis of pending home sales shows an index decline - but still forecasting relatively good gains in November existing home sales. The quote of the day from this NAR release: