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Greeks come bearing gifts

| Posted by: Paul Donovan | Tags: Paul Donovan

  • Greece is set to bear gifts to the IMF and pay the money that they owe. The Eurogroup offered platitudes and no decisions, though the Eurogroup Chair did raise the terrifying prospect of partial fund dispersal for partial reform (implying a never ending cycle of Greco-German arguments about cash).
  • UK industrial and manufacturing production is due - the former still impacted by the price of oil (the UK does still produce some) and the latter aided a little by demand from elsewhere in the world, perhaps.
  • Yield increases in the Euro area and elsewhere yesterday reflect a market reassessment of the balance of supply and demand. The two year area still has negative yields, as regulated investors are regulated into buying bonds that they do not necessarily value.
  • The US offers up the NFIB small business survey. Considering that small businesses are so important to the health of most OECD economies, it is a shame that all economists have to work with is data of this quality. For what it is worth the survey has been hinting at growing US wage pressures of late.