Credit where credit is overdue
- China's credit growth was strong – which could be seen as a good news / bad news situation. The good news is the clear demonstration that growth stimulus is working. The bad news is that credit cannot accelerate indefinitely.
- The UK offers a pantheon of price data, but inflation is not a focus. There is little international read through as global core inflation has a very low correlation, and the Bank of England is likely constrained by the imminent EU referendum.
- The Germans are releasing the ZEW economic sentiment survey, covering at least some of the recent market turmoil. Here is one way of seeing if Draghi's fears of market contagion to the real world have any validity.
- US regional manufacturing sentiment comes out in the form of the Empire State survey. There is also a brace of Fed speakers, although with Yellen's recent testimony there is perhaps a limit to the amount of new information we will get.