40 years ago, the vast majority of the British people were in favour of joining the European Economic Community. 67% voted in favour, in the 1975 referendum to confirm the UK’s entry. Virtually all mainstream politicians were in support, with only the left-wing of the Labour Party strongly anti on the grounds that it was […]
Tag Archives | Eurozone
Slowly, but surely, a UK vote to leave the European Union is becoming more likely. In any referendum, the Yes campaign (in this case called Remain) have to argue a positive case. But this is not happening in the UK – and the vote is less than 3 months away. Unsurprisingly, therefore, as the poll […]
Most traders prefer to be with the crowd – then, at least, they can’t be personally blamed if things go wrong. Instead, they can claim that “nobody could have seen the change coming”. So as we approach year-end, many traders are becoming very nervous as the Great Unwinding of policymaker stimulus means that markets start […]
The chemical industry continues to be the best leading indicator we have for the global economy. Whilst stock markets were continuing to move higher during H1, its depressed level of capacity utilisation was signalling that the economy was far more fragile than generally realised. Company results for Q2 reflect this concern. Of course some, tied […]
“We should not forget the historic nature of what is at stake. “Its about whether a country can leave the euro zone and what that means for the future of an incomplete and flawed European Monetary Union. “Its about whether there may soon be a failed state in southeastern Europe with all the geopolitical consequences […]
This morning, Greece introduced capital controls. People can only withdraw €60/day ($65) from their bank accounts. The government has also called a referendum on Sunday, after Eurozone talks on a new bailout package collapsed. The key issue is that Greece will never be able to repay its debts. These are currently estimated at €322bn ($365bn) […]
More and more commentators are beginning to recognise that deflation is becoming inevitable in many major economies: China’s producer prices fell -4.3% last month, and its consumer prices rose just 0.8% Eurozone consumer prices fell in December to -0.2%, and are likely to have fallen further in January US prices rose just 0.8% in December and are […]
We all learnt one crucial lesson from Syriza’s victory in the Greek election last week - voters can halt the European Central Bank (ECB). Or in other words, protest coalitions can trump elite consensus. In places like Spain and France, this effect may not work through immediately, but it is being absorbed. Thus Greece and the Eurozone crisis […]
The world is about to be hit by a demand shock equivalent to 1973′s supply shock. Yet, astonishingly, most commentators remain so focused on central bank activity, that they have completely missed what is happening. Here’s how it is playing out. You may remember the ‘The pH Report‘ forecast in early December that: “Oil prices […]
We are now two-thirds of the way through 2014, and critical decisions are looming for companies and investors. Do they give central banks one more chance to stimulate growth? And are they prepared to trust policymakers to avoid a major geopolitical crisis in the Ukraine? Or do they decide that ‘enough is enough’, and that […]
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Paul Hodges is Chairman of International eChem, trusted commercial advisers to the global chemical industry.
The aim of this blog is to share ideas about the influences that may shape the chemical industry over the next 12 – 18 months. It will try to look behind today’s headlines, to understand what may happen next in important issues such as oil prices, economic growth and the environment. We may also have some fun, investigating a few of the more offbeat events that take place from time to time. Please do join me and share your thoughts.
Between us, we will hopefully develop useful insights into the key factors that will drive the industry's future performance.