China Chart Pack More targeted support for small firms Although liquidity operations by the PBOC have received the most attention this week, further measures to support small firms that were announced by the State Council on Wednesday are arguably more... 18th September 2014 · 1 min read
Global Economics Focus How does “Draghi-nomics” compare to Abenomics? ECB President Mario Draghi’s call at Jackson Hole for fiscal policy to play a greater role alongside monetary policy in boosting aggregate demand has prompted some to label the change of tone “Draghi... 18th September 2014 · 1 min read
US Economics Update Other developments offset stronger dollar Even though the dollar has recently risen to a four-year high, other developments mean that overall financial conditions are supporting the economy by more than they were earlier in the year. As such... 18th September 2014 · 1 min read
Africa Economics Update South African rates left unchanged as Marcus steps down The decision by the South African Reserve Bank to leave interest rates unchanged at 5.75% today was overshadowed by the announcement that Governor Marcus will step down in November. Whoever assumes... 18th September 2014 · 1 min read
UK Economics Chart Pack Consumers remain confident despite pay squeeze The official data and survey evidence have been unequivocal in suggesting that the recovery in consumer spending has remained robust over the last few months. Admittedly, some of the existing supports... 18th September 2014 · 1 min read
US Housing Market Data Response Housing Starts (Aug.) The decline in housing starts in August was worse than we or the consensus had anticipated and stands in stark contrast to surging homebuilder confidence. This weakness should prove temporary, however... 18th September 2014 · 1 min read
Commodities Update Zinc losing its zing? Zinc prices have started to fall in recent weeks. Whilst acknowledging that the market was set to tighten in 2015, we had felt the recent rally was premature. However, the scale of mine closures... 18th September 2014 · 1 min read
Middle East & North Africa Economics Update Less to the narrowing of Egypt’s trade deficit than meets the eye The latest headline trade figures from Egypt suggest that the country’s trade deficit has narrowed sharply over the past year, reducing a key economic vulnerability. However, by taking a closer look... 18th September 2014 · 1 min read
Europe Data Response Ireland GDP (Q2) Ireland’s rapid growth in Q2 underlined its status as the euro-zone periphery’s poster boy but could prompt some concerns that it has entered another unsustainable boom. 18th September 2014 · 1 min read
Asia Economics Update Rate pause in Malaysia likely to prove short-lived Although the Malaysian central bank (BNM) kept its policy rate on hold at 3.25% today, we continue to see scope for at least another 25bp hike in the coming quarters. 18th September 2014 · 1 min read
UK Data Response Retail Sales (Aug.) August’s retail sales figures showed that the recovery in consumer spending still has momentum despite the continued real pay squeeze and looming interest rate hikes. 18th September 2014 · 1 min read
Emerging Markets Economics Update Rising US Treasury yields would not slow EM growth Concerns that the policy tightening implied by the latest Fed forecasts would eventually lead to higher US Treasury yields and hinder EM growth are probably misplaced. A handful of EMs arevulnerable... 18th September 2014 · 1 min read
Asia Economics Update New Zealand growth should stay above trend New Zealand’s economy slowed in Q2, but that wasn't necessarily a bad thing after several quarters of breakneck growth. Indeed, the central bank has tightened monetary policy over the last year in an... 18th September 2014 · 1 min read
Japan Data Response External trade (Aug.) The trade deficit narrowed in August, and should shrink further in coming months as external demand has improved and oil prices have fallen. 18th September 2014 · 1 min read
Europe Economics Update What to expect from the TLTROs With the first of the ECB’s Targeted Longer Term Refinancing Operations taking place this Thursday,this Update addresses some of the key questions regarding their aims and likely effects. While... 17th September 2014 · 1 min read
