UK Commercial Property Update How good are the prospects for hotel returns? The underlying operational performance of hotels is improving across the UK and this should keep investors interested in the sector. But yields are not obviously too high or too low, and domestic... 29th August 2014 · 1 min read
US Economics Weekly Is Yellen’s new labour index any good? The labour market conditions index referred to by Fed Chair Janet Yellen in her speech at Jackson Hole doesn’t tell us anything that we don’t already know. Moreover, it may not be very useful in the... 29th August 2014 · 1 min read
UK Economics Weekly UK better placed to weather another euro-zone storm With euro-zone activity indicators having softened over recent months, it looks as if the currency bloc’s nascent recovery is already losing steam. Without bolder policy action from the ECB, the risks... 29th August 2014 · 1 min read
Asia Economics Update Indian Q2 GDP likely to be as good as it gets for some time Today’s Q2 GDP data for India, which show that the economy grew at its fastest pace since Q1 2012, come as welcome news. But we suspect that this might be as good as it gets for some time. Both fiscal... 29th August 2014 · 1 min read
Europe Data Response Euro-zone Flash CPI (Aug.) & Unemployment (Jul.) August’s flash euro-zone CPI inflation data underlined the absence of price pressures in the currency union and should encourage the ECB to offer stronger hints of additional policy support to come... 29th August 2014 · 1 min read
Europe Economics Weekly Weak data increase the chance of ECB QE Events last week gave support to our long-held view that the ECB will have to take the plunge and launch a full-blown quantitative easing programme in the coming months. Survey data added to mounting... 29th August 2014 · 1 min read
EM Valuations Monitor EM equity valuations still look favourable The strong performance of emerging market equities over the past month has driven the price/12m forward earnings ratio further above its five-year average. In fact, on this measure, equity valuations... 29th August 2014 · 1 min read
UK Housing Market Data Response Nationwide (Aug.) & Land Registry (Jul.) House Prices The Nationwide and Land Registry both reported strong month-on-month rises in house prices in August and July respectively. But underlying measures suggest the momentum in the market is now... 29th August 2014 · 1 min read
Africa Chart Pack Weaker growth looms for twin deficit countries Ghana’s authorities bowed to the inevitable earlier this month by formally requesting assistance from the IMF in dealing with the country’s enormous twin budget and current account deficits. This... 29th August 2014 · 1 min read
UK Data Response GfK/NOP Consumer Confidence (Aug.) The GfK composite index of consumer confidence strengthened to match June’s 9-year high in August. It is encouraging that consumers’ confidence remains strong as they prepare for the first interest... 29th August 2014 · 1 min read
Emerging Markets Activity Monitor Pick-up in Asia masks downturn in Lat. Am. and Europe Our GDP Trackers suggest that although EM growth has been broadly stable over the past few months, a significant divergence in performance has opened up between regions. Growth in Asia seems to have... 29th August 2014 · 1 min read
Japan Economics Weekly Should the consumption tax be raised again? Japan’s government is debating whether to implement a second increase in the consumption tax to 10% in October next year. The fiscal case for a higher tax rate is overwhelming, in particular since the... 29th August 2014 · 1 min read
Europe Data Response Danish GDP (Q2) The Danish economy unexpectedly contracted in Q2 as a result of a sharp fall inexports, suggesting that Denmark is feeling the effects of the slowdown in itsbiggest trading partner, the euro-zone. 29th August 2014 · 1 min read
Japan Data Response Consumer Prices, Unemployment, Industrial Production & Retail Sales (July) Today's data on industrial production and retail sales show that the economy continued to stagnate at the start of the third quarter. What's more, inflation moderated in July and is set to decline... 29th August 2014 · 1 min read
Nordic & Swiss Data Response Danish GDP (Q2 14) The Danish economy unexpectedly contracted in Q2 as a result of a sharp fall in exports, suggesting that Denmark is feeling the effects of the slowdown in its biggest trading partner, the euro-zone. 29th August 2014 · 1 min read
UK Economics Focus A Scottish ‘No’ would have limited economic impact but a ‘Yes’ would rattle markets and the Scottish economy We anticipate a muted financial and economic response if Scotland votes ‘No’ on 18th Septembersince both markets and most companies are expecting this. By contrast, we think a ‘Yes’ vote wouldhave a... 28th August 2014 · 1 min read
