Hints and tips:
...With Europe probably facing a prolonged energy crisis, the three Ts of the ECB are not just a mantra, but a condition to avoiding a new euro crisis....
...Long bond yields can usefully be thought of as a reflection of likely real policy rates, expected inflation and a premium for the length of the investment holding....
...I recommend looking at the public presentation slides from the authors Veronica Guerrieri, Michala Marcussen, Lucrezia Reichlin and Silvana Tenreyro....
...Michala Marcussen contributed to this article...
...But even in such a context, crowding out can be a risk and it is one investors should pay attention to....
...But it remains a risk, writes Michala Marcussen, group chief economist at Société Générale....
...Economically, “it makes sense for member states to draw on the ESM when there is a gain to be made on funding costs” says Michala Marcussen, Société Générale’s chief economist....
...“The Germany economy is tied in with the auto industry and the global equipment goods cycle,” said Michala Marcussen, Société Générale’s chief economist....
...Michala Clante Bendixen, chair of Refugees Welcome, which offers free legal advice to asylum seekers, said she could no longer see the difference between the Social Democrats and DPP on immigration....
...“There’s been a number of initiatives put in place by the French government but of course you can’t whisk up skills overnight,” said Michala Marcussen, group chief economist at Société Générale....
...Michala Marcussen at Société Générale thinks the governing council will have reached a “broad agreement on the need for continued substantial stimulus and on the still-high degree of labour market slack...
...“Looking ahead, the Spanish economy is set to continue outperforming the rest of the euro area in 2017 as a whole; however, this will partly be down to carry-over effects” said Michala Marcussen at Societe...
...“The yield pick up will probably be generous but persistent uncertainties make demand and the future price action relatively unclear”, said Michala Marcussen at Societe Generale....
...“The surprising feature of the labour market has been the lack of response of earnings growth to this apparent tightening of the market,” said Michala Marcussen, global head of economics at Societe Generale...
...France’s shoppers are having a whale of the time....
...Michala Marcussen is global head of economics at Société Générale, corporate and investment banking Letter in response to this article: ‘Risk-free’ refers to absence of default / From Ira Sohn...
...Sir, I take issue with Michala Marcussen’s definition of risk-free as “no risk of financial loss” (“Quantitative easing is changing the role of the ‘risk-free’ rate”, Insight, June 14)....
...Michala Marcussen, economist at Société Générale, discusses how entrenched quantitative easing has made sovereign bond yields an “increasingly imperfect substitute” for the risk-free rate or return....
...After more than a decade of accumulation, foreign exchange reserves have started to decline....
...“Having been excessively spooked by concerns on the global economy during the first weeks of 2016, market sentiment has more recently improved,” said Michala Marcussen, global head of economics at Société...
...Michala Marcussen, chief economist at Société Générale Commercial and Investment Bank, tells John Authers how this reflects the rebalancing of the Chinese economy. (FT)...
...“The confidence that policymakers can steady the plane is gone,” Michala Marcussen, chief economist at Société Générale, points out....
...This suggests that the improvement in price-competitiveness that stems from a lower euro is less important than in the past,” wrote Michala Marcussen and colleagues of Société Générale in a research note...
...I also think that we should achieve an agreement on how to deal with the legacy debt Michala Marcussen, SG CIB I see this as a step on the route to a genuine fiscal union and ultimately a eurobond....
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