Metals Watch Silver price to rally as market falls into deficit After several years of declines, we believe 2015 could be a turning point for the silver price. Lower mine supply, coupled with an increase in demand for jewellery and industrial applications, should... 28th May 2015 · 1 min read
Latin America Chart Pack Brazil’s fiscal plans take shape Brazil’s government has started to flesh out plans for a fiscal squeeze, but further measures are likely to be needed if it is to meet its budget targets for this year. According to plans published... 28th May 2015 · 1 min read
US Economics Update Which inflation measure should the Fed focus on? The Fed's preferred PCE measure of core inflation is being depressed by declines in the administered prices set by Congress for Medicare and Medicaid. In contrast, the CPI measure, which covers only... 28th May 2015 · 1 min read
Asia Chart Pack Indonesia still looks vulnerable Today’s handover from military to civilian rule in Myanmar marks another welcome step forward in the country’s political development. But the new government must overcome a number of major challenges... 28th May 2015 · 1 min read
ECB Watch ECB to keep foot hard on the QE pedal While no policy changes are in prospect at the ECB Governing Council meeting on 3rd June, markets will be watching closely for President Mario Draghi’s latest thoughts on the effectiveness of the Bank... 28th May 2015 · 1 min read
UK Economics Update Slowdown in spending in Q1 won’t be long-lasting Whilst the second estimate of Q1 GDP confirmed that household spending growth slowed a touch at the start of the year, rising nominal wages, falling unemployment and the boost from lower food and... 28th May 2015 · 1 min read
Europe Data Response EC Business & Consumer Survey (May) The European Commission’s monthly Business and Consumer survey for May offered some assurance that the modest euro-zone recovery has continued despite the ongoing Greek crisis. 28th May 2015 · 1 min read
Emerging Europe Data Response Economic Sentiment Indicators (May) May’s Economic Sentiment Indicators (ESIs) for Eastern Europe were a mixed bag, but overall the surveys still point to strong growth. There were few signs that the unfolding problems in Greece have... 28th May 2015 · 1 min read
UK Data Response GDP: Second Estimate & Expenditure Breakdown (Q1) The lack of any upward revision to GDP in Q1 was a bit disappointing, but the figures will probably still be revised further ahead. Meanwhile, the big drag from net trade was hardly good news, but the... 28th May 2015 · 1 min read
UK Housing Market Data Response BBA Mortgage Lending (Apr.) According to the BBA, mortgage approvals in April saw their largest rise since September 2013. But while the strong economic backdrop will allow lending to continue to grow steadily, depressed new... 28th May 2015 · 1 min read
Europe Economics Update How vulnerable is the ECB to a Greek default? The ECB’s exposure to Greece is not huge and ultimately lies with the euro-zone governments that would have to recapitalise it. But a Greek default to the ECB would be a serious blow to the Bank’s... 28th May 2015 · 1 min read
Middle East & North Africa Economics Update Egyptian equities rally It has been a quiet month for financial markets in the Middle East, with most stock markets treading water and bond yields staying low. The one exception is the Egyptian equity index, which rose... 28th May 2015 · 1 min read
India Economics Update Has Modi already missed his best opportunity? Prime Minister Modi’s first year in office was a mixed bag. The pace of economic reform will need to be stepped up in his second year to justify the investor enthusiasm that greeted his election... 28th May 2015 · 1 min read
Asia Data Response Philippines GDP (Q1) The Philippines economy expanded at its weakest pace in more than three years in Q1, largely owing to a slowdown in export growth. However, we do not see cause for too much alarm. Exports are likely... 28th May 2015 · 1 min read
Japan Data Response Retail Sales (Apr.) The rebound in retail sales in April did not reverse the plunge in March, and we think that consumer spending will remain sluggish in coming months. 28th May 2015 · 1 min read
Canada Economics Update Bank of Canada signals no change in rate outlook The Bank of Canada's policy statement this morning showed that it remains confident in its optimistic growth outlook and believes that the January rate cut was enough insurance against the oil price... 27th May 2015 · 1 min read
