Tuesday, November 24, 2015

Keep your eyes on Euro area money and credit data – Goldman Sachs

FXStreet (Delhi) – Matteo Leombroni, Research Analyst at Goldman Sachs, suggests that money and credit data for the Euro area will be released on Thursday, including M3 growth and lending to household and non-financial corporations (NFCs) in October.

Key Quotes

“In September, M3 growth remained steady at +4.9%yoy, while bank lending to NFCs fell by €17bn, the weakest monthly reading since mid-2013. This was mainly driven by the €12.3bn contraction in bank lending to NFCs in Netherlands. Spain and Italy saw small declines of -€1.0bn and -€0.5bn, respectively, while lending in France was flat on the month. Germany saw a slight strengthening of bank lending to NFCs of +€0.5bn. Lending to households was more robust and rose slightly to +€11bn in September.”

“The easing of the supply of credit to the periphery remains one of the key drivers of resilient growth in the Euro area. However, the improvement in credit supply to the periphery has been reflected far more obviously in interest rate data and the ECB bank lending survey, than in the loan flows that will be reported on Thursday.”
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