Australia & New Zealand Economics Update RBA misses a chance to weaken the dollar By deciding not to cut interest rates today from the current level of 2.25%, the Reserve Bank of Australia missed an opportunity to achieve the further weakening in the Australian dollar that it so... 8th April 2015 · 1 min read
Japan Chart Pack Broad-based weakness supports case for more easing While the economic recovery seemed to have picked up pace at the start of the year, recent data have dashed hopes of rapid growth. Consumers are not spending the windfall from lower energy prices, and... 8th April 2015 · 1 min read
Africa Economics Update Ghana: IMF deal a positive, but difficult transition ahead The finalisation of Ghana’s three-year, US$918mn loan from the IMF is a very positive development, but we expect slow growth in 2015 and 2016 as the country’s economic unbalances unwind. That said... 7th April 2015 · 1 min read
Canada Economic Outlook Economy will be hit hard by oil price slump Canada's economic outlook has deteriorated significantly over the past few months. With energy prices showing no signs of a rebound, oil producers have slashed plans for future investment and... 7th April 2015 · 1 min read
US Economics Update US recovery still firmly on track Rumours of the demise of the US economy have been greatly exaggerated. The run of weaker economic data hasn't shaken our belief that, now credit is flowing more freely and the fiscal drag has faded... 7th April 2015 · 1 min read
UK Economics Chart Pack Inflation is dead, but should rise again before long For a country that has spent most of its recent history enduring high inflation, the recent release of figures showing that CPI inflation in the UK has now fallen to zero was a watershed moment. What... 7th April 2015 · 1 min read
Canada Economics Update Oil price slump will drag economy down The Bank of Canada's latest Business Outlook Survey shows that, while some firms are benefitting from a weaker Canadian dollar, the slump in crude oil prices is having a greater negative impact on the... 7th April 2015 · 1 min read
Japan Economics Update Revised data show that wage growth remains anaemic Revised data show that the base pay hikes agreed upon in last year’s spring wage negotiations were not reflected in aggregate base pay, providing another headwind to higher inflation. 7th April 2015 · 1 min read
Bank of Japan Watch BoJ to ease policy at the end of the month Recent data cast doubt on the strength of the economic recovery while inflation continues to slow. With a disappointing Shunto dashing hopes that the tight labour market would result in robust wage... 7th April 2015 · 1 min read
Canada Economics Weekly January's soft GDP likely the calm before the storm While the modest decline in January's GDP was a better result than most economists had feared, we suspect that this may just be the calm before the storm. The continued collapse in oil & gas drilling... 7th April 2015 · 1 min read
US Data Response Unexpected weakness a temporary blip The well below consensus 126,000 increase in non-farm payrolls in March, particularly when combined with the 69,000 downward revision to earlier gains, will raise fears that the labour market is... 4th April 2015 · 1 min read
DM Markets Chart Pack US corporate bonds should weather Fed tightening Although Fed tightening could dull investors’ appetite for risk, its onset has not tended to push up the spreads of US corporate bonds over Treasuries much in the past. We expect a similar outcome... 3rd April 2015 · 1 min read
Commodities Weekly Calm before the (next) storm? The past week saw relatively little movement in commodity prices compared to the volatility earlier in the year, as the surge in the dollar ran out of steam. The biggest gainers – notably wheat and... 3rd April 2015 · 1 min read
China Economics Update Policymakers still have plenty of ammunition Growth looks likely to have slowed sharply in Q1, in spite of recent cuts to the required reserve ratio and benchmark interest rates. This has raised concerns that policymakers are now struggling to... 3rd April 2015 · 1 min read
Metals Chart Pack Precious metals prove their worth The prices of precious metals have held up relatively well this year, given the weakness of commodities in general and the headwinds from the strength of the US dollar. This bodes well for their... 3rd April 2015 · 1 min read
Canada Data Response International Merchandise Trade (Feb.) The decline in Canada's trade deficit to C$1.0bn in February, from an upwardly revised C$1.5bn, reflected an improvement in the terms of trade. Export and import volumes both fell, supporting our view... 3rd April 2015 · 1 min read
