India Data Response Wholesale Prices (Jul.) Indian wholesale price inflation rose in July, and looks set to accelerate further over the coming months. As such, we think that there is no scope for further monetary loosening. 14th August 2017 · 1 min read
Japan Data Response GDP (Q2 Preliminary) Japan’s economy recorded the sixth consecutive quarterly rise in GDP and is on track for the longest expansion since the turn of the century. However, we expect price pressures to strengthen only... 14th August 2017 · 1 min read
Global Economics Update When will core inflation pick up? Although data released today showed that core CPI inflation remained weak in the US in July, we still think that it will pick up substantially next year. Outside the US, however, it will probably rise... 11th August 2017 · 1 min read
Nordic & Swiss Chart Pack Geopolitical tensions halt Swiss franc’s slide The Swiss franc has had a rocky ride over the past month. In late July, it depreciated sharply to SFr1.15 to the euro, its lowest level since January 2015 when the Swiss National Bank abandoned its... 11th August 2017 · 1 min read
US Economics Weekly Productivity growth likely to remain muted The recent pick-up in productivity growth is at least partly due to tighter conditions in the labour market, with the dwindling pool of the unemployed forcing firms to invest in additional... 11th August 2017 · 1 min read
US Data Response Consumer Prices (Jul.) The weakness in core CPI inflation persisted in July, although transitory factors continued to play a sizeable role. 11th August 2017 · 1 min read
Japan Chart Pack Inflation genie remains in its bottle Japan’s economy probably recorded the sixth quarter of uninterrupted GDP growth in Q2 and the outlook for the third quarter is positive. In fact, the economy remains on track to enjoy the longest... 11th August 2017 · 1 min read
Middle East & North Africa Economics Focus Egyptian inflation likely to fall by more than most expect Egyptian inflation rose to its highest rate since 1986 in July, but it has been pushed up by a number of one-off factors that will fade over the next six-to-nine months. Indeed, we think inflation has... 10th August 2017 · 1 min read
Nordic & Swiss Data Response Norwegian & Danish Consumer Prices (Jul.) Inflation in Norway continued on its downward trend in July, and it is likely to fall a little further over the rest of the year. We think that it will remain well below target over the next few years... 10th August 2017 · 1 min read
Australia & New Zealand Economics Update New Zealand - RBNZ to markets: Forget about rate hikes Graeme Wheeler didn’t go out with a bang at his last policy meeting as Governor of the Reserve Bank of New Zealand as interest rates were left at 1.75% for the ninth month in a row. But he stressed... 10th August 2017 · 1 min read
Latin America Data Response Mexico Consumer Prices (Jul.) Mexican inflation nudged up to a fresh eight-year high in July, but this is unlikely to be enough to change the central bank’s view that its tightening cycle is over. As such, we continue to expect... 9th August 2017 · 1 min read
Latin America Data Response Brazil Consumer Prices (Jul.) Brazilian inflation fell to a fresh decade-low in July but is now close to bottoming out. As such, while it’s a close call, our base case remains that Copom will cut interest rates by 75bps (rather... 9th August 2017 · 1 min read
Emerging Europe Data Response Czech CPI (Jul.) July’s stronger-than-expected Czech inflation data support our view that the National Bank’s monetary tightening cycle will be more aggressive than the markets are pricing in. While our central view... 9th August 2017 · 1 min read
China Data Response Consumer & Producer Prices (Jul.) Rising steel prices aside, broader price pressures appear to have cooled last month. We expect the reflation of the past year to continue to fizzle out in coming quarters as policy tightening dampens... 9th August 2017 · 1 min read
Latin America Data Response Chile Consumer Prices (Jul.) Chilean inflation remained below the central bank’s target range in July and the data provided further evidence that underlying price pressure are subdued. Against this backdrop, we continue to expect... 8th August 2017 · 1 min read
Emerging Europe Economics Focus CEE: Tight labour markets point to more hikes than most expect We think that natural unemployment rates have fallen by 2.5-3.0%-pts in Central & Eastern Europe over the past decade. Even so, actual rates of unemployment are now significantly below these (lower)... 8th August 2017 · 1 min read
