French unemployment hits record high
Italian unemployment hits record high
Oil’s price falls by $10.36/bbl, or 13.5%, in a single day, to its lowest price since 2010.
Copper falls by 6% to $2.86/lb, 25% below its 2013 high.
European bond yields fall to record lows. Even Italy, with government debt exceeding 130% of GDP, can now borrow for around 2%. Japan, meanwhile, issues bonds with negative interest rates.
As Prudent Bear’s Doug Noland put it his November 28 Credit Bubble Bulletin, “Collapse of the ‘global reflation trade’ runs unabated. Where might contagion strike next?”
European inflation approaches zero, with several member states apparently already in deflation.
Chinese malinvestment, a topic of conversation ever since those ghost city pictures started circulating, is pegged at $6.8 trillion, or about 70% of China’s entire economy.