It is not only reflected in the growth spreads to the Irish 10-year bonds relative to Germany's (above 460 bp), and the Irish Central Bank published data showed an increase in borrowing from local banks at 38%. This illustrates the concern of the ECB situation of certain institutions in relation to an unhealthy dependence on the central bank's offer of unlimited funding. Companies often hold more cash at the end of the year, so this trend in respect of borrowings from the ECB is unlikely to show some improvement before the end of the year, as companies on the periphery will suffer more than usual to get funding in the wholesale market.
A closer look at the data from the U.S. ISM. In addition to non-industrial index on Wednesday, it was the last key indicator before the start of a two-day Fed meeting. Under very strong headline total, hiding a surge in new orders to levels not seen since May-June this year. Orders for export are also soared to levels that were in May, according to ISM. Ultimately, these have created more uncertainty about the fate of the American economy, but the Fed is now looking at what the current status of risks will affect the economy in the future.
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