Global Markets Update Has the US stock market fully discounted QE3? We expect any boost to equity prices from the announcement of a third round of quantitative easing (QE3) by the Fed to be much less significant than those that followed the first two rounds. 29th August 2012 · 1 min read
Emerging Europe Economics Update Hungary cuts rates but further easing likely to be limited The National Bank of Hungary’s surprise decision to cut interest rates today suggests that further easing could be on the way. But unless and until an IMF/EU deal is agreed, anything more than a... 28th August 2012 · 1 min read
Bank of Canada Watch Bank of Canada close to dropping hawkish bias The Bank of Canada's policy statement next week is likely to retain its hawkish bias about the need to raise interest rates. Given the faltering global economy and stalling domestic housing market... 28th August 2012 · 1 min read
Europe Economics Update Euro-zone Monetary Indicators Monitor (Jul.) The latest monetary data confirm that the ECB’s earlier liquidity operations have yet to boost lending to the private sector, which will add to the pressure on the Bank to do more. As well as buying... 28th August 2012 · 1 min read
Latin America Economics Update BANREP to continue cutting as growth slows There has been some improvement in the outlook for the Colombian economy in recent weeks, but interest rates will probably still fall further. Indeed, with the euro-zone crisis set to deepen and... 28th August 2012 · 1 min read
UK Commercial Property Chart Pack Capital values hit lowest level in July since May 2010 The economy is now estimated to have shrunk by 0.5% q/q in Q2. But the labour market delivered better news - employment rose strongly in the second quarter. However, inflation ticked up in July, and... 28th August 2012 · 1 min read
US Economics Weekly Fiscal policy stuck between a rock and a hard place Many Fed officials appear increasingly concerned that the uncertainty surrounding the outlook for fiscal policy is already starting to curb household and business spending. Unless Congress acts, a... 24th August 2012 · 1 min read
Asia Economics Weekly What would QE3 mean for Asia? The minutes of the US Federal Reserve’s August meeting strongly suggested that the Fed will embark on a third round of quantitative easing (QE3) in September. This week’s lead article assesses the... 24th August 2012 · 1 min read
China Economics Update Further reserve requirement cuts still likely The People’s Bank of China has this week conducted the most aggressive open market operations of the year, leading to questions over whether it is shifting away from its reliance on the required... 24th August 2012 · 1 min read
Global Markets Update The market implications of QE3 The US Fed looks set to launch QE3 soon, but a third injection of the same medicine is unlikely to be anywhere near as effective as the first two in supporting the prices of equities or commodities... 23rd August 2012 · 1 min read
US Economics Update Fed minutes suggest QE3 is a done deal The minutes from the last FOMC meeting at the start of this month strongly suggest that the Fed will launch a third round of quantitative easing at the upcoming meeting in mid-September. While QE3... 23rd August 2012 · 1 min read
Asia Chart Pack Domestic resilience amid global slowdown Over the past few weeks, Indonesia, Malaysia and Thailand all reported GDP data that were better than the consensus expected, reflecting strong domestic demand helping to offset export weakness... 22nd August 2012 · 1 min read
US Economic Outlook Downside risks abound Our baseline forecast for the US economy looks fairly benign, with GDP growth gradually picking up from 1.5% annualised in the second half of this year to 2.0% next year. However, we would stress that... 22nd August 2012 · 1 min read
Latin America Economic Outlook Dragged down by weaker global economy The next 12 months are shaping up to be the most challenging since the 2008-09 global financial crisis for Latin America. A combination of weaker external demand, falling commodity prices and tighter... 21st August 2012 · 1 min read
China Chart Pack Property market rebound tests policymakers Market sentiment about China’s property policy has executed an abrupt U-turn. Early this year, speculation was mounting that the government would loosen its controls on the sector in response to the... 21st August 2012 · 1 min read
US Economics Update Monetary Indicators Monitor (Jul.) The annual growth rates of the narrower M1 and M2 monetary aggregates have slowed a little, but our own measure of M3, the broadest aggregate, is still growing at an annual rate of 4.5%. 20th August 2012 · 1 min read
