M1 Nugget: European money growth = ouch!
The monthly money growth in Europe continues to look dire. Will it impact GDP with a time-lag as per usual? Then 2024 looks, ahem, recessionary.
We track money growth notoriously at Steno Research and use the growth of money as a forward-looking guiding star for asset allocation.
We just received the latest monthly money trends from Europe and they look outright abysmal. Money trends are now negative across M1, M2 and M3 on both a monthly, quarterly and yearly basis in Europe and trends are intensifying.
UK and the Euro area have the worst money trends in the world right now (if we set aside the latest monthly print from China)
Chart 1: Global money trends heat-map
The monthly money growth in Europe continues to look dire. Will it impact GDP with a time-lag as per usual? Then 2024 looks, ahem, recessionary.
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