UK Markets Chart Pack Markets unperturbed by political and interest rate risks The surprise outcome of the General Election and the MPC’s unexpectedly tight vote on interest rates have triggered only a muted market reaction. Admittedly, trade-weighted sterling fell to its lowest... 19th June 2017 · 1 min read
China Chart Pack China awaits damp squib of MSCI inclusion MSCI will announce on Tuesday whether it will include China’s domestically-listed A-shares in its benchmark indices. It has chosen not to in the past on concerns over market access and official... 16th June 2017 · 1 min read
Nordic & Swiss Economics Update Scope for further interest rate cuts in Iceland There is little sign that the Central Bank of Iceland (CBI) expects to reduce interest rates further after today’s cut, but we think there is scope for a further appreciation of the króna to weigh on... 14th June 2017 · 1 min read
EM Markets Chart Pack How long will the rally in EM bonds continue? Emerging market (EM) sovereign and corporate bond yields have fallen steadily so far this year, but we doubt that this will continue for much longer. 13th June 2017 · 1 min read
Japan Chart Pack Consumer revival underway The recovery in Japan’s economy since early last year has mostly been driven by a surge in exports, but Japanese consumers also seem to be joining the party. Consumer spending is on track for another... 13th June 2017 · 1 min read
Nordic & Swiss Central Bank Watch SNB to keep policy loose to support inflation’s rise The Swiss National Bank will once again stress after its meeting on 15th June that it remains prepared to act to prevent any significant renewed appreciation of the Swiss franc. Granted, the recent... 8th June 2017 · 1 min read
China Data Response FX reserves (May) The latest rise in China’s foreign exchange reserves suggests that the People’s Bank (PBOC) became net buyer of FX for the first time in well over a year last month. This reflects an easing of capital... 7th June 2017 · 1 min read
UK Markets Outlook Equities will struggle to make further headway Stock markets have shrugged off the uncertainty created by Brexit, with the FTSE 100 rising by 19% since the EU referendum last year. However, the key supports of the rally have now faded. First, the... 2nd June 2017 · 1 min read
EM Valuations Monitor How stretched are the valuations of EM equities? Emerging market equities have continued to climb over the past month. Their rise has been partly fuelled by an increase in earnings. Valuations have also picked up, although they still do not look... 2nd June 2017 · 1 min read
Asia Economics Update Asian equities continue strong run Asian equity markets have outperformed other EM markets over the past month, with bourses in Korea, India, Pakistan and Indonesia all reaching record highs in May. We are revising our equity forecasts... 31st May 2017 · 1 min read
China Economics Update Renminbi jumps as fixing mechanism changes China’s markets were left unfazed by the ratings downgrade last week. But there have been some sizeable gains since then in the renminbi as policymakers have signalled their determination to prevent... 31st May 2017 · 1 min read
Nordic & Swiss Economics Update Currencies rise against dollar while bond yields decline The Nordic and Swiss currencies all appreciated against the US dollar in May, but performances against the euro were mixed. Following global trends, government bond yields generally declined. While... 31st May 2017 · 1 min read
Africa Economics Update Africa: Rand driven by politics, most markets strengthen South Africa’s ongoing political drama caused the rand to wobble this month, but the currency soon stabilised. Equities across the region performed well, with Nigerian stocks leading the charge. 31st May 2017 · 1 min read
Latin America Economics Update Temer fallout contained, but yield curve steepens Brazil’s financial markets sold off sharply in the immediate aftermath of the latest corruption allegations against President Temer, with equities, the currency and bonds all coming under pressure... 26th May 2017 · 1 min read
Emerging Europe Economics Update Central Europe’s currencies outperform Currencies in Central Europe have been the best performing in the emerging world over the past month and we think that they should generally fare well in the coming years. 26th May 2017 · 1 min read
China Economics Update PBOC tightens the renminbi’s leash The change in the renminbi fixing mechanism announced today shouldn’t rattle markets, not least because it appears to be an attempt to strengthen rather than weaken the currency. It suggests though... 26th May 2017 · 1 min read
