{"id":2887,"date":"2009-10-27T14:30:08","date_gmt":"2009-10-27T14:30:08","guid":{"rendered":"https:\/\/mmm.9dotdigital.ca\/?p=2887"},"modified":"2025-03-27T15:48:56","modified_gmt":"2025-03-27T15:48:56","slug":"eurozone-corporate-liquidity-still-improving","status":"publish","type":"post","link":"https:\/\/mmm.9dotdigital.ca\/?p=2887","title":{"rendered":"Eurozone corporate liquidity still improving"},"content":{"rendered":"<p>Eurozone broad money M3 slowed further in September &ndash; annual growth fell to 1.8% from 2.6% in August while M3 rose by just 0.8% annualised over the last three months. As in other major countries, however, headline broad money numbers probably understate monetary support for an economic recovery.<\/p>\n<p>A key reason for a more hopeful view is the continued strength of narrow money M1 &ndash; up by 12.8% in the year to September and by 16.9% annualised over the last three months.<\/p>\n<p>Secondly, the M3 slowdown has been exaggerated by weakness in financial companies&#8217; money holdings &ndash; less likely to be reflected in spending decisions. M3 held by households and non-financial corporations rose by an annual 5.0% in September, well above the 1.8% headline rate.<\/p>\n<p>Thirdly, the non-financial corporate liquidity ratio &ndash; M3 deposits divided by bank loans of less than five years&#8217; maturity &ndash; continues to recover rapidly, suggesting improving prospects for business spending. This echoes trends in other major economies &ndash; see chart. (The UK publishes September monetary data on Thursday.)<\/p>\n<p><span class=\"full-image-block ssNonEditable\"><span><img decoding=\"async\" src=\"\/storage\/graphs\/corp-liq271009.gif?__SQUARESPACE_CACHEVERSION=1256654428146\" alt=\"\" \/><\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Eurozone broad money M3 slowed further in September &ndash; annual growth fell to 1.8% from 2.6% in August while M3 rose by just 0.8% annualised over the last three months. As in other major countries, however, headline broad money numbers probably understate monetary support for an economic recovery. A key reason for a more hopeful [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2887","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2887"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2887\/revisions"}],"predecessor-version":[{"id":5196,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2887\/revisions\/5196"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}