Spain ’s unemployment rate saw the biggest quarterly increase since the pandemic, in a rare setback for the euro area’s best-performing major economy. Joblessness was 10.83% in the three months through March, the statistics office said Tuesday. That’s a 0.9 percentage point jump from the previous quarter. The last time the rate rose that much was in 2020 when the Covid crisis struck. The negative ...
Spain ’s unemployment rate saw the biggest quarterly increase since the pandemic, in a rare setback for the euro area’s best-performing major economy. Joblessness was 10.83% in the three months through March, the statistics office said Tuesday. That’s a 0.9 percentage point jump from the previous quarter. The last time the rate rose that much was in 2020 when the Covid crisis struck. The negative jobs data stand in contrast to the resilience of the euro zone’s fourth-biggest economy, which has outperformed its euro-area peers in recent years as politicians embraced immigration to boost growth. The government put a brave face on the issue, with the Economy Ministry highlighting that this was the lowest reading for the first quarter since 2008. The three months through March are a traditionally weak period for Spanish employment, as they fall outside of the tourist season. That said, the quarterly decline in the number of people in work also was the biggest since 2020. Spain to Offer Legal Status to 500,000 Undocumented Migrants Spain’s Largest Cities Diverge Paths to Tackle a Housing Crisis Madrid’s Luxury Amenities Clash With the City’s Laid-Back Vibe
European stocks closed lower on Tuesday as strong gains in energy shares were tempered by inflation fears and a selloff in the tech sector. The Stoxx 600 was down 0.4% in London by the close and tested its 50-day moving average, a key technical support level. Tech shares came under pressure after a Wall Street Journal report said OpenAI failed to meet targets for new users and revenue. The Stoxx 6...
European stocks closed lower on Tuesday as strong gains in energy shares were tempered by inflation fears and a selloff in the tech sector. The Stoxx 600 was down 0.4% in London by the close and tested its 50-day moving average, a key technical support level. Tech shares came under pressure after a Wall Street Journal report said OpenAI failed to meet targets for new users and revenue. The Stoxx 600’s tech subindex dropped 1.8%, the worst-performing sector, dragged lower by semiconductor and AI-exposed names including BE Semiconductor Industries NV, ASM International NV and ASML Holding NV. BP Plc advanced 1.1% after earnings beat estimates, with strong trading and downstream performance boosting profits. Other energy names, including Shell Plc and TotalEnergies SE, climbed higher as Brent crude rose above $111 a barrel. “Oil is more likely to act as a volatility amplifier,” said Amanda Lyons, head of research at Energy Group Capital. “It moves back to the center of the market if elevated prices persist long enough to feed into inflation, margins and policy expectations.” In other results, Barclays Plc slid as much as 4.3% as additional provisions and a roughly £200 million impairment overshadowed what analysts described as solid underlying results. Wartsila OYJ Abp fell 6.0% as concerns around its energy division offset an overall beat. European earnings are on track to rise 2.8% this quarter from a year earlier, broadly in line with analyst estimates, according to data compiled by Bloomberg Intelligence. Investors are on edge ahead of ECB and BOE meetings this week, awaiting signals on the policy outlook. On Tuesday, the ECB’s monthly consumer survey showed a jump in euro-area inflation expectations last month. “Sentiment is fragile, and a lingering geopolitical overhang means we believe markets will remain acutely sensitive to any hawkish policy signal or earnings miss,” said Altaf Kassam , European head of investment strategy and research at State Street Investm...
monsitj/iStock via Getty Images The US stock market is historically overvalued, posing a major potential risk to investors at large. The extent of the bubble is illustrated by Warren Buffett's favorite valuation risk measure, total stock market value to GDP. It just reached a new high, 228%, 59% higher than it was at the peak of the Internet boom in 2000! What Could Cause a Crash? We see three cat...
