Africa Economics Update South Africa edges closer to rate hike The decision by South Africa’s MPC to hold the repo rate at 5.75% was accompanied by a statement that clearly paved the way for rate hikes over the coming months. We have pencilled in a 25bp rate hike... 21st May 2015 · 1 min read
Middle East & North Africa Economics Update Recovery in oil prices doesn’t alter outlook for region’s oil producers The steady recovery in oil prices over the past couple of months will clearly be welcomed by the MENA region’s oil producers and provides some encouragement for the Gulf countries that their oil... 21st May 2015 · 1 min read
Latin America Data Response Mexico GDP (Q1) The slowdown in Mexican GDP growth in the first quarter of this year was due almost entirely to weakness in industry, which has been affected by problems in the mining sector as well as softer growth... 21st May 2015 · 1 min read
UK Commercial Property Update London offices - headed for a period of excess supply? Schemes aiming to deliver a total of 4.4m square feet of new office space to Central London were launched in the past six months. That was the second highest level of development starts in 20 years... 21st May 2015 · 1 min read
Europe Economics Update ECB minutes reaffirm intention to see QE through The minutes (or “account”) of the ECB’s monetary policy meeting on 14th and 15th April underscored the message already given by Mario Draghi and colleagues, in the press conference after the meeting... 21st May 2015 · 1 min read
Latin America Data Response Brazil Economic Activity Indicator (Mar.) Brazil’s Economic Activity Indicator was up by 0.5% y/y in March – an improvement on the 4.1% y/y fall registered in February, but still consistent with a contraction in GDP of 1.5% y/y over Q1 as a... 21st May 2015 · 1 min read
Asia Economics Update Thailand one year on from the coup One year on from the military coup in Thailand, political order has been restored and the economy has returned to growth. But with the country no closer to a lasting solution to its long-running... 21st May 2015 · 1 min read
UK Economics Chart Pack Spending still on track for strongest growth since 2005 There is little reason to expect the strong growth in consumer spending seen so far this year to ease off soon. The latest business surveys indicate that employment will continue to grow rapidly over... 21st May 2015 · 1 min read
Commodities Update China & Euro-zone Flash PMIs (May) China’s flash PMI remains subdued but the index rose for the first time since February, suggesting that recent policy stimulus could be starting to have an effect. Meanwhile, the uptick in the euro... 21st May 2015 · 1 min read
UK Housing Market Data Response Housebuilding (Q1) The jump in housing starts in the first quarter of 2015 more than reversed the dip seen during the second half of last year. As a result, starts are once again growing on an annual basis. But with... 21st May 2015 · 1 min read
Emerging Europe Chart Pack Central Europe bucks the EM slowdown The raft of preliminary first quarter GDP data showed that, in contrast to most of the emerging world, growth in Central Europe strengthened. This came on the back of easing fiscal austerity, looser... 21st May 2015 · 1 min read
Emerging Europe Chart Pack Central Europe bucks the EM slowdown The raft of preliminary first quarter GDP data showed that, in contrast to most of the emerging world, growth in Central Europe strengthened. This came on the back of easing fiscal austerity, looser... 21st May 2015 · 1 min read
UK Data Response Retail Sales (Apr.) April’s retail sales figures offer another reason to think that the economic recovery is not fizzling out. And with the fundamental drivers of spending looking good, we expect the consumer recovery to... 21st May 2015 · 1 min read
Europe Data Response Euro-zone Flash PMIs (May) May’s flash euro-zone PMI survey echoed the message from other recent business surveys that growth in the currency union appears to have slowed again after the slight pick-up seen earlier in the year... 21st May 2015 · 1 min read
Latin America Data Response Peru GDP (Q1) Although annual GDP growth in Peru picked up in the first quarter of this year, in q/q terms growth eased a touch. Even so, we're not overly concerned – the quarterly data are volatile and, while the... 21st May 2015 · 1 min read
Asia Economics Focus Remittances to help keep the Philippines out of the firing line One of the reasons for our positive view on the Philippines is the important role that remittances play in the economy. Not only do remittances provide a useful support to economic growth but, by... 21st May 2015 · 1 min read
