India’s better-than-expected economic performance in the first quarter has spurred hopes around prospects for the remainder of 2025 and beyond. How well positioned is the economy to continue outperforming in a global trade war? Is policy calibrated to …
4th June 2025
Latin America’s economies have proven surprisingly resilient through the first half of the year and the region’s financial markets have been among the world’s best performers. Can this continue over the second half of 2025? Following recent awards for …
12th June 2025
The tradition of gauging a president’s progress by their first 100 days began with FDR’s whirlwind start in 1933 – but it’s the opening stretch of Donald Trump’s second term that is proving one of the most consequential yet. From challenging norms around …
17th April 2025
The US-China trade war has put ‘friendshoring’ firmly back on the agenda. US tariffs on Chinese goods remain well above 100% – and are unlikely to fall significantly – creating opportunities for some emerging market economies while also adding new layers …
29th April 2025
Donald Trump’s turbulent tariffs rollout has rattled the global outlook – so what does it mean for emerging market risk? These economies could bear the brunt of the president’s toughest trade measures and signs are that some are already grappling with …
9th May 2025
What has the government done for the economy in its first year in office? And what will it do over the next four years? Ahead of Keir Starmer’s first anniversary as Prime Minister, our UK economists held this special online briefing all about the outlook …
20th June 2025
Argentina's President Javier Milei has made impressive progress in turning the economy around, but the key question now is whether these achievements can be sustained. Our EM team held this online briefing to discuss the work Milei still needs to do and …
6th March 2025
The shift in sentiment toward Europe – from deep pessimism to renewed optimism – has been striking. Germany’s fiscal pivot, falling inflation and interest rates, and rising real incomes stand in contrast to the White House’s chaotic policy rollout, and …
14th May 2025
The Chancellor’s Spending Review will set out the tough choices facing the UK government as it grapples with rising spending demands against a bleak economic outlook. How will it square these competing pressures? And will the government manage to keep the …
3rd June 2025
The escalation of tariffs by the US and China now threatens to rupture the flow of trade between the world’s two largest economies. In this special 30-minute briefing , our economists discussed the economic and market repercussions, with a particular …
8th April 2025
The chaos over US tariffs – and the subsequent fallout in financial markets – has raised fundamental questions about the role of the US dollar within the global economy and international financial system. Our senior economists addressed this and more …
16th April 2025
How should central banks calibrate policy in a time of acute global uncertainty? It’s a challenge that the Federal Reserve and Bank of England face at their upcoming May meetings, and one that our senior economists addressed in this online briefing on …
24th April 2025
We think the Swiss National Bank will cut interest rates by 50 basis points at its meeting on 19th June – taking the policy rate into negative territory for the first time since 2022. In this special preview of the June meeting our Europe and Markets …
Asia-Pacific is heading for its weakest commercial real estate recovery on record. That’s the key takeaway from our inaugural APAC Commercial Property Outlook and the focus of a special online briefing with our real estate economics team. In this session …
Five years on and the pandemic is continuing to impact real estate, influencing how we work, where we live and how we spend. But while some structural shifts are now better understood, there’s widespread uncertainty about how they are likely to develop …
Markets have received a boost from news that the US and China have agreed to a significant rollback of tariffs. But how durable is this agreement – and will it mark a real turning point in bilateral trade tensions? Senior economists held a special …
12th May 2025
South Korea’s snap presidential election comes at a critical juncture. Its next leader inherits an economy grappling with faltering domestic demand, an aging population and mounting pressure from a protectionist US administration. Will the election …
29th May 2025
With news of China’s retaliation to Donald Trump’s reciprocal tariffs deepening market misery, senior economists from our Global, China, Europe and Markets teams hosted this special briefing to gauge the size and scope of the global response to the …
4th April 2025
Will the federal election outcome bring any clarity to Germany’s existential economic and political questions? Could a new government usher in an era of more aggressive fiscal spending – including on defence – and structural reform? Will Germany's new …
7th February 2025
After last month’s shock postponement, South African Finance Minister Enoch Godongwana is finally expected to present a 2025 national budget on 12th March. But the ANC and DA have been arguing about fiscal plans, and we think Mr Godongwana faces a …
7th March 2025
Will the Fed remain on the sidelines in the face of dovish inflation data? How will the Bank of England react to fresh signs of a stagnating economy? How much further will the ECB go in cutting rates? Our senior economists reviewed the latest monetary …
11th June 2025
With no clear end to the fighting in sight, Russia’s war economy is under growing strain. Much tougher macro and market conditions loom following the recent period of overheating – but how bad could things get? What policy measures will be required by the …
18th June 2025
Australia’s 3rd May general election will take place against a backdrop of further Reserve Bank easing and an economy showing signs of having turned a corner. But how far will the RBA go to cut rates, and how could its strategy be influenced by the …
7th April 2025
China’s additional retaliatory tariff of 50% on US imports marks another worrying escalation in the trade war between the world’s two largest economies. In this special online briefing, our senior economists answered client questions and addressed key …
9th April 2025
We’d been warning for months about the supply risks to oil prices, so Saturday's OPEC+ decision to add 410,000 barrels per day from June wasn't surprising in that sense. Our Commodities team hosted this online briefing on where oil prices are now heading, …
25th April 2025
Our EM economists hosted this special briefing all about the economic outlook for Central and Eastern European economies. The team addressed the opportunities and risks that lie ahead for this region, including: The potential for the region’s economies to …
19th May 2025
A court ruling against the administration has thrown Trump’s flagship tariffs into legal uncertainty, potentially disrupting the White House’s efforts to levy duties on US trading partners and strike new trade deals. Is this just a temporary setback or a …
21st May 2025
Our Commodities team hosted this online briefing all about the latest price action across markets. During this 20-minute session, the team addressed key issues, including: The takeaways from the latest OPEC+ meeting; Which industrial metals markets are …
23rd May 2025
Consumption rebound looking shaky Growth in retail sales and wider consumer spending accelerated last quarter, buoyed by the consumer goods trade-in scheme and broader fiscal support. But this recovery appears to have stalled at the start of 2025. Both …
Fiscal restraint, monetary easing It’s been a busy week on the domestic policymaking front. The FY25/26 Union Budget contained some tax breaks aimed at boosting household consumption, but fiscal prudence was still very much the order of the day: the …
Trade war begins: winners and losers in Asia Donald Trump’s 10% tariffs on China (along with those threatened for Mexico and Canada) could prove to be the start of a protracted trade war. (See here .) While there is a lot of uncertainty over what will …
The Reserve Bank of India’s (RBI’s) decision to cut the repo rate by 25bps today to 6.25% confirms that, under new leadership, its priorities have tilted from containing inflation to providing more support for the economy. We think a further 75bps of cuts …
This page has been updated with additional analysis since first publication. German industry ends 2024 in poor health The sharp drop in German industrial production in December means output fell for a third successive quarter in Q4. Looking ahead, s …
This page has been updated with additional analysis since first publication. Housing market continues to shrug off sluggish economy The 0.7% m/m rise in the Halifax house price index in January is at odds with the muted 0.1% m/m increase in the Nationwide …
New governor kicks off easing cycle The Reserve Bank of India’s (RBI’s) decision to cut the repo rate by 25bps today to 6.25% confirms that, under new leadership, its priorities have tilted from containing inflation to providing more support for the …
Pickup in consumption won't nix RBA rate cut Data released this week suggest that the Australian consumer felt rather upbeat last quarter. To start with, we learnt that retail sales held steady in December, a better result than most had anticipated. As a …
Wage growth strongest since 1997 According to the preliminary estimate released this week, labour cash earnings rose by 4.8% y/y in December, the largest increase since 1997. But while those strong gains boost household incomes, on their own they don’t …
Our latest Global Inflation Watch publication highlights a growing divergence between US and European inflation dynamics and the uncertainties facing the world economy from Donald Trump’s tariff plans. Our senior economists hosted an online client …
6th February 2025
Banxico steps up easing as it adopts a more dovish tone Mexico’s central bank stepped up the pace of monetary easing to 50bp at today’s meeting, lowering the policy rate to 9.50%, and the overall communications were dovish. While a tariff-induced drop in …
We expect the Bank of England to cut faster and further than investors expect, pushing Gilt yields down and in turn weighing on the pound. The Bank of England (BoE) cut its Bank Rate by 25bp to 4.5% today, as widely expected. Even so, the tone of the …
The UK stock market appears to be riding high – the FTSE 100 has hit a record high. But local-currency returns from UK equities have been flattered by a weaker pound. In common-currency terms, UK stocks have performed much less impressively, and we expect …
The threat of US tariffs will hang over the economy for the foreseeable future, weighing on confidence and reducing investment. We have therefore revised down our GDP growth forecast for 2025 to 1.5%, from 1.8%. We still expect the Bank of Canada to cut …
Even if mortgage rates drop back slightly and house price growth cools over the next few years as we expect, renting will remain the more cost-effective option, supporting apartment demand. Southeast and West Coast apartment markets stand to gain the …
Ecuador’s presidential election on Sunday is set to be a tight race, with a second round run-off in April likely to be needed to separate the two leading candidates. Among the next government’s multiple challenges are improving the security situation and …
A slowdown in the adoption of EVs – along with an increasing preference for hybrids – is likely to increase demand for platinum by a bit more than for palladium over the coming years. Accordingly, with the supply backdrop likely to remain constrained for …
A stabilisation in capital values and decline in interest rates have sparked optimism that we may be past the worst of the real estate debt refinancing challenge. That indeed looks to be the case in the UK. However, euro-zone banks are still pulling back …
Despite Donald Trump cutting deals with Mexico and Canada, we are not backtracking from our revised view that the Fed will stay on the sidelines for the next six months. (See here .) What’s more, if US tariffs end up close to our assumptions, we think the …
While cutting interest rates from 4.75% to 4.50% today, which was the third 25 basis point (bps) cut in seven months, the Bank of England showed some signs that it may cut rates faster and further than our forecast of a decline to 3.50% by early 2026. …
