All over the world, one can feel that work needs to be done to keep growth going. Our assessment remains that the eurozone will have the toughest time, and now I see cold headwinds well into 2025 i.e. another 1½ year. Graph one illustrates the situation in the eurozone, showing an overall picture of confidence in the economy among a...

Japan has not been spared from rising inflation globally, but monetary policymakers continue to swim against the tide as their response to surging prices. The world’s third-largest economy saw headline inflation climb to 3.5 per cent in April and again to 3.3 per cent in October, cutting short any signs of deceleration. The monthly reading, however, remains slower than January’s...

If there is an economy that I really consider deeper, then it is American. The situation surprises me and it's surely not what I expected from the beginning of the year. A number of economists have revised their outlook on the U.S. economy which means that I have gone from what looked like being a pessimist to almost being a...

It is unusual that headlines, and not economic data, for more than one year primarily founds the perception of a country's economy. This however has been the case for China and the country’s economic outlook this year. During this second quarter, it is my expectation that especially European investors will have to move towards a more balanced view of China's...

Tuesday the 5th April India’s central bank cut the rate by 0.25 pct. and one could think that it was in honor of the recent fiscal budget which was praised by the central bank. It is not impossible that there is a connection but it is contrariwise no big surprise with the rate cut. The central bank had indicated that...

At the beginning of this year, I argued that the dollar would gain six to seven pct. against the euro in 2016 reaching 1,0250. Since then, the greenback steadily has lost in value and thus moving in the exact opposite direction of my prediction. This is of course a good reason to rethink the whole situation. I admit that new...

When I think of the German economy I do not know if I should say that the glass is half full or half empty. But it opens up for the choice between painting a rosy picture of the economic outlook, or the opposite. Though for an economy with such a strong history and background, it is not ambitious enough with...

Dear Reader, Spring moves up through Europe with an average of 40 km. per day. When our good friends in Munich say that spring has arrived then there are only three weeks until it reaches Denmark. But this year the arrival is somewhat delayed, however, when it arrives, an explosion of activity spreads across the country where everybody wants to...

During the weekend of 16th and 17th April, the International Monetary Fund (IMF) hosted its annual spring meeting in Washington D.C. As usual finance ministers and their central bank governors from all leading economies around the world attended. Ahead of the meeting, IMF warned against many negative economic consequences if Britain's voters decide to leave the EU. The German finance...

The infinite discussion about the right stock price is often an assessment of the individual components in the pricing model used to calculate the “right” price on single stocks or an index. It is a fair and natural way to consider stock markets as company earnings, dividend payments, expected macroeconomic indicators, inflation, etc. are included in the calculation. But after...