Global Markets Update Taking stock of EM market performance in previous RMB falls There have only been three previous occasions in the last decade when the renminbi has depreciated to any meaningful extent against the dollar. On two of those occasions the performance of EM markets... 13th August 2015 · 1 min read
Emerging Europe Data Response Poland Consumer Prices (Jul.) The Polish economy remained in deflation in July, with consumer prices falling by 0.7% y/y, and the latest drop in oil prices may have pushed inflation deeper into negative territory this month. Even... 13th August 2015 · 1 min read
UK Commercial Property Update Should we worry about falling prime/non-prime yield spreads? The gap between prime and non-prime yields has fallen in seven of the past eight quarters and by roughly a third over that period. Yet there is little in this data to ring alarm bells. After all... 13th August 2015 · 1 min read
Middle East & North Africa Economics Update UAE’s planned sales tax a positive step Reports that the UAE is planning to introduce a sales tax, coming soon after some fuel prices were deregulated, add to the impression that it is taking fiscal consolidation more seriously than the... 13th August 2015 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Jul.) Saudi Arabian inflation remained unchanged at 2.2% y/y last month and, overall,price pressures appear to be subdued. We think this is likely to remain the case overthe next 18 months or so. 13th August 2015 · 1 min read
Asia Economics Update Interest rates in the Philippines to remain on hold for a while yet The central bank in the Philippines (BSP) today left its policy rate on hold at 4.0%. With growth set ton recover in the coming quarters, but inflation likely to remain low, we think the central bank... 13th August 2015 · 1 min read
Metals Chart Pack Investor sentiment plumbs new lows The S&P GSCI industrial metals index has now fallen by nearly 10% since the end of the second quarter. A deterioration in investor sentiment weighed on prices throughout most of July, while the... 13th August 2015 · 1 min read
Europe Data Response Greek GDP (Q2, Prov.) Q2’s Greek GDP figures brought some rare good news. But they relate to an entirely different economy than the one currently being strangled by capital controls. 13th August 2015 · 1 min read
UK Housing Market Data Response RICS Residential Market Survey (Jul.) Today’s RICS data reports a mix of good and bad news. While growing active demand reflects a strengthening economy, the supply of homes for sale fell further this month. What the market needs to see... 13th August 2015 · 1 min read
Europe Data Response Swedish Consumer Prices (Jul.) The rebound in Sweden’s headline inflation rate in July might suggest that the Riksbank won’t loosen monetary policy further at its next meeting. But the bigger picture is that inflation is still... 13th August 2015 · 1 min read
Europe Data Response French CPI (Jul.) Although the renewed fall in French inflation in July largely reflected the decline inthe price of oil, the data nonetheless confirmed that price pressures remain very subdued in the euro-zone’s... 13th August 2015 · 1 min read
China Economics Update RMB set to stabilise as PBOC counters devaluation claims Today’s PBOC press conference supports our view that the fall in the renminbi as a result of the shift to a new reference rate mechanism was a one-off and not an attempt to engineer a large scale... 13th August 2015 · 1 min read
Asia Data Response Malaysia GDP (Q2) Considering the headwinds that were facing Malaysia’s economy in the second quarter – such as the introduction of the Goods & Services tax (GST) in April, low commodity prices and the generally weak... 13th August 2015 · 1 min read
India Economics Update Reform agenda hits another roadblock The ruling BJP's efforts to push through important economic reforms in the monsoon session of parliament, which finishes today, have been largely unsuccessful. Looking ahead, with attention soon... 13th August 2015 · 1 min read
Asia Economics Update Korean rates to stay on hold for a while yet The Bank of Korea (BoK) kept its policy rate unchanged at a record low of 1.50% today, despite talk of a fresh round of "currency wars" across Asia following the People's Bank of China's decision to... 13th August 2015 · 1 min read
Japan Data Response Machinery Orders (Jun.) Despite a marked decline in June, machinery orders continued to recover last quarter, consistent with another rise in non-residential investment. 13th August 2015 · 1 min read
