Free Trial
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MACRO ANALYSIS
- Released last week, Eurozone money and lending data for June saw a modest uptick in bank lending growth although it maintains a trend of particularly subdued credit growth.
- It was led by lending to non-financial corporations (NFCs) growth accelerate from 0.3% to 0.7% Y/Y whilst lending to households was unchanged at 0.3% Y/Y (all figures here adjusted for sales & securitizations).
- The country breakdown meanwhile continues to point to sizeable differences in lending environments in the largest four Eurozone economies.
- Within lending to NFCs, France (2.8% Y/Y) and Germany (0.3% Y/Y) lead whilst Italy (-3.6% Y/Y) and Spain (-1% Y/Y) lag.
- The differences are less notable in household credit growth though, with German (0.4% Y/Y) and France (0.1% Y/Y) leading Italy (-0.9% Y/Y) and Spain (-0.3% Y/Y).
- However, this snapshot can be misleading from a growth impulse perspective as Italian and Spanish lending growth is improving after some sizeable declines.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok