Filtered by Region: Europe Use setting Europe
The very low rate of inflation in Sweden in December underlines the absence of price pressures and will encourage the Riksbank to follow through on last week’s announcement that it was prepared to intervene in the currency market. … Swedish Consumer …
14th January 2016
While the euro-zone economy ended last year with some momentum, expectations of a further acceleration in growth in 2016 will be disappointed. The boost to consumer spending from the decline in oil prices and inflation will fade, while export growth is …
13th January 2016
November’s fall in euro-zone industrial production added to evidence that the economy performed worse in Q4 than the surveys have implied and perhaps even failed to match Q3’s modest 0.3% expansion. … Euro-zone Industrial Production …
Although France’s headline inflation rate edged up in December, the big picture is that price pressures in the euro-zone’s second-largest economy remain very weak. … French Consumer Prices …
The high level of industrial take-up in Italy over the past two years demonstrates the strong effect that e-commerce has had on occupier demand. With the Italian economy now on a positive, albeit subdued, growth path, and the availability of modern space …
12th January 2016
European commercial property investment is likely to have reached a new peak in 2015. But, we believe there are good grounds for expecting further growth in 2016 as new capital sources and other acquisitive investors continue to target European property, …
11th January 2016
Perhaps the most notable positive surprise in the euro-zone last year was the strength of household spending. Spending looks likely to have expanded by 1.5% or more in 2015. This would be the strongest increase since 2007 and account for almost all of …
8th January 2016
November’s disappointingly weak German and French industrial production figures provided further evidence that the hard data on the euro-zone economy is failing to live up to the more optimistic picture painted by the surveys. … German & French …
December’s EC Business and Consumer Survey added to evidence that euro-zone GDP growth accelerated in Q4, but the consumer recovery seems to be losing pace. … Euro-zone EC Survey (Dec.), Unemp. & Retail Sales …
7th January 2016
Sweden’s Riksbank is likely to have to follow through on its pledge to intervene in the foreign exchange market. But the strength of the domestic economy and the likelihood of more ECB QE means that it will probably only be able to stem the krona’s …
The small rise in the euro-zone’s Composite PMI for December suggested that the region’s recovery may have gained a little pace in the final quarter of 2015. But GDP growth is still too slow to provide a meaningful boost to core inflation. … Euro-zone …
6th January 2016
Over the past three years office capital value growth in Dublin has far outpaced other euro-zone markets. Yet with the vacancy rate at its lowest point in 15 years, and GDP set to average 4.3% over 2016 and 2017, there seems scope for rental growth to …
December’s euro-zone consumer price inflation rate of +0.2% left an average inflation rate for 2015 as a whole of zero – the lowest rate since the single currency was formed. Headline inflation will almost certainly rise during 2016 as negative energy …
5th January 2016
Commercial property investment in 2015 in the Nordics reached its highest level on record. This was driven by a large increase in the average deal size and strong growth in demand from foreign investors. We think that activity will remain strong in 2016, …
December’s weaker-than-expected euro-zone consumer prices figures supported our view that bolder ECB policy action will ultimately be needed to bring inflation back to target on a sustained basis. … Euro-zone Flash CPI …
The latest fiscal data suggested that the peripheral countries continued to improve their budgetary positions at the back end of 2015. But there is a distinct risk of fiscal slippage in 2016, particularly in Spain and Portugal following their recent …
4th January 2016
December’s German CPI data confirm that the relative strength of the economy is exerting no upward pressure on inflation and support our view that the ECB will need to do more to hit its inflation target for the region as a whole. … German Flash CPI & …
Muted economic growth in the next two years will prevent Belgian high streets from seeing much of an improvement in demand for space. As a result, we expect prime retail rental values to rise by only 2.1% p.a. in Antwerp and an even weaker 1.4% p.a. in …
24th December 2015
The recent pick-up in German wage growth is encouraging and we think that fears of a sharp rise in inflation and loss of competitiveness are unwarranted. Our one misgiving is that the ECB might respond to modest inflationary pressure in Germany by …
23rd December 2015
The latest employment data show that office employment is far outpacing total jobs growth in most euro-zone economies. And, even in economies such as Germany and France, where office jobs growth has been weak, there are reasons to believe that rents …
The inconclusive result of the Spanish general election is set to trigger a period of political uncertainty which could slow the country’s economic recovery. But it also represents another blow to the euro-zone’s policy of onerous austerity. … Spanish …
21st December 2015
The stronger-than-expected performance of the euro-zone economy in 2015 and the additional policy support recently provided by the ECB might appear to provide the conditions for a further improvement in the currency union’s outlook in 2016. But two of the …
18th December 2015
