Greetings,
Canada: Total household credit has contracted this year.
But mortgage credit expansion has been robust.
Revolving home equity loan balances have increased.
Eurozone: Germans are going out to eat.
Emerging Markets: Electricity consumption continues to show extreme weakness in Brazil’s economy.
Equities: There is a great deal of cash on the sidelines (see chart).
Rates: The sharp rise in unemployment could lead to an increase in term premia.
Food For Thought: Months of savings (US households):
Edited by Devon Lall
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