International Macroeconomics

(Samuel Regan-Asante, Unsplash)

20 Oct 2026

The increase in tensions in France causes a notable rise in the risk premium (+10 bp to 148 bp), two-week highs

International Macroeconomics

Lower opening in Europe (Eurostoxx futures -0.7%, S&P 0% and Nasdaq -0.3%) after a session of declines in Asia (Nikkei -1%, Kospi -4%), in an atmosphere of distrust towards financing and the retur...
(iStrfry , Marcus, Unsplash)

19 Oct 2026

According to DWS, the housing crisis is not solely about rental prices

International Macroeconomics

From Singapore to New York, the real hidden story about affordability is not in housing costs, but in purchasing power.
(Alexander Grey, Unsplash)

15 Oct 2026

US inflation (3.7% and 2.6% core) continues to support the Fed's roadmap towards further tightening

International Macroeconomics

The CPI increased overall by a tenth compared to the previous month, standing at 3.7% a.; although there was more “meat” in the fact that the core reading also rose by a tenth to mark a pace of advance of +2.6% a.
(Atik sulianami, Unsplash)

14 Oct 2026

The question of oil at 100 dollars: why geopolitical risk continues to outweigh supply improvements

International Macroeconomics

Despite greater volumes of oil in the market and a global deficit of just a few million barrels per day, the market continues to incorporate a significant geopolitical risk premium estimated at around 20-25 dollars per barrel, reflecting ongoing concerns about new disruptions.
(Michael Fousert, Unsplash)

13 Oct 2026

The EU could limit imports of Chinese hybrid vehicles to 350,000 units/year

International Macroeconomics

Europe seeks to curb imports of Chinese hybrid vehicles, which have accelerated and could reach around 800,000 vehicles in the total for 2026, +165% year on year.
(Samuel Regan-Asante, Unsplash)

9 Oct 2026

France and the Debt Dilemma: How far can the ECB go?

International Macroeconomics

In an extreme scenario, the ECB would intervene and purchase French public debt to prevent yields from soaring further. The most likely outcome is that this would require the activation of the Transmission Protection Instrument.
Unión Europea. (Christian Lue, Unsplash)

9 Oct 2026

The EC rejects the requests from Greece and Italy for greater flexibility in fiscal rules

International Macroeconomics

'Upward inflationary pressures are already taken into account in the overall assessment of the relevant factors when examining compliance with fiscal rules. We cannot propose new fiscal flexibilities at all times,' said the European Commissioner for Economy.
(CC BY 2.0, gcardinal)

8 Oct 2026

Norway prepares a tax cut package worth 6.4 billion Norwegian kroner for 2027

International Macroeconomics

The Labour government of Jonas Gahr Støre aims to improve households' disposable income and employment incentives, primarily through lower social security contributions and higher tax-free allowances.
(Willfried Wende, Unsplash)

2 Oct 2026

Eurozone inflation rises to 3.8% in September with energy prices soaring

International Macroeconomics

The core inflation rate, that is, the one that excludes the volatile prices of energy, food, alcohol, and tobacco, increased by one tenth to 2.5%, in line with expectations.
(Christian Dubovan, Unsplash)

1 Oct 2026

European IPCs are frightening

International Macroeconomics

Inflation in each of the four major European economies is growing significantly and is also above estimates. The general doubt lies in how high it could rise. In the US, the core PCE barely rises a couple of tenths, but due to a methodological adjustment.
(Zbynek Burival, Unsplash)

30 Sept 2026

Energy crises highlight blind spots in statistics

International Macroeconomics

The Hormuz crisis has highlighted the limitations of traditional energy statistics, which tell us much about the source of energy but little about how it is used.
(Nasa)

25 Sept 2026

Global debt now exceeds $365 trillion, and 29 need refinancing before the end of the year

International Macroeconomics

The IIF warns that the combination of large budget imbalances and higher interest expenses has trapped governments in a "vicious circle", with no political will observed to correct the drift.
(Carl von Blixen. PDM)

24 Sept 2026

Norges Bank raises rates to 4.5% while Riksbank keeps them unchanged but anticipates increases

International Macroeconomics

Norges Bank decided on Thursday to raise the official interest rate from 4% to 4.5%, considering it "necessary to tighten monetary policy for inflation to return to target within a reasonable timefram...
El Rin a su paso por Alemania. (Joshua Kettle, Unsplash)

23 Sept 2026

Low water levels in the Rhine and Danube strain European trade: some barges operate at up to 80% less capacity

International Macroeconomics

The historic drought threatens supply chains, energy, and industry in Europe. In early August, some barges navigating the Rhine could only transport about 20% of their usual capacity. In the Romanian stretch of the Danube, in some cases up to 40%.
6 May 2026

How the Federal Reserve, the Bank of Japan, and the European Central Bank are balancing monetary and fiscal priorities

International Macroeconomics

In both the United States and Japan, monetary policy is expected to support fiscal policy, even when central banks have other plans in mind. Kevin Warsh, the vision of the newly appointed chair of the...
5 May 2026

War in Iran, a shot in the foot

International Macroeconomics

Every $10 of sustained increase in the price of a barrel reduces global growth by a tenth and raises inflation by between 0.3 and 0.5 points. If the crisis does not exceed 3 months, recession could be avoided, as happened in 2017, but half a hundred facilities have already been damaged (8 severely), affecting 40% of their production.
13 Apr 2026

Demography: From Inertia to Change

International Macroeconomics

Declining birth rates and increasing life expectancy lead to an increasingly ageing population worldwide. Those over 65 will rise from the current 800 million to 1.6 billion by 2050. Since GDP is the ...
10 Mar 2026

Changes in Capital Intensity

International Macroeconomics

The return on capital drives that of equities. And US companies, which had learned to grow using less capital, have changed the trend; in emerging markets, the opposite is true Text: Robert Almeida (M...
10 Feb 2026

Ukraine: four years of war

International Macroeconomics

Clemente Polo || On 24 February, four years of conflict will have passed. Of propaganda and disinformation. Of an unjustifiable invasion that is easy to understand in light of the facts that the autho...

Consejeros

International Macroeconomics

The increase in tensions in France causes a notable rise in the risk premium (+10 bp to 148 bp), two-week highs

According to DWS, the housing crisis is not solely about rental prices

US inflation (3.7% and 2.6% core) continues to support the Fed's roadmap towards further tightening

The question of oil at 100 dollars: why geopolitical risk continues to outweigh supply improvements

The EU could limit imports of Chinese hybrid vehicles to 350,000 units/year

France and the Debt Dilemma: How far can the ECB go?

The EC rejects the requests from Greece and Italy for greater flexibility in fiscal rules

Norway prepares a tax cut package worth 6.4 billion Norwegian kroner for 2027

Eurozone inflation rises to 3.8% in September with energy prices soaring

European IPCs are frightening

Energy crises highlight blind spots in statistics

Global debt now exceeds $365 trillion, and 29 need refinancing before the end of the year

Norges Bank raises rates to 4.5% while Riksbank keeps them unchanged but anticipates increases

Low water levels in the Rhine and Danube strain European trade: some barges operate at up to 80% less capacity

How the Federal Reserve, the Bank of Japan, and the European Central Bank are balancing monetary and fiscal priorities

War in Iran, a shot in the foot

Demography: From Inertia to Change

Changes in Capital Intensity

Ukraine: four years of war

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