{"id":5493,"date":"2012-09-18T01:54:48","date_gmt":"2012-09-18T05:54:48","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=5493"},"modified":"2012-09-18T01:54:48","modified_gmt":"2012-09-18T05:54:48","slug":"europes-balance-of-payments-account-shows-sizeable-portfolio-inflow","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/","title":{"rendered":"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow"},"content":{"rendered":"<p>By Marc Chandler<\/p>\n<blockquote><p>Look at the turn around in the current account. In the 12-months through July, the euro area recorded a seasonally adjusted cumulative current account surplus of almost 63 bln euros, which is about 0.7% of the region\u2019s GDP. The comparable figure in the 12-months through July 2011 was a deficit of a little more than 22 bln euros&#8230;.<\/p>\n<p>The weakness of the euro area economies has slowed imports and several countries, including some in the periphery, have seen a pick up in exports. Growth differentials probably is the more significant explanation, but we do recognize that from last November through July, the euro had declined about 10% on a trade-weighted basis&#8230;&#8230;<\/p>\n<p>While the current account is intuitively clear, the financial account is surprising. As the euro was falling in July to multi-year lows, talk circulated of capital flight. Yet, the financial account showed a net inflow of 18 bln euros of combined portfolio and direct investment.<\/p><\/blockquote>\n<p>via <a href=\"http:\/\/www.alsosprachanalyst.com\/economy\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow.html?utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+AlsoSprachAnalyst+%28Also+sprach+Analyst+%28Main%29%29\">Europe\u2019s Balance of Payments account shows sizeable portfolio inflow<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Marc Chandler Look at the turn around in the current account. In the 12-months through July, the euro area recorded a seasonally adjusted cumulative current account surplus of almost 63 bln euros, which is about 0.7% of the region\u2019s GDP. The comparable figure in the 12-months through July 2011 was a deficit of a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Europe\u2019s Balance of Payments account shows sizeable portfolio inflow&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33],"tags":[571,927,1292,1305],"class_list":["post-5493","post","type-post","status-publish","format-standard","hentry","category-uk-europe-countries-regions","tag-capital-account","tag-current-account","tag-euro","tag-eurozone"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Europe\u2019s Balance of Payments account shows sizeable portfolio inflow - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow - the patient investor\" \/>\n<meta property=\"og:description\" content=\"By Marc Chandler Look at the turn around in the current account. In the 12-months through July, the euro area recorded a seasonally adjusted cumulative current account surplus of almost 63 bln euros, which is about 0.7% of the region\u2019s GDP. The comparable figure in the 12-months through July 2011 was a deficit of a &hellip; Continue reading &quot;Europe\u2019s Balance of Payments account shows sizeable portfolio inflow&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:author\" content=\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\" \/>\n<meta property=\"article:published_time\" content=\"2012-09-18T05:54:48+00:00\" \/>\n<meta name=\"author\" content=\"Colin Twiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Colin Twiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/\"},\"author\":{\"name\":\"Colin Twiggs\",\"@id\":\"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454\"},\"headline\":\"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow\",\"datePublished\":\"2012-09-18T05:54:48+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/\"},\"wordCount\":175,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#organization\"},\"keywords\":[\"capital account\",\"current account\",\"Euro\",\"Eurozone\"],\"articleSection\":[\"UK &amp; Europe\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/\",\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/\",\"name\":\"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow - the patient investor\",\"isPartOf\":{\"@id\":\"https:\/\/thepatientinvestor.com\/#website\"},\"datePublished\":\"2012-09-18T05:54:48+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thepatientinvestor.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thepatientinvestor.com\/#website\",\"url\":\"https:\/\/thepatientinvestor.com\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.\",\"sameAs\":[\"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/\",\"https:\/\/www.instagram.com\/colin_thepatientinvestor\",\"https:\/\/au.linkedin.com\/in\/colintwiggs\"],\"url\":\"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow - the patient investor","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow - the patient investor","og_description":"By Marc Chandler Look at the turn around in the current account. In the 12-months through July, the euro area recorded a seasonally adjusted cumulative current account surplus of almost 63 bln euros, which is about 0.7% of the region\u2019s GDP. The comparable figure in the 12-months through July 2011 was a deficit of a &hellip; Continue reading \"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2012-09-18T05:54:48+00:00","author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow","datePublished":"2012-09-18T05:54:48+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/"},"wordCount":175,"commentCount":0,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"keywords":["capital account","current account","Euro","Eurozone"],"articleSection":["UK &amp; Europe"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/","name":"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"datePublished":"2012-09-18T05:54:48+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2012\/09\/18\/europes-balance-of-payments-account-shows-sizeable-portfolio-inflow\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Europe\u2019s Balance of Payments account shows sizeable portfolio inflow"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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He co-founded Incredible Charts and writes the popular Trading Diary and Patient Investor newsletters. Using a top-down approach, Colin identifies key macro trends in the global economy before evaluating selected opportunities using a combination of fundamental and technical analysis. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events. He founded PVT Capital (AFSL No. 546090) in May 2023, which offers investment strategy and advice to wholesale clients.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-1qB","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":1365,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/17\/rob-parenteau-blinded-by-faith-sinking-the-eurozone-naked-capitalism\/","url_meta":{"origin":5493,"position":0},"title":"Rob Parenteau: Blinded by Faith \u2013 Sinking the Eurozone \u00ab naked capitalism","author":"ColinTwiggs","date":"October 17, 2011","format":false,"excerpt":"Policy makers in the [euro-zone] core believe in the sustainability of export led growth strategies. Keynes warned about this in the last piece he published before his death. If the reserves earned by current account surplus nations like Germany, Austria, etc. are not reinvested in productive capital equipment and structures\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":346,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/08\/20\/new-economic-perspectives-are-we-approaching-the-endgame-for-the-euro\/","url_meta":{"origin":5493,"position":1},"title":"New Economic Perspectives: ARE WE APPROACHING THE ENDGAME FOR THE EURO?","author":"ColinTwiggs","date":"August 20, 2011","format":false,"excerpt":"[The] core problem at the heart of the euro zone is NOT a problem of \u201cMediterranean profligacy\u201d. Many people, particularly in Germany, express the view that the Italian, Greek or Portuguese governments (and by association their people) are to blame for this crisis \u2013 accessing cheap loans from Northern European\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1055,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/28\/frau-merkel-it-really-is-a-euro-crisis-ambrose-evans-pritchard\/","url_meta":{"origin":5493,"position":2},"title":"Frau Merkel, it really is a euro crisis \u2013 Ambrose Evans-Pritchard","author":"ColinTwiggs","date":"September 28, 2011","format":false,"excerpt":"The reason this crisis keeps grinding ever deeper is because the euro itself is a machine for perpetual destruction. The currency is fundamentally warped and misaligned. It spans a 30pc gap in competitiveness between North and South. Intra-EMU current account deficits have become vast, chronic, and corrosive. Monetary Union is\u2026","rel":"","context":"In &quot;UK &amp; Europe&quot;","block_context":{"text":"UK &amp; Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":23011,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/12\/02\/are-we-headed-back-to-a-gold-standard\/","url_meta":{"origin":5493,"position":3},"title":"Are we headed back to a Gold standard?","author":"Colin Twiggs","date":"December 2, 2020","format":false,"excerpt":"Gavekal Research put up an excellent chart which highlights the changing situation between the Fed\/US Treasury and foreign central banks: The US has been able to run current account deficits for decades without any significant effect. .....Put succinctly: the US has long been the only country able to settle its\u2026","rel":"","context":"In &quot;Debt Levels&quot;","block_context":{"text":"Debt Levels","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/debt-levels\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2556,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/12\/06\/frbsf-economic-letter-asset-price-booms-and-current-account-deficits-2011-37-1252011\/","url_meta":{"origin":5493,"position":4},"title":"FRBSF Economic Letter: Asset Price Booms and Current Account Deficits","author":"ColinTwiggs","date":"December 6, 2011","format":false,"excerpt":"Just as the United States was not the only country posting a large current account deficit, so too it was not the only country that experienced asset price booms. Figure 2 shows that countries with large current account deficits in 2006 also tended to have larger house price increases. Of\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11751,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/04\/29\/us-current-account-haemorrhage\/","url_meta":{"origin":5493,"position":5},"title":"US current account haemorrhage","author":"ColinTwiggs","date":"April 29, 2015","format":false,"excerpt":"Further to last week's post on the US-Asia trade imbalance, here is the impact on the US current account (seasonally adjusted annual rate) over the last two decades. The last quarter shows reversal to an annual deficit greater than $500 billion. The deficit remains at 3 percent of nominal GDP.\u2026","rel":"","context":"In &quot;China &amp; HK&quot;","block_context":{"text":"China &amp; HK","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/china-hk\/"},"img":{"alt_text":"US Current Account","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2015\/2015-04-29-current.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=5493"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/5493\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=5493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=5493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=5493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}