The US stock market has reacted positively to the first rate hike by the Fed, and we don’t expect it to be derailed by the onset of further tightening. Admittedly, at around 4%, the cyclically-adjusted earnings yield is low relative to its long-run …
17th December 2015
Employment in the euro-zone is expanding at a healthy pace and survey data point to a positive outlook. But this hides a very mixed story amongst different countries, and the overall picture is stillone of plenty of labour market slack and very little …
The likely advent of a coalition government after this Sunday’s Spanish general election looks unlikely to bring the country’s robust economic recovery to a halt. But a period of political instability could certainly take some of the steam out of the …
After a record-breaking year in 2015, the latest data suggest that German industrial occupier demand will moderate next year. But, given supply constraints and occupier bases that are more aligned to distribution than production, we nevertheless expect …
December’s small fall in the headline German Ifo index left it still at a high level. But the sharper decline in the current conditions component supported evidence from recent hard data that growth may have reached a peak. … German Ifo Survey …
The Norges Bank left monetary policy unchanged today, but with growth slowing and inflation set to fall, interest rate cuts look highly likely next year, starting at the next policy meeting in March. … Norges Bank signals rate cuts next …
There are reasons to think that the advent of tighter monetary policy in the US will not have a materially negative impact on the currency union. But there is no room for euro-zone policymakers to be complacent. … Will the Fed’s lift-off cause a euro-zone …
16th December 2015
October’s euro-zone goods trade data revealed a further slowdown in export growth, adding to the evidence that the boost from the weaker euro is fading. We suspect that the trade surplus will narrow next year, dragging on the region’s economic recovery. … …
December’s small fall in the euro-zone Composite PMI left it still pointing to steady but modest growth in the region. But the Paris attacks have taken a toll on France, leaving the economy close to stagnation again. … Euro-zone Flash PMIs …
The loose monetary policy environment will help to underpin investor sentiment toward Spain in 2016, keeping property yields low despite an increasingly uncertain political backdrop. And with ample scope for rental growth, property values should …
15th December 2015
December’s solid rise in German ZEW investor expectations suggests that the economy is faring pretty well, but it still points to a slight slowdown in growth. … German ZEW …
The ECB’s timidity and strong domestic demand has allowed Sweden’s Riksbank to leave monetary policy unchanged today. But with headline inflation in Sweden still close to zero and policy likely to be loosened further in the euro-zone, the Riksbank will be …
October’s rise in euro-zone industrial production provides an early indication that the sector will have had a solid Q4, adding to evidence that the region’s recovery may have regained some pace at the end of 2015. … Euro-zone Industrial Production …
14th December 2015
Contrary to hopes that a weaker euro and accommodative monetary policy would be particularly beneficial to Germany’s supposedly super-competitive export sector, the latest data have brought signs that growth may have passed its peak. Both exports and …
11th December 2015
The outlook for Dublin industrial rental growth is supported by the fact that supply conditions are tighter than the 15% vacancy rate alone might suggest. And with ample scope for yield compression as well, total returns should move ahead of offices and …
10th December 2015
Ireland’s impressive recovery continued in Q3. And with the conditions in place for continued rapid growth, it is set to remain the euro-zone’s fastest-growing economy. … Ireland GDP …
November’s consumer prices data showed a continued divergence between the subdued rates of inflation in Sweden and Denmark and stronger price pressures in Norway, reflecting the recent depreciation of its currency. … Swedish, Danish & Norwegian Consumer …
The renewed fall in France’s headline inflation rate in November highlights the absence of price pressures in the region’s second-largest economy. The weakness of the economy, underscored by the details of October’s industrial production data, suggests …
With the ECB’s cautious action last week reducing upward pressure on the franc against the euro, the Swiss National Bank (SNB) was able to leave policy on hold as expected today. But we still think that the ECB will expand its QE programme next year and …
The recent further fall in oil prices and imminent commencement of monetary tightening in the US are unlikely to compensate for the ECB’s disappointingly timid action at last week’s policy meeting. … Will the Fed & oil prices bail out the …
9th December 2015
Today’s decision by Iceland’s central bank to keep its key interest rates unchanged was merely a reflection of the improvement in the short-term inflation outlook and a tighter policy stance will still be required next year. … Iceland holds rates but more …
The euro-zone has proved relatively resilient in the face of global headwinds, but the region still has to contend with significant domestic problems. And with fiscal policy unlikely to provide a big boost to growth, the onus will remain firmly on the ECB …
8th December 2015
The construction of modern logistics space along the E20 corridor, south-west of Copenhagen, is transforming the region into the destination of choice for occupiers. With demand growth set to remain steady, we expect close to 2% p.a. rental growth for …
