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- If U.K. Is Still in Recession Why Are London House Prices Hitting New Records?
- Edward Harrison submits: We received word today from the British government that GDP in the UK contracted for a record sixth quarter in Q3 2009. I like Neil Hume’s headline on this one, “GDP shock flop.” If you were listening to the BBC’s Wake Up to Money this...
- External links 2009-10-23
- Portugal and Greece Downgrades Offer Silver Lining for Yield
- Edward Harrison submits: On Thursday, Moody’s MCO cut the outlook for the sovereign debt of Portugal and put Greece on negative watch for a downgrade, signaling growing concern over spiraling debts. Just as with Spain and Ireland which I discussed earlier, Portugal and Greece are smaller countries within the Eurozone...
- External links 2009-11-01
- Nationwide: U.K. House Prices Higher than a Year Ago
- Edward Harrison submits: The Nationwide monthly index of house prices came in Friday morning showing a 0.4% bump in October from September. While this was less than last month’s 0.9% rise, it was the sixth consecutive month of price increases and it marked the first time in two years that...
- External links 2009-11-01
- Why Spanish Economy Needs to Return to 2000 Wages and Prices
- Edward Harrison submits: When it comes to the housing meltdowns in the richest economies, the US has been matched only by Spain, Ireland and the UK. All four countries have seen spectacular losses of wealth in the housing sector over the last two years. The response by all...
- External links 2009-11-01
- U.K. House Prices Rise Again - Still Lower than 2008 Levels
- Edward Harrison submits: The Halifax reports that UK house prices rose for the third consecutive month in September, up 1.6% from August levels. Key to the rise has been a lack of supply coupled with increased demand (100% mortgages have helped as well). Last week, Nationwide had pointed to...
- External links 2009-10-07
- Quantitative Easing: Not the Cure to What Ails Europe
- Edward Harrison submits: "This is definitely a threat on the horizon," said Blaise Ganguin, the agency’s European credit chief. Some 75 companies large enough to be rated face likely default in 2010 as the slow-burn effects of the crisis hit home. The default rate peaked near 13pc this year, the...
- External links 2009-12-03
- U.K. House Prices Up for Seventh Straight Month - Nationwide
- Edward Harrison submits: House prices in Britain rose another 0.5% in November, putting them up 2.7% year-on-year. This is the seventh consecutive month of gains. All of the charts are looking spectacularly good. The only fly in the ointment is employment. Let’s see what the Halifax says in a...
- External links 2009-12-01
- Ireland's Trifecta of Bad News
- Edward Harrison submits: Fitch, the credit rating agency, has just downgraded the sovereign debt ratings for the Republic of Ireland from AA+ to AA-. That is two notches and is proof-positive that the ratings agencies are worried about the hole in Dublin’s finances. If you read the...
- External links 2009-11-04
- Spain's Consumer Credit Down a Whopping 33%
- Edward Harrison submits: Credit in Spain is contracting at an unprecedented rate, down 33% in the first quarter as Spain faces a housing bust and near 20% unemployment. Below is my translation of part of a Spanish-language article explaining the situation. Consumer credit fell by 33.7% in the...
- External links 2009-07-02
- Not All Bad for U.K. - House Prices Up Third Time in Four Months
- Edward Harrison submits: On the same day that came the worst economic growth numbers in the U.K. in 51 years, we also get some news that the British economy may be stabilising. Well, at least house prices seem to be stabilising as Nationwide reported a 0.9% increase in house prices...
- External links 2009-06-30
- The Eurozone's Spectre of Banking Collapse
- Edward Harrison submits: I am skeptical as to the economic benefits of the Eurozone. In my view, the Euro has always been more of a political construct than an economic one. Nevertheless, the Euro has functioned quite well as a leading international currency in the decade since its formation. However,...
- External links 2009-01-20
- Regulators Signal Confidence in Fifth Third
- Edward Harrison submits: This past weekend, the FDIC closed yet another bank, Freedom Bank of Bradenton, Florida. The bank had total assets of $287 million and total deposits of $254 million. Super regional Fifth Third, based in Cincinnati, Ohio will take over the insured deposits of the institution and all...
- External links 2008-11-04
- Spain Begs to Be at Upcoming G-20; Brazil Refuses
- Edward Harrison submits: We are starting to get a sense of who the winners and losers of the Great Unraveling are. Spain is definitely a loser. Just think, a few years ago Spain was the envy of Western Europe with a dynamic and booming property market and prodigious GDP growth....
- External links 2009-04-27
- Dollar Strength: An Illusion
- Edward Harrison submits: I have felt for sometime that dollar strength is a counter-trend that has a sell-by date written all over it. The Federal Reserve is ballooning its balance sheet like nobody's business as it tries to be the global lender of last resort. This is very inflationary. Apparently,...
- External links 2008-10-27
- U.K. Economic Data Shows Worst Contraction on Record
- Edward Harrison submits: In the just finished second quarter of 2009, the UK economy was contracting a massive 5.6% from the year ago period. This is the worst performance since records began in 1955. What’s more, the data surprised to the downside, with the quarter-on-quarter contraction coming in at...
- External links 2009-07-25
- Spain's Unemployment Expected to Hit 22% in 2010 - Citigroup
- Edward Harrison submits: Citigroup has just released a forecast which is very troubling in regards to employment and growth in the Spanish economy. With unemployment already having hit 17.9%, Citigroup expects layoffs to increase this to 22% in 2010. Below is my translation of the Spanish-language article in...
- External links 2009-07-25
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