The long-awaited bump in bankruptcy filings has arrived, as submissions under chapter 11 rose 77% in July. There were 637 filings under chapter 11 of the bankruptcy code last month across the U.S, compared with 359 at the same time last year. It is the most monthly new chapter 11 filings in nearly three years. Source The Wall Street Journal
The eurozone’s manufacturing sector remains stuck in a rut as its two largest economies missed expectations and continued to contract in April, according to a closely watched survey of industry executives.
The IHS Markit Purchasing Managers’ Index for manufacturing in Germany rose slightly to 44.5 from 44.1 previously, but this was below expectations in a Reuters poll of an increase to 45.Source Financial Times
Poland’s industrial sector maintained a decent rate of activity in March, despite a slowdown in Germany and the eurozone. Still, GDP in the first quarter should moderate due to weaker contributions from construction and transportation. Source: ING Think
Gefira tracks the global players in Europe, the USA, Russia and China and anticipates the consequences of their policies
Gefira No. 9 is now available at a discount. 160 euros for 10 issues a year plus access to our archives.
Europe's geopolitical situation resembles that of 1913.
The enlargement of the European Union to the east, Germany's Ostpolitik, economic power and its reluctance to align its policy with France's and Italy's make the break-up of the Union unavoidable. While Germany is gaining a status of a financial superstar, German society is starting to disintegrate.
Nobody dares to ask, but the ECB board is bracing itself for the upcoming break-up of the euro. The Gefira team explains why France or Italy will leave the euro and we investigate how the ECB is preparing for the looming euro collapse.
