Japan Economics Update Bank of Japan adds to its armoury Today’s announcement that the Bank of Japan is willing to provide subordinated loans to banks continues the drip-feed of unconventional policy measures it has introduced since October. The latest... 17th March 2009 · 1 min read
UK Economics Focus Lending measures will not fill the hole Lending by those banks which are either wholly or partially state-owned is set to rise significantly. But we continue to doubt that overall lending is on track to grow at the rates needed to get the... 16th March 2009 · 1 min read
Nordic & Swiss Economics Update Swiss National Bank joins the unconventional club The SNB’s decision to cut interest rates to 0.25%, provide more liquidity to the banking sector, intervene in currency markets and purchase bonds from the private sector, pushes it towards the top of... 12th March 2009 · 1 min read
Emerging Europe Economics Focus What can be done to stop the rot? We think a pan-regional IMF or EU-led bailout fund offers the best way out of the bout of indiscriminate selling that has gripped markets in the Emerging Europe in recent weeks. But for now, at least... 6th March 2009 · 1 min read
Emerging Europe Economics Focus Time to tear up the growth model? While we expect Emerging Europe to suffer a much more severe recession than most other analysts, talk that its growth model is fundamentally broken seems premature. We think that the region could... 4th March 2009 · 1 min read
Europe Economics Update Money data confirm banks' reluctance to lend The latest euro-zone money data provide further worrying signs that the credit crunch is tightening its grip on the wider economy. Looking ahead, falling bank capital looks set to prompt a sustained... 26th February 2009 · 1 min read
UK Economics Update Lending commitments may not be big enough The next stage of the Government’s support for the banking system got underway today, with the release of further details on the Government’s guarantee of bank losses on toxic assets. However, this... 26th February 2009 · 1 min read
UK Economics Update Northern Rock won’t transform the mortgage market overnight Although welcome, the resumption of lending by Northern Rock will not transform the mortgage market outlook overnight. However, it is also a sign that the Government is increasingly willing to... 23rd February 2009 · 1 min read
UK Economics Update Northern Rock won’t transform the mortgage market overnight Although welcome, the resumption of lending by Northern Rock will not transform the mortgage market outlook overnight. However, it is also a sign that the Government is increasingly willing to... 23rd February 2009 · 1 min read
UK Economics Update UK banks: filling the gap Overseas lenders are reducing their lending to UK firms. Meanwhile, the nationalisation of Northern Rock and Bradford and Bingley means that the supply of credit in the mortgage market has also been... 19th February 2009 · 1 min read
Europe Economics Update Emerging Europe concerns likely to intensify Concerns over Western banks’ exposure to Emerging Europe look likely to intensify as the news from the region continues to deteriorate. Both the euro and the Swedish krona could suffer further as a... 18th February 2009 · 1 min read
UK Economics Focus The pros and cons of bank nationalisation Speculation is growing that the Government will soon take a majority stake in Lloyds, representing another step towards full nationalisation of large parts of the banking system. Full nationalisation... 16th February 2009 · 1 min read
Asia Economics Focus Surging bank loans not enough to save China China’s banks seem to be playing their part in financing the government’s stimulus plans. But the rest of the economic data is bleak. 12th February 2009 · 1 min read
China Economics Focus Surging bank loans not enough to save China China’s banks seem to be playing their part in financing the government’s stimulus plans. But the rest of the economic data is bleak. 12th February 2009 · 1 min read
Europe Economics Update Swiss bank losses point to severe recession The record loss reported by UBS yesterday provides further support for our long-held view that the Swiss economy will suffer heavily from its reliance on the financial services sector. This suggests... 11th February 2009 · 1 min read
Nordic & Swiss Economics Update Swiss bank losses point to severe recession The record loss reported by UBS yesterday provides further support for our long-held view that the Swiss economy will suffer heavily from its reliance on the financial services sector. This suggests... 11th February 2009 · 1 min read
