Merkel Archives - GrowthRater

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Energy politics and fickle friends

Energy politics makes for fickle friends. A decade ago, Qatar was the US administration’s BFF, with its invitation to relocate the US regional military base from Saudi Arabia to Qatar in return for support to secure a pipeline access through Syria for its soon to be expanding natural gas production. As a way of pricking […]

“It’s Putin wot’s doin it”.

In a reversal of what happened in Valens’ day, the migrant flow is now going north from the Danube towards Germania rather than south, although there is a new empire that is to be shaken by such a move and that is no longer ruled from the south. Having wagged her imperial finger at the […]

Greek referendum – all part of the Varoufakis game

Greece votes a resounding 61% â€œNoâ€ to the Troika debt proposals, yet financial markets remain largely unfazed, with European equity markets declining initially by less than 2% and 10 year bond yields for Italy, Spain and Portugal harden by less than 10bps. With traders having been weaned on a succession of last minute resolutions to […]

Markets find it tough to break the BTFD conditioning

Was the Friday rebound in equity markets another BTFD opportunity, or a possible suckers rally? Certainly, the wall of central bank liquidity over the past five years have reduced the marketâ€™s pricing mechanism to little more than a pavlovian response to the next turn of the central tap and where bad news can be good […]