Lorenzo Codogno
Lorenzo Codogno
christmas data february gift growing inflated january likely normal purchases return subdued tendency towards turned
As January data are inflated by a growing tendency towards gift vouchers over Christmas, which are then turned into purchases afterwards, a return to normal in February is likely to show up in more subdued sales.
certainly growth high inflation slower somewhat worst
The combination of high inflation and somewhat slower growth is certainly the worst thing for the euro,
likely trend underlying
The underlying trend is encouraging and will likely continue.
economy euro european harder main quicker reason rebound sharp
The main reason for the euro rebound is the sharp slowdown in the U.S. economy, ... The European economy is slowing, but the deceleration is going to be much quicker and harder in the U.S.
bad becoming conditions few main message recovery
The main message here is that the recovery is becoming more fragmented. (But) we should not be misled by a few bad numbers. The conditions are in place for some recovery in the first part of this year.
allowed china currency pressure surprise
It's no surprise that the pressure is back on. At the end of the day, China allowed their currency to appreciate, but because they did so only marginally, there is disappointment elsewhere.
balanced both claim clearly debate sides sure time winner
It was much more balanced than the first debate which Berlusconi clearly lost. This time I think there was no clear winner and I'm sure both sides will claim victory.