We'll be discussing the outlook for UK fiscal policy and the wider economy shortly after the Chancellor's Spending Review is released in a 20-minute online Drop-In at 3pm BST on Wednesday 11th June. (Register here .) The strong start to the year shouldn’t …
4th June 2025
Note: we will be discussing oil, industrial metals tariffs, and more in an online briefing on Wednesday 4th June at 3pm BST. You can register here . Pressure picks up in commodity markets OPEC+’s announcement that it will continue to add oil to the market …
China Chart Pack (May. 25) …
30th May 2025
All-property capital values edged up by 0.1% in Q1, marking the first increase since mid-2022. Meanwhile, appraisal-based cap rates were flat after compressing by a slight margin in Q4 2024. We still believe appraisals have further to fall given the …
The latest data confirm that the world economy got off to a weak start this year. World trade has been one bright spot, as firms attempt to front-run tariffs. But business surveys have softened, and falling consumer confidence bodes ill for domestic …
29th May 2025
Although continued trade tensions have heightened economic uncertainty, they have had only a modest impact on consumer and business sentiment in the Antipodes. Indeed, we think the Australian economy will grow at around its trend rate over the coming …
We suspect most of the recent weakness in housing demand and prices is due to the temporary influence of the rise in stamp duty on 1st April rather than any longer-lasting influence from the softer outlook for the UK economy. This supports our view that a …
The early evidence suggests that EM exports have held up well, despite higher US tariffs. That’s partly because exporters have front-loaded shipments to the US or have avoided high tariffs via third countries. So long as this remains the case, we expect …
28th May 2025
Africa Chart Pack (May. 2025) …
We doubt that the region’s strong start to the year will be sustained given the backdrop of lower commodity prices, tight policy and, in Mexico’s case in particular, uncertainty around US trade policy. Despite the recent dovish shift by many of the …
27th May 2025
Our View: The economies of Central and Eastern Europe have lost momentum over the course of 2025 and, while the region is relatively insulated from US tariffs, the risks to our growth forecasts have generally shifted lower this month. Some central banks …
22nd May 2025
India’s economy is emerging from its soft patch. Headline CPI inflation should remain close to the RBI’s 4% target over the coming months, enabling the central bank to continue easing monetary policy. We’re expecting a further 50bp of cuts to the repo …
A tariff-driven resurgence in inflation will likely keep the Fed from cutting this year, keeping mortgage rates near 7.0%. Some relief may come in 2026 and 2027 as rates drop back to 6.5%. Nonetheless, with affordability still stretched, we expect …
Asia Chart Pack (May 2025) …
Europe Commercial Property Chart Pack (Q2 2025) …
The near-term outlook for Canada is a little bleak. After a solid first quarter, we expect GDP growth to be muted as the imposition of US tariffs and risk of more to come weighs on exports, consumer spending and investment. Employment is likely to decline …
21st May 2025
We assume that the 90-day pause on reciprocal tariffs will become permanent, keeping tariffs at 10% for most countries except China, which will face a steeper 40% levy. A recession should be avoided, provided Congress can quickly redirect the tariff …
20th May 2025
The decision by OPEC+ to follow up May’s faster rise in oil production with a similar increase in June suggests a change in tack on oil policy towards recapturing market share. This will provide a boost to GDP growth in 2025 and 2026 via higher output in …
15th May 2025
Japan’s economy won’t be affected much by global trade tensions. While the Bank of Japan has signaled a pause in its tightening cycle, we think the Board is underestimating the strength of inflationary pressures. We still expect another rate hike in July …
14th May 2025
Euro-zone GDP expanded at a decent pace in Q1 but that was partly due to temporary tariff front-running effects. And while higher defence and infrastructure spending will support euro-zone GDP growth late this year and in 2026, the boost will be smaller …
9th May 2025
Downside risks from OPEC+ and Trump crystalise OPEC+’s announcement that it will pick up the pace of oil output increases for the second consecutive month in June helped to push oil prices to four-year lows. This represents a marked shift in policy from …
8th May 2025
Although our base case remains that the hit to UK GDP growth from US tariffs will be relatively small, the downside risks to our below consensus forecast for GDP growth of 0.8% in 2025 have increased. And the growing likelihood that the influence of US …
7th May 2025
Asia Chart Pack (April 2025) …
30th April 2025
China Chart Pack (Apr. 25) …
29th April 2025
India’s economy is emerging from its recent soft patch. Headline CPI inflation should remain close to the RBI’s 4% target over the coming months, enabling the central bank to continue easing monetary policy. We’re expecting a further 50bp of cuts to the …
