US Housing Market Rapid Response US Housing Starts (July 2025) While the pick-up in housing starts in July was somewhat of a positive surprise, as we expected flooding in Texas to heavily weigh on groundbreaking, the continued loss of momentum in permit issuance... 19th August 2025 · 2 mins read
Canada Rapid Response Canada Consumer Prices (Jul. 2025) July’s softer core price data, combined with favourable downward revisions to previous months’ figures, leave the three-month annualised average rate of CPI-trim and CPI-median at a more modest 2.4%... 19th August 2025 · 3 mins read
Capital Daily What to make of the ongoing equity rotation We don’t think the relatively unusual rotations within the US stock market are a sign that the relentless march of US equities, and especially the big tech sectors leading the way, is nearly at an end... 18th August 2025 · 4 mins read
Canada Economics Update Canada Housing Watch (Aug. 2025) The fourth consecutive rise in home sales in July means that the housing market is developing close to our expectations, with prices stabilising last month. Housing starts recorded another strong... 18th August 2025 · 4 mins read
Canada Economics Weekly Canada Weekly: Bank still wrestling with inflation concerns The Bank of Canada could still cut rates in September, depending on the outcome of next week's July price data and the quarterly GDP data released later this month. But the cautious tone on inflation... 15th August 2025 · 6 mins read
US Economics Weekly US Weekly: Fed inching closer to rate cuts Ahead of the Fed’s annual Jackson Hole Symposium, which kicks off late next week, markets are still wholly convinced that the Fed will cut rates by 25bp at the upcoming FOMC meeting in September and... 15th August 2025 · 6 mins read
US Rapid Response US Consumer Sentiment (Aug 2025) The slump in the University of Michigan measure of consumer sentiment to a three-month low of 58.6 in August, from 61.7, suggests that households remain very nervous about rising inflation in the wake... 15th August 2025 · 2 mins read
US Rapid Response US Industrial Production (July 2025) The small decline in industrial production in July was driven by the mining sector. Manufacturing output held up, and more timely survey data points to a small rebound in August. Once again, it is... 15th August 2025 · 2 mins read
Canada Rapid Response Canada Manufacturing Sales (Jun. 2025) The small rebound in manufacturing sales in June will provide little relief, given that it barely offsets the weakness in April and May and the breakdown shows that US tariffs still have some sectors... 15th August 2025 · 2 mins read
Commodities Weekly Commodities Weekly: Spotlight on petrochems; Trump-Putin energy implications Calls to limit plastic production as part of the recently-collapsed UN treaty talks were always likely to run into a wall of opposition given the importance of petrochemical feedstocks as a source of... 15th August 2025 · 4 mins read
US Rapid Response US Retail Sales (Jul. 2025) The 0.5% m/m rise in retail sales in July, paired with the upward revision to May and June’s data, shows households continue to spend in healthy amounts despite the threat of tariffs – especially... 15th August 2025 · 2 mins read
Capital Daily Does it matter if you can’t trust the economic data? For the time being, there is little sign of either US equities or bonds being undermined by faltering trust in key economic data. But that might not last. 14th August 2025 · 4 mins read
US Housing Market Update Labour market slowdown won’t curtail rental demand The recent slowdown in the labour market won’t stop rental demand from continuing to climb this year, given that falling labour demand and the immigration clampdown are most impacting cross-sections... 14th August 2025 · 3 mins read
Canada Chart Pack Canada Chart Pack (Aug. 2025) The economy has mostly held up against US tariffs so far, thanks largely to resilient consumer spending. But exports have weakened, and investment is showing signs of slowing. With the upcoming USMCA... 14th August 2025 · 1 min read
US Rapid Response US Producer Prices (July 2025) Most of the large upside surprise to core PPI in July was due to a head-scratching increase in margins for wholesalers and retailers. While the data still imply that the core PCE deflator rose by... 14th August 2025 · 2 mins read
Global Commercial Property Update Global CRE needs a reset for real recovery to take hold With interest rates staying high and closed-end funds already sitting on a large volume of investors’ capital, global real estate fundraising looks set to stay in the doldrums. We think the sector... 13th August 2025 · 5 mins read
