Commodities Update Investor sentiment towards commodities tanks Broad-based weakness saw industrial commodity price indices slip between mid-June and mid-July. The S&P GSCI agriculture index bucked the trend, although it too has eased back recently. What’s more... 22nd July 2015 · 1 min read
Metals Data Response Global Steel Production (Jun. 15) World Steel Association (WSA) data for June show a 2.4% y/y decline in global steel output, with falls in most of the largest producers. 22nd July 2015 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude stocks rose last week as another unseasonal increase in commercial inventories was complemented by an addition to the Strategic Petroleum Reserve. 22nd July 2015 · 1 min read
China Activity Monitor Economy was gaining momentum at end of Q2 Our China Activity Proxy (CAP) points to growth being markedly slower than the official figures show. That said, it supports the view that growth stabilised in Q2 and that policy support has recently... 22nd July 2015 · 1 min read
Commodities Outlook Crisis = opportunity? Sentiment towards commodities as an asset class has rarely, if ever, been more negative. This is understandable given the persistent weakness of prices and the headwinds on both the demand and supply... 22nd July 2015 · 1 min read
Asia Economics Update Drought adds to Thailand’s economic headwinds A severe drought in Thailand is hurting its agricultural sector and adding to the country’s economic woes. Rising downside risks to growth will increase pressure on the Bank of Thailand (BoT) to... 21st July 2015 · 1 min read
Global Markets Outlook Grexit or not – euro-zone equities should shine We expect the US FOMC to tighten policy faster and further than most envisage and think this will drive both the dollar and US Treasury yields higher. By contrast, we expect the yields of governments... 21st July 2015 · 1 min read
Middle East & North Africa Economics Update Growth in Saudi Arabia accelerates further on back of oil sector Our GDP Tracker suggests that growth in Saudi Arabia accelerated further, to around 5.5% y/y in May, supported by strong growth in the oil sector. But with Iranian oil likely to return to the market... 21st July 2015 · 1 min read
Commodities Update China’s corn and wheat imports surge in June China’s imports of agricultural commodities were generally strong in June, suggesting a pick up in underlying demand. However, opportunistic buying due to lower prices is likely to have been a factor... 21st July 2015 · 1 min read
Industrial Metals Update China's refined nickel imports finally take off Prices may be plumbing new lows, but the detailed Chinese trade data are pointing to some positive trends in metal demand. In particular, the surge in nickel imports in June suggests that the domestic... 21st July 2015 · 1 min read
Emerging Markets Trade Monitor EM exports nearing a trough Exports from emerging markets continued to be dragged down in May by the impact of low commodity prices and the strength of the US dollar. But as these effects start to unwind over the second half of... 21st July 2015 · 1 min read
Global Economics Update Too soon to sound the “all clear” on deflation Fears of a prolonged period of falling prices in advanced economies have eased over the past few months as both inflation and inflation expectations have rebounded. Nevertheless, the conditions under... 20th July 2015 · 1 min read
Precious Metals Update Gold to recover when higher US interest rates priced in We think that sentiment towards gold is now excessively negative. Nonetheless, given the difficulty in valuing an asset that pays no income and the importance of safe-haven demand, which is also... 20th July 2015 · 1 min read
Metals Data Response Global Aluminium Production (Jun. 15) According to the International Aluminium Institute (IAI), global aluminium production slipped by less than 1% m/m in June, but still grew by over 10% y/y in the first half. However, output in the... 20th July 2015 · 1 min read
Latin America Economics Update Mexico: the costs and benefits of a weaker peso The drop in the peso to a record low against the dollar in recent weeks has rekindled concerns about what impact this will have on Mexico’s economy. In practice, however, the economics of currency... 20th July 2015 · 1 min read
Commodities Weekly Commodities struggle as dollar dominates Losers again outweighed winners this week. Oil dropped in anticipation of the easing of sanctions on Iran, although the near-term prospects for prices may depend more on sentiment towards China and... 17th July 2015 · 1 min read
