Commodities Chart Pack Commodities on the way up The price of Brent staged a remarkable rebound early in the month, while the copper price also made up some lost ground, with the result that the GSCI commodities index managed to outperform US... 2nd March 2015 · 1 min read
Global Economics Update PMIs point to a small pick-up in global growth Final manufacturing PMIs for February suggest that the pace of global growth has picked up a bit since the start of the year. The full impact of the drop in oil prices has yet to be felt and further... 2nd March 2015 · 1 min read
Capital Daily Lower interest rates won’t prevent a decline in Chinese equities 2nd March 2015 · 1 min read
US Data Response ISM Manuf. Index (Feb.), Income & Spending (Jan.) The economic data released today suggest that first-quarter GDP growth should be between 2.5% and 3.0% annualised , which is a little lower than we previously envisaged. 2nd March 2015 · 1 min read
UK Economics Update Monetary Indicators Monitor (Feb.) The latest money and credit figures indicated that the economic recovery is continuing to progress at a robust pace without leading to the rapid accumulation of debt. 2nd March 2015 · 1 min read
UK Economics Update Household Borrowing Monitor (Feb.) January’s household borrowing figures added to other evidence suggesting that the recovery in housing market activity is starting to re-gain some momentum. 2nd March 2015 · 1 min read
Emerging Europe Economics Update Ruble rally largely explained by oil rebound The ruble has sold off today but this follows strong gains in recent weeks that made it the best performing EM currency in February. There are several factors that could explain the rebound in the... 2nd March 2015 · 1 min read
Europe Data Response Euro-zone Flash CPI (Feb.) & Unemployment (Jan.) February’s continued fall in euro-zone consumer prices and the still-high rate of unemployment in January confirm that the ECB faces an uphill battle against the threat of deflation. 2nd March 2015 · 1 min read
UK Housing Market Data Response Nationwide House Prices (Feb.) & Mortgage Lending (Jan.) House prices held their ground in February according to the Nationwide. But with mortgage approvals rising for the second consecutive month, and mortgage rates dropping yet again, prices will soon... 2nd March 2015 · 1 min read
UK Data Response Markit/CIPS Report on Manuf. (Feb.) & Mortgage Approvals (Jan.) The latest manufacturing and lending figures brought further encouragement that the economic recovery is regaining pace after late 2014’s soft patch. 2nd March 2015 · 1 min read
Australia & New Zealand Economic Outlook Struggling to cope with commodity collapse The plunge in the prices of the key commodity exports of both Australia and New Zealand late last year will soon filter through into weaker domestic activity, resulting in GDP growth this year slowing... 2nd March 2015 · 1 min read
Australia & New Zealand Economics Update 10 key calls on Australia and New Zealand Our full analysis of the prospects for the Australian and New Zealand economies is contained in ourAustralia & New Zealand Economic Outlook (sent to clients today), but in this note we highlight ten... 2nd March 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (Feb.) February’s South African manufacturing PMI figure of 47.6 was the weakest in eight months and, on past form at least, points to a 4% y/y contraction in manufacturing output. Admittedly, the sharp fall... 2nd March 2015 · 1 min read
Emerging Europe Data Response Manufacturing PMIs (Feb.) The most striking point from February’s batch of Emerging European manufacturing PMIs was the rebound in the Russian figure, which some have pinned on import substitution. However, our sense is that... 2nd March 2015 · 1 min read
China Economics Update Rate cut alone won't boost lending The People's Bank has cut benchmark rates in order to help some indebted firms cope with the rise in real borrowing costs that has resulted from lower inflation. But the central bank still appears to... 2nd March 2015 · 1 min read
India Economics Update FY15/16 budget: Finance Ministry strikes a balancing act The FY15/16 budget unveiled over the weekend contained no fireworks but included measured steps to boost public investment while also ensuring fiscal prudence. The key now is for the budget to be... 2nd March 2015 · 1 min read
