US Economics Update Fed continues with gradual QE taper As expected, the near-stagnation in first-quarter GDP growth wasn't enough to prevent the Fed from tapering its asset purchases by an additional $10bn, to $45bn per month, at the FOMC meeting that... 30th April 2014 · 1 min read
China Economics Update Further RMB weakening tests the PBOC’s nerves After large-scale intervention succeeded in weakening the renminbi and rattling many investors, there are tentative signs that the People’s Bank is now trying to introduce some stability. 30th April 2014 · 1 min read
Global Economics Update Is China about to "overtake" the US? The significance of revised purchasing power parity estimates, which suggest that China’s total GDP may overtake that of the US as soon as this year, is not as great as some of the headlines imply... 30th April 2014 · 1 min read
Latin America Economics Update Chilean GDP growth remained weak in Q1 Chile’s activity data for March point to GDP growth of just 2.7% y/y in the first quarter, suggesting that the recent slowdown in the economy is here to stay. As such, we are increasingly comfortable... 30th April 2014 · 1 min read
Europe Economics Update Belgian recovery likely to remain lacklustre Figures released today showed the Belgian recovery gaining a little momentum in the first quarter. But sharp falls in sentiment in March and April suggest that growth may yet slow later this year. 30th April 2014 · 1 min read
Canada Data Response GDP by Industry (Feb.) February's consensus-matching 0.2% m/m increase in GDP, together with small upward revisions to earlier figures, suggest that first-quarter GDP growth will turn out to be close to 2.0% annualised... 30th April 2014 · 1 min read
Africa Economics Update Kenya: interest rate hikes likely this year The Central Bank of Kenya (CBK) kept interest rates on hold today but, given the country’s large current account deficit and the fact that inflation is likely to rise over the coming months, some... 30th April 2014 · 1 min read
US Data Response GDP (Q1 1st Estimate) The unexpectedly weak 0.1% annualised gain in first-quarter GDP growth, which was markedly below the consensus forecast of a 1.2% gain, was principally due to the unusually severe winter weather. As... 30th April 2014 · 1 min read
Europe Economics Update Slovenia’s political crisis shows flagging reform appetite The prospect of early elections in Slovenia is unlikely to spark significant market pressures. But it highlights how a dysfunctional political system is undermining the country’s economic reform... 30th April 2014 · 1 min read
Asia Economics Update Asian equities record a solid month Most of Asia’s stock markets recorded gains in April, buoyed by capital inflows. The positive sentiment toward Asian equities appears to reflect an easing of fears over a hard landing in China, as... 30th April 2014 · 1 min read
Europe Data Response Euro-zone Flash CPI (Apr.) April’s inflation figures might have eased some of the immediate pressure on the European Central Bank (ECB) to provide more policy support, but they did not alter the big picture of growing deflation... 30th April 2014 · 1 min read
UK Housing Market Data Response Land Registry Repeat Sales Index (Mar.14) The Land Registry reported a surprise fall in house prices in March. That provides further evidence that, while the housing market recovery will continue, there is little sign it is turning into a... 30th April 2014 · 1 min read
Emerging Markets Activity Monitor Recovery in Emerging Europe picks up pace, but others struggle Although growth has remained roughly unchanged across the emerging world as a whole over the past few months, there are some stark differences in performance across regions. In particular, growth in... 30th April 2014 · 1 min read
UK Data Response GfK/NOP Consumer Confidence (Apr.) April’s GfK/NOP survey indicates that consumers remained upbeat at the start of the second quarter. And with real wages now on the rise, consumer spending looks set to continue to drive the overall... 30th April 2014 · 1 min read
Japan Economics Update BoJ divisions underline case for more easing It came as no surprise that the BoJ left policy unchanged today and sounded confident about the prospects of hitting its inflation target. However, not all Board members are convinced that the 2%... 30th April 2014 · 1 min read
Japan Data Response Small Business Confidence (Apr.) The plunge in small business confidence in April shows that the mood among Japan's small firms has soured sharply after the consumption tax hike, and points to falling industrial output in coming... 30th April 2014 · 1 min read
