UK Data Response Labour Market Data (Nov./Dec.) The labour market appears to have found a second wind following earlier indications that its strength was fading. But the price for this resilience is very depressed earnings growth. 23rd January 2013 · 1 min read
Europe Data Response Spanish GDP (Q4 est.) The 0.6% contraction in Spanish GDP in Q4 last year serves as a timely reminder that, while market pressures on the country have abated in response to the ECB’s promised intervention, the underlying... 23rd January 2013 · 1 min read
Europe Commercial Property Update Has European property investment turned a corner? The strong rise in European property investment volumes in Q4 was driven by only a handful of markets and appears largely seasonal. It is unlikely to be a sign that an upwards trend is forming. 22nd January 2013 · 1 min read
US Housing Market Data Response Existing Home Sales (Dec. 12) The number of existing home sales fell in December, but the underlying trend in sales remains upwards. Moreover, supply conditions are still very tight. 22nd January 2013 · 1 min read
UK Commercial Property Update Finally, permission-free conversions set to be allowed Two years after the initial proposal, and having appeared to have gone cold on the idea in the meantime, the Government finally looks set to allow permission-free conversions of commercial property... 22nd January 2013 · 1 min read
Middle East & North Africa Economics Update Saudi stimulus to keep economy buoyant Our Saudi Activity Proxy shows that the economy picked up modestly towards the end of last year. And looking ahead, government stimulus should keep the economy growing at a healthy clip. 22nd January 2013 · 1 min read
Canada Data Response Retail Sales (Nov.) November's solid 0.8% m/m gain in retail sales volumes, paired with a similar increase in wholesale trade, suggests that monthly GDP grew by 0.3% m/m in November. Nonetheless, there is still some... 22nd January 2013 · 1 min read
Emerging Europe Economics Update Little scope for looser policy in Turkey Although the Turkish central bank cut some of its key interest rates today, this doesn’t necessarily amount to monetary easing. In fact, we think there is little scope for falls in market interest... 22nd January 2013 · 1 min read
Global Markets Update What next for the yen? Despite the hype about “bold moves” and “unlimited easing”, the markets have been underwhelmed by the announcements made by the Bank of Japan today. This muted reaction makes sense, as there was... 22nd January 2013 · 1 min read
US Economics Update A brighter outlook for exporters Thanks to the recent pick up in overseas activity and the fall in the dollar, the outlook for US exporters has brightened. But without a major turnaround in economic activity in the euro-zone, export... 22nd January 2013 · 1 min read
UK Data Response CBI Industrial Trends Survey (Jan. & Q1.) January’s CBI Industrial Trends survey suggested that the conditions required for a sustained recovery in manufacturing output this year remain absent. 22nd January 2013 · 1 min read
Latin America Economics Update Bright start to the year as global tensions ease This is the first edition of our new monthly Latin America Markets Monitor. The purpose of this publication is to analyse the developments in local markets over the past month and give an update on... 22nd January 2013 · 1 min read
Emerging Europe Economics Update What do our new oil forecasts mean for Russia? Modest upward revisions to our (below consensus) forecast for oil prices this year do not radically alter our view on the economic outlook for Russia. The budget deficit is likely to be slightly... 22nd January 2013 · 1 min read
Emerging Markets Trade Monitor Export recovery continues, but remains fragile The latest data show further strengthening in emerging market exports towards the end of 2012. However, the pace of export growth remains weak by historic standards. 22nd January 2013 · 1 min read
Europe Data Response German ZEW Survey (Jan.) January’s sharp rise in German ZEW investor sentiment suggests that activity may have improved at the start of 2013 following a very weak end to last year. 22nd January 2013 · 1 min read
