Europe Economics Weekly Worse to come for Swiss GDP, French yields to rise While Swiss GDP grew at a decent rate in the first half of the year, the delay in agreeing a trade with the US means that a contraction in Q3 would not be surprising. But we still think that a deal... 29th August 2025 · 8 mins read
Japan Economics Weekly Tight labour market will prompt further BoJ tightening There are signs that the economy is losing momentum in response to US tariffs. However, with the labour market still extremely tight and inflation running well above the Bank of Japan’s 2% target, we... 29th August 2025 · 5 mins read
Australia & New Zealand Economics Weekly Strong data out of Australia, Luxon’s faux pas There are tentative signs that the Australian economy may be starting to heat up. We learnt that underlying inflation accelerated anew in July, while a new ABS survey showed that firms are becoming... 29th August 2025 · 5 mins read
Middle East & North Africa Rapid Response Egypt Interest Rate Announcement (Aug. ’25) The Central Bank of Egypt (CBE) cut its overnight deposit rate by a larger-than-expected 200bp, to 22.00%, and given our view that inflation will decline further over the rest of the year, we think... 28th August 2025 · 2 mins read
Emerging Europe Chart Pack Emerging Europe Chart Pack (Aug. 2025) Our Emerging Europe Chart Pack has been updated with the latest data and our analysis of recent developments. The economies of Central and Eastern Europe generally held up well in Q2 and, despite the... 28th August 2025 · 1 min read
Emerging Europe Rapid Response CEE Economic Sentiment Indicators (Aug.) The European Commission’s Economic Sentiment Indicators for Central and Eastern Europe (CEE) generally rose in August despite the higher 15% US tariff on the EU coming into force, and point to an... 28th August 2025 · 1 min read
Australia & New Zealand Economics Update RBNZ’s independence not under threat While New Zealand’s Prime Minister has indicated a desire for more aggressive policy loosening by the Reserve Bank of New Zealand, the institutional framework limits the government’s ability to... 28th August 2025 · 3 mins read
Asia Economics Update Korea: On hold, but further easing coming The Bank of Korea left interest rates unchanged today at 2.50% but made clear hints in its statement and press conference that this does not mark the end of the easing cycle. With growth set to... 28th August 2025 · 3 mins read
Emerging Europe Economics Update Turkey: end of KKM a symbolic, but important, step The announcement that Turkey will end the lira-protected deposit scheme (KKM) will only have a limited impact. The scheme has largely been phased out already. But there’s still more to do to increase... 27th August 2025 · 3 mins read
Africa Chart Pack Africa Chart Pack (Aug. 2025) We think economies across Sub-Saharan Africa will weather US tariffs relatively well. Indeed, improved terms of trade (for most) and lower inflation and interest rates should support a modest pick-up... 27th August 2025 · 0 mins read
Australia & New Zealand Chart Pack ANZ Chart Pack (Aug. 2025) Our ANZ Chart Pack has been updated with the latest data and our analysis of recent developments. We believe monetary easing has further to run in the Antipodes. The case for policy stimulus is clear... 27th August 2025 · 1 min read
Canada Economics Update Counter-tariff shift makes life easier for the Bank The unilateral reduction in tariffs by Ottawa in the US-Canada trade war raises the likelihood of the Bank of Canada resuming its easing cycle next month given that, with US tariffs unchanged, the... 26th August 2025 · 4 mins read
Global Economics Update Rise in DM services inflation not the start of a trend The recent rise in services inflation in advanced economies has been driven by temporary and economy-specific factors, rather than a general trend. The unwinding of these factors, together with weaker... 26th August 2025 · 4 mins read
