– Euro-area current account improves, while capital account is not
collapsing
– Gold is too speculative to benefit more from Euro-debt crisis
Markets reacted with disappointment to the ECB decision today. The main
disappoint was not the decision to leave rates unchanged but the statement
regarding bond purchases following comments by president Draghi last week.
Draghi said today that the ECB stands ready to take new e
– Mid-year review: more volatility yet still on recovery track
– Second half to bring more of the same
– But better economic news from China and the US to improve sentiment
– German growth forecast of 1.5% and DAX at 7,500 still within target
range
Self-reviews are never objective. Nevertheless, they are healthy exercises
that help us learn from our mistakes. That is also true for economists and
their forecasts. In our strategy outlook for 20
