Economic Commentary and Market Views by Daniel Lacalle
Spain’s economic miracle is less impressive per person, Daniel Lacalle argues
Spain’s economy is being described as a “miracle,” but Daniel Lacalle, Chief Economist / Investment Manager at Tressis Gestion, argues the perception does not match reality. He states that ...
Daniel Lacalle: Burnham budget adds higher taxes and modest growth forecast
The latest UK budget introduces an additional 2 percentage points in taxes on savings and rental income, along with a 3-point bank surcharge, and sets the growth forecast at just 1% next year. ...
Closing a capital account results in lost reserve status and credit access, Daniel Lacalle warns
Daniel Lacalle, identified as chief economist and investment manager at Tressis Gestion, described that merely closing a country's capital account can result in severe financial consequences. ...
Daniel Lacalle: Brazil bond yields post fastest rise in months after Lula claims victory
Brazil's bond yield has experienced the fastest rise in months following Luiz Inácio Lula da Silva's claimed victory, according to a post by Daniel Lacalle, Chief Economist and Investment Manager ...
France crisis sparks fresh euro debt risks, Daniel Lacalle writes
France is facing a crisis that is triggering renewed worries over eurozone debt, according to Daniel Lacalle, Chief Economist and Investment Manager at Tressis Gestion. Lacalle also suggested that ...
Daniel Lacalle: Central banks to prioritize sovereign debt over price stability
Daniel Lacalle, Daniel Lacalle, stated that central banks will once again prioritize saving the sovereign debt bubble rather than maintaining price stability. Lacalle further argued that fiscal ...
Debt under excessive deficit protocol remains below net debt, Daniel Lacalle notes
Debt classified according to the excessive deficit protocol is substantially lower than issued net debt and total public sector liabilities. Daniel Lacalle, Chief Economist and Investment Manager ...
Daniel Lacalle: Argentina trade surplus up 217 percent in September
Argentina’s trade surplus rose 217 percent year-on-year in September, marking the country’s 34th consecutive month of surplus. The combined volume of exports and imports for the month ...
ECB move on sovereign yields led to shared risk, Daniel Lacalle notes
The European Central Bank's strategy to align member nation sovereign bond yields spread risk rather than reducing it, as revealed by the recent French crisis. Daniel Lacalle, Chief Economist and ...
Daniel Lacalle: Bond yields rise as ECB's Lagarde addresses inflation concerns
Bond yields are rising amid ongoing bond selloffs, a situation that reflects concerns about persistent inflation and fiscal unsustainability. European Central Bank President Christine Lagarde said ...
U.S. industry outperforms as output rises in September, Daniel Lacalle notes
U.S. industrial production increased by 0.7% in September, exceeding the 0.4% rise that had been forecast. Manufacturing output grew 0.3%, while capacity utilization reached 76.9%, also beating ...
Daniel Lacalle: Interventionist policies rely on printing money amid deflation and inflation claims
Daniel Lacalle, Daniel Lacalle of Tressis Gestion, described interventionist policy responses as repeatedly turning to money printing, regardless of whether the stated risk is deflation or ...
Gold purchases aid yuan globalization, CNBC notes
A surge in gold buying is helping the yuan become more globally recognized, according to CNBC's The China Connection newsletter. Daniel Lacalle, chief economist and investment manager at Tressis ...
Daniel Lacalle: China debt interest costs now exceed U.S. levels as budget strain grows
China's interest costs on debt have surpassed those of the U.S. and are rising faster than any other budget category, as the government seeks to support growth. Nineteen percent of Beijing's ...
China external sector outperforms despite weak demand, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights that recent data from China point to sluggish domestic demand but significantly stronger growth in the ...
Daniel Lacalle: Argentina central bank posts positive result from gold holdings
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, reports that Argentina's central bank has achieved a positive result due to its gold holdings. The development is ...
Oil rebound loses steam amid ample supply, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, reports that oil's recent bounce has been short-lived. He points to fading geopolitical risk concerns and continued ...
Daniel Lacalle: France National Rally targets €140 billion savings by 2032
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights that France’s National Rally party is proposing €140 billion in net savings by 2032 relative to 2026. The ...
Spain struggles to close GDP gap with EU despite large stimulus, Daniel Lacalle argues
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, states that Spain has failed to achieve convergence in GDP per capita with the EU average during Sánchez's tenure as ...
Daniel Lacalle: Iran faces accelerating economic collapse with inflation near 90 percent
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, highlights accelerating economic deterioration in Iran. According to Lacalle, Iran is experiencing nearly 90 percent ...
U.S. participation rate climbs while government payrolls decline, Daniel Lacalle notes
Daniel Lacalle, chief economist and investment manager at Tressis Gestion, reports that the U.S. participation rate continues to increase, reaching 61.8 percent after a 20 basis point rise in the ...
