Global Economics Update Manufacturing activity steady at start of Q2 Preliminary business surveys suggest that the recovery of global manufacturing continued in April. Activity in the euro-zone has picked up, but this has not eliminated the threat of deflation. Growth... 23rd April 2014 · 1 min read
Emerging Europe Economics Update Unrest in east Ukraine has limited effect on markets Financial markets across Emerging Europe have proved relatively resilient to the recent escalation in political unrest in eastern Ukraine. But at the same time, the recovery from the losses earlier in... 23rd April 2014 · 1 min read
US Housing Market Data Response New Home Sales (Mar 14.) The plunge in new home sales in March raises difficult questions about the sustainability of the housing recovery. But with other parts of the economy starting to shrug off the winter malaise, we are... 23rd April 2014 · 1 min read
US Fed Watch Short-handed Fed sticking to the tapering plan The two-day FOMC meeting that concludes next Wednesday (30th April) is likely to be a quiet affair for two reasons: The Fed made key changes to its forward guidance at the last meeting in mid-March... 23rd April 2014 · 1 min read
Canada Data Response Retail Sales (Feb.) The trivial rise in retail sales volumes in February suggests that spending was probably still being held back by the unusually severe winter weather. Nonetheless, after accounting for the better... 23rd April 2014 · 1 min read
Middle East & North Africa Economic Outlook Outlook brightens in North Africa, but Gulf growth to slow After a torrid few years, the outlook for the North African economies is brightening. Political tensions are easing and the provision of external financial support has shored up balance of payments... 23rd April 2014 · 1 min read
Latin America Economics Update Is this really a pragmatic revolution in Argentina and Venezuela? The financial media and markets alike have hailed the apparent shift towards pragmatism in both Argentina and Venezuela as a new dawn. But while recent developments are promising – particularly in... 23rd April 2014 · 1 min read
UK Data Response CBI Industrial Trends Survey (Apr. & Q2) The CBI’s Industrial Trends Survey for April and the second quarter provided further encouraging signs that the manufacturing recovery remains robust. 23rd April 2014 · 1 min read
UK Commercial Property Chart Pack Another good month for commercial property March saw IPD all-property rental values tick up by 0.1%m/m, the seventh consecutive increase of at least that amount. Moreover, the recovery is increasingly widespread. Certainly, office and... 23rd April 2014 · 1 min read
UK Data Response MPC minutes (Apr.) & Public Finances (Mar.) The minutes of April’s MPC meeting suggested that the first rise in official interest rates remains some way off. Meanwhile, March’s public finances brought some fairly positive news on the speed of... 23rd April 2014 · 1 min read
Africa Economics Update Rise in South African inflation has further to run South African inflation rose in March to the ceiling of the Reserve Bank’s (SARB’s) target range, and the effects of a weak rand and rising local food prices mean it is likely to accelerate further... 23rd April 2014 · 1 min read
Global Economics Update Monetary indicators show US pulling ahead The rebound in lending to non-financial companies in the US supports our view that the recovery there is gathering momentum. It also contrasts with still-lacklustre credit growth in Japan and with... 23rd April 2014 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Apr.) Despite the euro-zone composite PMI rising in April to its highest level in nearly three years, economic growth is not yet strong enough to diminish fears of deflation. 23rd April 2014 · 1 min read
Asia Economics Update Thailand to keep policy rate on hold Following a 25bp cut to its policy rate last month, the Bank of Thailand (BoT) adopted a wait-and-see approach today and kept the benchmark rate unchanged. With demand still fragile, we expect... 23rd April 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Apr.) Today's PMI reading suggests that while conditions in the manufacturing sector continue to weaken, they are no longer deteriorating as rapidly as before. It adds to growing evidence that, with... 23rd April 2014 · 1 min read
