Middle East & North Africa Economics Update Qatar: banking strains ease, but credit to stay weak Qatar’s banking sector has weathered the worst of the impact of the blockade. But tight external financing conditions and a need to deleverage mean that credit growth will provide less of a prop to... 14th March 2018 · 1 min read
India Economics Update PNB scandal highlights need for governance reforms The fraud scandal engulfing Punjab National Bank, India’s second largest state-owned bank, is a stark reminder that recent measures to revive the banking sector, including the recapitalisation package... 13th March 2018 · 1 min read
China Data Response Bank Lending & Broad Credit (Feb.) The amount of new loans issued by Chinese banks fell sharply last month. But this happens in February of almost every year. More important is that broader credit growth is now at multi-year lows. 9th March 2018 · 1 min read
Middle East & North Africa Economics Update Bahrain and Oman: austerity to gather pace to cap debt Public debt-to-GDP ratios in Bahrain and Oman are on a worrying path and we expect the pace of austerity to be stepped up over the coming years to slow the rise in debt. However, that will come at the... 8th March 2018 · 1 min read
US Economics Update Monetary Indicators Monitor (Jan.) The reduction in the Fed’s balance sheet has begun to gather pace but is still having next to no impact on the monetary aggregates, suggesting that the effect on the broader economy will also be small... 6th March 2018 · 1 min read
Africa Economics Update Kenya: Debt worries building Kenya’s public debt load is not particularly large, but the recent run-up in debt is clearly not sustainable. Our core view is that the government will tighten policy and that the debt burden will... 5th March 2018 · 1 min read
Middle East & North Africa Economics Update New Saudi bankruptcy law a step in the right direction Saudi Arabia’s new bankruptcy law, which was approved by King Salman last month, will make it easier to deal with the fallout from corporate failures and, through improving access to credit, support... 1st March 2018 · 5 mins read
UK Economics Update Household Borrowing Monitor (Jan.) January’s household borrowing figures will help to assuage fears that the slowdown in the housing market is gathering pace. And consumers still appear confident enough to borrow to smooth their... 1st March 2018 · 1 min read
UK Data Response Manufacturing PMI (Feb.) & Money and Credit (Jan.) February’s manufacturing PMI suggests that the sector has lost some momentum in Q1. But the details of the survey were more encouraging, and there is little sign in the latest money and credit figures... 1st March 2018 · 1 min read
Europe Economics Update Euro-zone Monetary Indicators Monitor (Jan.) Euro-zone lending growth made a strong start to the year. And with interest rates likely to rise only slowly as the ECB normalises policy, bank lending looks set to continue supporting economic growth... 27th February 2018 · 1 min read
Canada Economics Weekly Household spending losing momentum There are some tentative signs that the past tightening in mortgage rules and increase in interest rates are beginning to have an impact beyond housing by negatively impacting household spending too... 23rd February 2018 · 1 min read
India Chart Pack Import duty hikes unlikely to aid local manufacturing Recent hikes to import duties on various goods appear to be an attempt by Prime Minister Modi and the BJP to shore up popular support ahead of a clutch of state elections this year, and the general... 23rd February 2018 · 1 min read
Japan Chart Pack Is Japan overheating? Japan’s economy recorded an eighth consecutive quarter of growth in Q4, the longest uninterrupted run of expansion since the late 1980s. Unemployment is very low, inflation has started to pick up... 20th February 2018 · 1 min read
Global Economics Update Monetary conditions little affected by market sell-off The sell-off in financial markets, which was triggered by a reassessment of the outlook for US inflation and interest rates, has meant that government bond yields have jumped. But these recent moves... 15th February 2018 · 1 min read
Middle East & North Africa Economics Update Egypt: private sector credit to support pick-up in growth Bank lending to Egypt’s private sector has been weak for a number of years as the government has leaned on local banks to purchase government bonds, crowding out credit to the rest of the economy. But... 14th February 2018 · 1 min read
China Data Response Bank Lending & Broad Credit (Jan.) Chinese banks issued a record amount of new loans last month. But that happens at the start of almost every year. While the eye-popping new loan numbers will grab the headlines, the more important... 12th February 2018 · 1 min read
