Global Economics Update Signs of weaker global manufacturing in September Business surveys published today underline that growth in the euro-zone is slowing whereas the US economy remains strong. They also confirm that there has been a sharp slowdown in the UK’s... 1st October 2014 · 1 min read
Europe Commercial Property Update When will Prague office rents stabilise? Net absorption is likely to fall well short of the increase in new supply in the Prague office market over the next couple of years. Therefore, we have downgraded our rental growth forecasts for the... 1st October 2014 · 1 min read
US Data Response ISM Manufacturing Index (Sep.) The decline in the ISM manufacturing index in September won’t cause any sleepless nights at the Fed when the index has fallen from a high level and when it is still consistent with GDP growing at an... 1st October 2014 · 1 min read
US Economics Update iPhone 6 release won’t be a plus for the economy While the new iPhone release may have some effect on forthcoming consumption and import data, it won’t have any notable effect on GDP. Nonetheless, the outlook for consumption remains positive. 1st October 2014 · 1 min read
Latin America Economics Update Brazilian industry under pressure, but Mexico is on the up The September manufacturing PMI for Brazil gives little hope that the economy snapped out of recession in the third quarter. Meanwhile, in Mexico, PMI surveys both at home and in the US continue to... 1st October 2014 · 1 min read
Europe Chart Pack Economic weakness spreads to Germany The latest survey indicators seem to have confirmed that the euro-zone’s feeble recovery has already passed its peak. September’s fall in the composite PMI, for example, left it consistent with a... 1st October 2014 · 1 min read
US Housing Market Data Response Mortgage Applications (Sep.) The decline in mortgage interest rates to a 15-month low is doing little to revive mortgage applications. But this measure of mortgage market activity does not sit comfortably with some others, which... 1st October 2014 · 1 min read
Middle East & North Africa Economics Update Morocco’s economy to strengthen in 2015-16 Moroccan GDP growth continued to be affected by a slump in the agricultural sector in Q2. But other parts of the economy are performing well and we still think that Morocco will be North Africa’s best... 1st October 2014 · 1 min read
Commodities Chart Pack US dollar strength weighs on commodities Almost all commodity prices fell in September, largely in response to the strength of the US dollar and, in many cases, a strong supply outlook. Signs of slower Chinese and euro-zone economic growth... 1st October 2014 · 1 min read
UK Data Response Markit/CIPS Report on Manufacturing (Sep.) September’s CIPS manufacturing survey provided another sign that the sector’srecovery lost some vim in the third quarter. However, we doubt that this summer’ssoftening marks the beginning of a... 1st October 2014 · 1 min read
Emerging Markets Economic Outlook Investors face up to “new norm” for EM growth Investors have started to face up to the prospect that previous hopes of a significant rebound in EM growth are likely to be disappointed. But while the new normal for EM growth is going to be much... 1st October 2014 · 1 min read
Africa Economics Update SA PMI points to recovery, but manufacturing still sluggish The pick-up in South Africa’s manufacturing PMI in September provides further evidence that the sector has come out of its recent slump. But even so, activity remains extremely weak and the prospects... 1st October 2014 · 1 min read
Emerging Europe Economics Update Manufacturing PMIs point to activity stabilising September’s PMIs suggest that the slowdown in the region’s manufacturing sector may have stabilised towards the end of the third quarter. Encouragingly, the Polish PMI edged up, having fallen for the... 1st October 2014 · 1 min read
Asia Economics Update Manufacturing recovery losing momentum The September PMIs for Emerging Asia were generally disappointing. With new orders also lacklustre, the manufacturing recovery is likely to remain uneven and slow-going. 1st October 2014 · 1 min read
Global Markets Update Is foreigners’ appetite waning? August was the fifth month in a row in which there were net inflows into global ETF and mutual funds that invest in emerging market assets. Admittedly, there was a small net outflow from funds that... 1st October 2014 · 1 min read
