Latin America Economics Update A sluggish start to 2014 Latin American financial markets have had a soft start to 2014, with currencies continuing to fall against the US dollar, benchmark equities declining and the regional EMBI bond yields rising. Looking... 23rd January 2014 · 1 min read
UK Markets Chart Pack Gilts shrug off falling unemployment The gilt market has largely shrugged off the recent strong news on the UK economy, including the sharp fall in unemployment to within a whisker of the 7% threshold used for the MPC’s forward guidance... 23rd January 2014 · 1 min read
US Housing Market Data Response Existing Home Sales (Dec.13) It’s too early to conclude that the small increase in existing home sales in December marks the end of the weaker period for sales. But the rise looks consistent with a fading of the negative impact... 23rd January 2014 · 1 min read
US Economics Update 8 reasons why wage growth is poised to take off The current rates of wage and price inflation may be unusually low, but we are becoming increasingly concerned that the dwindling slack in the labour market will trigger a rise in wage inflation this... 23rd January 2014 · 1 min read
Global Economics Update Euro-zone recovery offset by slowdown in China Business surveys published today suggest that the euro-zone recovery gained momentum in January, while China's manufacturing slowdown has continued. 23rd January 2014 · 1 min read
Emerging Europe Economics Update Ukraine's central bank walking on a tightrope The Ukrainian National Bank’s decision to loosen its grip on the hryvnia will bring benefits in terms of restoring external competitiveness. But there are near-term risks too, including higher... 23rd January 2014 · 1 min read
Canada Data Response Retail Sales (Nov.) The much stronger than expected rebound in retail sales volumes in November supports our view that the economy grew by at least 0.2% m/m in that month. For the fourth quarter overall, we still stand... 23rd January 2014 · 1 min read
UK Data Response CBI Distributive Trades Survey (Jan.) Following mixed reports on Christmas sales, January’s CBI Distributive Trades Survey suggests that retailers have seen only a slow start to the new year. But retail prospects should brighten as 2014... 23rd January 2014 · 1 min read
UK Commercial Property Chart Pack The occupier market recovery is broadening All-property rental values rose by 0.25%m/m in December, the fourth rise in a row and the largest since November 2007. Offices and industrial property are faring best, but there are also signs that a... 23rd January 2014 · 1 min read
Europe Economics Update Is Spain set for a household spending-led recovery? The Spanish economy may have ended 2013 on a relatively high note. But we would be wary of concluding that all the pieces are now in place for a solid and sustained economic recovery this year. 23rd January 2014 · 1 min read
Commodities Update Bad news from China offsets better news from Europe Disappointing manufacturing data from China underline the downside risks to the prices of industrial commodities in the coming months, although the news from the euro-zone is continuing to improve. 23rd January 2014 · 1 min read
UK Economics Update Unemployment still well above an "equilibrium" rate Although the unemployment rate is falling rapidly, there is plenty of evidence that it is still well above a level that would generate inflation and require official interest rates to rise soon. 23rd January 2014 · 1 min read
Emerging Markets Economics Update EM central banks loosen policy in spite of Fed tapering Despite concerns that the US Fed’s tapering of its asset purchases may force EM policymakers to hike interest rates, more EM central banks have loosened monetary policy over the past six months than... 23rd January 2014 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Jan.) January’s euro-zone flash PMIs suggested that the region’s weak recovery is gathering pace. But pressure will remain on the ECB to ease policy further in the coming months. 23rd January 2014 · 1 min read
UK Economics Focus Can the economy rebalance? A shift in the driver of growth from consumers to investment and exports continues to be the great white whale of economic policy. While there are good reasons to aspire to a more balanced recovery... 23rd January 2014 · 1 min read
China Data Response HSBC/Markit Flash Manufacturing PMI (Jan.) Today's downbeat PMI suggests that the slowdown in China's manufacturing sector is accelerating. Tighter monetary conditions appear to be slowing domestic demand and will continue to weigh on growth... 23rd January 2014 · 1 min read
