Surprise #4 - Eurozone M3 Rises

26th November - Surprise Value 7.4 / 10

What Happened? 

Why It Matters?  

What Happens Next?  

• Eurozone Oct Money M3 Surprises +5.3% yoy
• Monthly Movt is 1.4SDs Above Historic Seasonal Trends
• M1 up 11.8% yoy and 0.4SDs Above Trend, M2 up 5.4% and 0.21SDs Above Trend
• M3 Key Driver: Monetary Institutions’ Liabilities to General Govt up 29.5% yoy (vs +11.8% in Sept)
• Other M3 Drivers: Money Market Shares +10.2% yoy, Bond Holdings +8.4%
• Credit Growth +2.3% yoy, with Credit to Govt +6.9%, Credit to Private Sector +0.9%