US import tariffs have largely focused on China. For some EMs (such as India and South East Asia), this creates near-term opportunities to take US market share from China. But there will be offsetting effects if confidence has been hit. And EM commodity …
28th April 2025
Our View: The economies of Central and Eastern Europe are generally less exposed to higher US tariffs than other EM regions, but we have still become more concerned about the hit to growth this year from US trade protectionism. Alongside signs that wage …
24th April 2025
The latest data suggest that the world economy got off to a weak start in 2025 even before most tariffs were implemented. While tariff front-running provided a boost to global industrial activity and exports to the US in Q1, this should soon fade. …
At first glance, Australia and New Zealand should be fairly insulated from the brunt of the US’s ongoing trade war. Both countries have small manufacturing sectors, export little to the US and haven’t been hit with high US tariffs. That said, second-round …
We are assuming that the 90-day pause on reciprocal tariffs becomes permanent, keeping tariffs at 10% for most countries except China which will face a steeper 60% levy. If Congress quickly redirects the tariff revenue back into the economy, a recession …
23rd April 2025
UK commercial property is relatively well insulated from the direct impact of US tariffs, but a higher risk environment will drag on investment volumes. Yield compression will also be limited, and that means the recovery in all-property returns will be …
Global Commercial Property Chartpack (Q1 2025) …
17th April 2025
Middle East & North Africa Chart Pack (Apr. '25) …
16th April 2025
Africa Chart Pack (Apr. 2025) …
Latin America generally got off lightly on ‘liberation day’, but the indirect effects on confidence and, more importantly, demand from China could be larger. Meanwhile, the sell-off in the region’s currencies amid the recent turmoil in financial markets …
15th April 2025
Japan's economy will be hit less hard than many other large economies by the recent escalation of the trade war. While mounting uncertainty will keep the Bank of Japan on the sidelines for a few months, we expect the labour market to remain tight and …
Trump and OPEC+ cloud the outlook Commodity prices have been on a rollercoaster ride but, on net, many prices remain lower than before “Liberation Day”. In the coming months, our base case is that the 90-day pause on tariffs will be extended. That said, …
10th April 2025
While Canada escaped “liberation day” relatively unscathed, the imposition of US tariffs and risk of more to come will still weigh on exports, consumer confidence and investment. With immigration also plunging, we now expect GDP to expand by just 0.4% …
9th April 2025
Higher US tariffs will be a substantial drag on the euro-zone economy this year. Looser fiscal policy in Germany will give a small boost in 2026, but overall we expect the euro-zone to grow fairly slowly in the coming years. We also think that the tariffs …
Europe Chart Pack (April 2025) …
8th April 2025
The easing in house price growth in both February and March suggests momentum in the housing market is waning. What’s more, as we now think the Bank of England will press pause on the interest rate cutting cycle later this year, mortgage rates may fall a …
2nd April 2025
Our View: The economies of Central and Eastern Europe appear to have ended Q1 on a positive note, and Germany’s fiscal U-turn has improved prospects for regional export demand – we have recently revised up our GDP growth forecasts slightly for this year …
31st March 2025
Africa Chart Pack (Mar. 2025) …
China Chart Pack (Mar. 25) …
28th March 2025
With GDP growth set to struggle and inflation to remain low, central banks are likely to continue to cut interest rates over the coming months. Overall, we expect most central banks to cut rates by 50bps-200bps between now and the end of the year. US …
27th March 2025
The protectionist shift in the US will weigh heavily on Mexico’s economy, which at best might just eke out positive growth this year. The rest of the region is less exposed to tariffs, but tight policy and worsening terms of trade will weigh on growth, …
26th March 2025
The outlook for EM GDP growth appears increasingly challenging and our growth forecasts for this year generally sit below the consensus. Monetary easing will continue although, outside Asia, high inflation means that interest rate cuts will be smaller …
We think markets are too optimistic about Fed rate cuts this year, meaning the recent dip in mortgage rates is just a temporary respite. We expect rates to rebound to 7% and hover around that level throughout the rest of the year. There is still room for …
25th March 2025
Gilt yields should fall back this year, but with property looking somewhat overvalued we doubt that will trigger much in the way of yield compression. That means the recovery in all-property returns will be weak by past standards. Thanks to stronger …
21st March 2025
The latest data suggest that the world economy has made a relatively weak start to 2025. Activity in China has been soft so far this year amid a pullback in fiscal spending, while a surge in US imports due to tariff front-running appears to have caused US …
