Metals Chart Pack VW scandal drives a wedge between PGMs The performance of the major precious metals continued to diverge in September, with the palladium price buoyed by the Volkswagen scandal, while the other precious metals edged lower (before gold... 2nd October 2015 · 1 min read
US Housing Market Outlook Tight supply condtions help to push up house prices House prices are picking up again on the back of a very tight housing market.But over the next couple of years, as greater numbers of new homes come onto the market andowners of existing properties... 2nd October 2015 · 1 min read
US Economics Weekly Fed to delay rate hike until early 2016 The incoming economic data have been a lot more mixed recently, with the awful performance of exports and manufacturing, both dragged down by the dollar’s strength, now being compounded by a slowdown... 2nd October 2015 · 1 min read
Commodities Weekly Weak US data unsettle markets again The main event of the past week was the disappointing US jobs report for September, which clearly did little to improve investor confidence in the global economy. Yes, it will probably delay the first... 2nd October 2015 · 1 min read
Metals Chart Pack What do the new COFER data tell us about China’s reserves? China appears to hold a larger than average share of its fx reserves in US dollars, UK pounds and Australian dollars at the expense of euros and the Japanese yen. This is the conclusion we have... 2nd October 2015 · 1 min read
Global Markets Update What do the new COFER data tell us about China’s reserves? China appears to hold a larger than average share of its fx reserves in US dollars, UK pounds and Australian dollars at the expense of euros and the Japanese yen. This is the conclusion we have... 2nd October 2015 · 1 min read
UK Economics Weekly (Almost) all good news on the economy The economic picture is a little more nuanced than the seemingly relentless barrage of good news last week might have suggested. But the upshot is that we are still feeling pretty good about the... 2nd October 2015 · 1 min read
Global Markets Update Few winners from weak US payrolls The disappointing US jobs report for September will clearly do little to improve investor confidence in the global economy. Yes, it will probably delay the first interest rate hike from the Fed until... 2nd October 2015 · 1 min read
Canada Economics Weekly Hope springs eternal Market commentators and policymakers are optimistic that the latest monthly GDP data are a sign that the economy has turned the corner and that better times lie ahead. The details, however, reveal... 2nd October 2015 · 1 min read
US Data Response Employment Report (Sep.) While it’s always important not to over-react to one single data release, we’ll make an exception in this case. The chances of a rate hike by the Fed this year just went way down. Payroll employment... 2nd October 2015 · 1 min read
Latin America Data Response Brazil Industrial Production (Aug.) The huge 1.2% m/m fall in Brazilian industrial production in August was driven largely by a steep decline in capital goods production. One factor behind this seems to be the escalating corruption... 2nd October 2015 · 1 min read
Europe Economics Weekly How did the euro-zone economy perform in Q3? The hard data available so far for Q3, as well as the more timely activity surveys, suggest that the economy performed fairly well last quarter. GDP growth probably maintained its pace from Q2 and may... 2nd October 2015 · 1 min read
Commodities Focus The impact of China’s rebalancing on demand for commodities The move away from commodity-intensive investment-led growth in China towards a more consumer-driven economy is often cited as sounding the death knell for commodities demand. However, we would argue... 2nd October 2015 · 1 min read
Emerging Europe Economics Update VW scandal shouldn’t cause Central Europe’s recovery to stall The Volkswagen (VW) emissions scandal has led to growing concerns in Central Europe that, because of the company’s large presence in the region, there could be a heavy economic toll. However, as we... 2nd October 2015 · 1 min read
UK Commercial Property Data Response CIPS/Markit Construction PMI (Sep.) The slowdown in commercial construction activity that we saw earlier this year appears to be unwinding. That implies that confidence in the economic recovery and the occupier market outlook among... 2nd October 2015 · 1 min read