monsitj/iStock via Getty Images The US stock market is historically overvalued, posing a major potential risk to investors at large. The extent of the bubble is illustrated by Warren Buffett's favorite valuation risk measure, total stock market value to GDP. It just reached a new high, 228%, 59% higher than it was at the peak of the Internet boom in 2000! What Could Cause a Crash? We see three catalysts at play simultaneously: Inflation - An oil supply shock caused by the Iran war on top of a metals supply cliff due to years of underinvestment in mining exploration and development A.I. Bust - Corporate cash flow and profit destruction from A.I. malinvestment Monetary tightening - On the heels of Jay Powell's Quantitative Tightening ("QT"), see the downturn from 2022 in the chart below, incoming Fed chair, Kevin Warsh, plans to reduce the central bank's balance sheet even more. Never mind that Powell has already started Quantitative Easing ("QE") again. See the 2026 turn-up in the chart. The Fed has been buying Treasury-Bills and calling this new QE "reserve management purchases" or RMPs, not QE. Don't be fooled. It's money printing and a clear indication that the current Fed believes the financial markets need this lubrication. Warsh does not agree. Each of these drivers has historic parallels including: The oil supply shocks that preceded the 1973-74 and 2008 busts The Internet capex spending frenzy that drove the 2001 tech bust The Fed tightening that led to and exacerbated the Great Depression But Crescat, Stocks Always Go Up! This chart is a reminder that the S&P 500 goes down too, sometimes a lot. The numbers show the max drawdowns of the four biggest bear markets in the index's history. It's been almost 97 years since the start of the biggest one to date. The red shaded areas show that amount of time the market spends recovering from a drawdown, just to get back to its prior high. From all-time highs in price, combined with historic high fundamental valuations...
NATO Minus US: European Militaries Won't Add Up To Deter Russia Authored by John Haughey via The Epoch Times (emphasis ours), The North Atlantic Treaty Organization’s European nations would need to bolster standing militaries by at least 300,000 troops and significantly boost defense spending beyond 3.5 percent of gross domestic product - at least 250 billion euros - while reviving and integrating...
NATO Minus US: European Militaries Won't Add Up To Deter Russia Authored by John Haughey via The Epoch Times (emphasis ours), The North Atlantic Treaty Organization’s European nations would need to bolster standing militaries by at least 300,000 troops and significantly boost defense spending beyond 3.5 percent of gross domestic product - at least 250 billion euros - while reviving and integrating their industrial base to defend themselves against Russia without the United States. And they’d need to do that fast, according to a 2025 joint analysis by European think tanks Bruegel and the Kiel Institute for World Economy. They warn that even with 80,000 American soldiers and airmen stationed on 30 bases on the continent—and the United States’ capacity to rapidly deploy forces—Moscow will test NATO’s resolve “within three to 10 years.” The once-inconceivable prospect of the United States withdrawing from NATO is now a possibility. President Donald Trump—never a fan of the 32-nation coalition the Pentagon has spearheaded since 1949—has called for a “very serious examining” of the alliance, after its members failed to respond to his appeal to assist in the Iran war or join the U.S. Navy’s Arabian Sea blockade of Iranian shipping. Trump has vowed Europeans could face a “ reckoning ” without American leadership and support. Such a departure would require unlikely congressional approval, but the president’s statements are sparking discussion on both sides of the Atlantic about a restructuring of the alliance that would require Europeans to shoulder more of NATO’s burden. As widely reported, European allies are actively discussing and preparing for a “NATO minus U.S.” scenario . The idea originated in response to Trump’s demand for Europeans to bulk up support for Ukraine in fighting off Russia’s invasion, his threats to seize Greenland from Denmark, and his characterization of member states as “ cowards ” unlikely to uphold NATO’s commitments. While Americans have questione...
TDK Corporation press release ( TTDKY ): FY GAAP EPS of ¥102.97. Revenue of ¥2504.82B (+13.6% Y/Y). More on TDK Corporation Seeking Alpha’s Quant Rating on TDK Corporation Historical earnings data for TDK Corporation Financial information for TDK Corporation
TDK Corporation press release ( TTDKY ): FY GAAP EPS of ¥102.97. Revenue of ¥2504.82B (+13.6% Y/Y). More on TDK Corporation Seeking Alpha’s Quant Rating on TDK Corporation Historical earnings data for TDK Corporation Financial information for TDK Corporation
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. On today's show, the Bank of Japan has held its benchmark interest rate, but the shock split vote raises the chance of a hike in June. Three policymakers voted to raise rates, as risks mount from the war in Ir...
Bloomberg Daybreak Europe is your essential morning viewing to stay ahead. Live from London, we set the agenda for your day, catching you up with overnight markets news from the US and Asia. On today's show, the Bank of Japan has held its benchmark interest rate, but the shock split vote raises the chance of a hike in June. Three policymakers voted to raise rates, as risks mount from the war in Iran and surging energy prices. The Bank also raised its core inflation forecast for this fiscal year more than expected, to 2.8%. The German Chancellor Friedrich Merz says the US is being 'humiliated' by Iran, as President Trump struggles to negotiate an end to the war. And UK Prime Minister Keir Starmer is facing a possible investigation into whether he misled Parliament about the appointment of Peter Mandelson as US ambassador. Today's guest: Frédérique Carrier, RBC Wealth Management, Investment Strategy UK & Asia Head (Source: Bloomberg)