The continued stickiness of euro-zone services inflation means that the ECB is likely to keep cutting interest rates only slowly even as the economic outlook remains poor.

The fall in Swiss inflation in December suggests that the SNB’s decision to cut by a bumper 50bp in December was fully justified. We think the SNB will cut the policy rate by a further 25bp at its...

Data for Germany and Spain suggest euro-zone inflation was higher than expected in December. However, we still think that inflation is likely to undershoot the ECB’s forecasts later this year causing...

December’s batch of PMIs declined for the most part across the Gulf but we doubt that the strength of non-oil activity will be sustained in 2025, particularly in Saudi Arabia and Kuwait. Elsewhere...