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Weekly update: week 36
Powell, president of the Fed, highlights that the Fed remains independent of the politics. Eventhough Trump directly adresses the Fed and its president in its tweet, the sole concern of the Fed is the state of the US economy and they will remain to support that, that is their mandate.
Powell: politiek speelt geen rol bij rentebeleid Fed – FD (6/9/2019)
The ECB will lower its overnight deposit rent with 10 BP in its September note. Potentially the QE program would restart in Q4 of this year, although heavily criticised. All of this would have a rather limited effect on the economy and further damages the financial system. Banks are facing great difficulties to remain profitable under current conditions. Both the lower margins as the changing market put allot of pressure on their model. The ECB is advising some Western banks to retain higher capital reserves to improve their solvability. All these trends have been building up and have pushed bank shares down on the stock exchange.
In other news, the ECB is very negative on the crypto currency Libra by FB. It is deemed unreliable, unstable and enhance money laundering.
ECB-bankier maakt gehakt van digitale munt Facebook – FD (2/9/2019)
Banken wachten pijnlijke herfst – DT (4/9/2019)
Ene bank doet de andere den duvel aan – DT (6/9/2019)
Wat gaat de ECB doen? – FD (7/9/2019)
Oversluiters stutten de hypotheekmarkt – FD (3/9/2019)
German industries are in a recession and industries all over western Europe are struggling. The service economy is able to keep growth numbers up however, the Brexit sage fills the market with uncertainty. Between April and June German export to the UK has declined 21%, this in combination with the ongoing trade war hit the German industries hard. Germany has a very export orientated economy with 47% of BBP being export related. Currently the end of the Brexit is unclear.
Duitse export lijdt onder brexit en internationale handelsspanningen – FD (3/9/2019)
Brexitoorlog stevent af op verkiezingen – DT (3/9/2019)
The Belgian governmental budget is moving towards a deficit of 12 Billion EUR. The total Belgian debt totals 465.000 Billion EUR, total yearly revenue is roughly 72 billion EUR.
Begrotingstekort loopt op tot 12 Miljard – DT (2/9/2019)