E The Daily Shot And Data - June 8, 2016


Once again, let's begin with several developments in the Eurozone.

1. The Eurozone GDP was revised up amid improved household spending. Will this be the year the euro area's economy grows faster than the US? 

Here is the GDP growth breakdown by country. 

Source: @fastFT

2. German 5yr government bond yield moves deeper into negative territory, and the 10yr yield hit a record low (is it headed into the red as well?).


Source: @fastFT

3. German industrial production beat forecasts amid a jump in investments.

Source: Statistisches Bundesamt

Elsewhere in Europe, the Swiss 30yr government bond yield dropped to a new low of 12bp. Is it going negative as well?

Source: Investing.com

1. Turning to the UK, the nation's Economic Policy Uncertainty Index (3-month moving average shown) spikes on Brexit fears.

Source: policyuncertainty.com

2. Is Brexit risk driving outflows from European funds held by US investors?

Source: Goldman Sachs

3. Some polls seem to show the EU Referendum "Leave" campaign ahead.

Source: Reuters

4. Here is the Economist's Brexit poll average.

Source: ‏@EconBizFin

5. The British pound implied volatility index rises further on Brexit concerns.

Separately, the Halifax housing report expects UK house price appreciation to continue cooling. At current 9% YoY, home price appreciation has to slow.

1. Turning to emerging markets, the Indian rupee rose for a fourth day as the RBI left the benchmark rate unchanged.

Source: @barchart

Separately, India's oil demand has been on the rise, suggesting robust growth.

Source: Bernstein

2. The Philippine stock market has outperformed sharply after the elections there.

Source: Ycharts.com

3. Israel's FX reserves hit another record.

4. South Africa's business confidence dropped to an all-time low.

5. China FX reserves fell to the lowest level since 2011 amid continuing capital outflows.

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