Latest money supply data now out

  • 5.3% prev
  • M3 3-month average 5.0% vs 5.2% exp vs 5.1% prev
  • adj household lending +1.0% +0.9% prev
  • adj non-fin corp lending +0.4% vs prev

Money supply capping out which will concern the ECB but small rises in lending noted

Euro continues to dip

Elsewhere Italian hourly wages August mm -.0% vs +0.1% prev. YY +1.2% as prev