UK Commercial Property Data Response Construction PMI (Nov.) and Mergers & Acquisitions (Q3) The CIPS/Markit construction PMI suggests that commercial property developers have become more rather than less cautious about the occupier demand outlook, while weak mergers & acquisitions data also... 4th December 2012 · 1 min read
UK Data Response BRC Retail Sales Monitor (Nov.) November’s BRC Retail Sales Monitor supported other evidence suggesting that the start of last month saw strong retail sales growth. But with that growth petering out over the rest of November... 4th December 2012 · 1 min read
Nordic & Swiss Economics Update Negative bank rates won’t depress the Swiss franc for long Credit Suisse’s announcement that it will charge other banks for holding large Swiss franc deposits with it has helped to ease the pressure on the currency for now. But while we have revised down our... 4th December 2012 · 1 min read
Global Economics Update Global PMI improves but recovery weak and uneven The global manufacturing PMI rose in November as conditions improved in China and the rate of contraction slowed in much of Europe. But the latest reading still points to weak global growth, large... 3rd December 2012 · 1 min read
US Data Response ISM Manufacturing Index (Nov.) The drop in the ISM manufacturing index back below the supposed boom/bust level of 50 for the first time since July may not be due to superstorm Sandy. Instead, it may be a result of the uncertainty... 3rd December 2012 · 1 min read
Asia Economics Update Manufacturing stabilises, but sustained pick-up unlikely ahead Today’s PMIs suggest that conditions within most of Asia’s manufacturing sectors either stabilised or strengthened in November. While conditions could improve further over the next few months, we... 3rd December 2012 · 1 min read
UK Housing Market Update First look at the impact of the Funding for Lending Scheme It’s still early days, but the first set of data for the uptake of the Funding for Lending Scheme are underwhelming. Only six of the 35 institutions signed-up had borrowed any money by the end of... 3rd December 2012 · 1 min read
Commodities Chart Pack Industrial metals recover, but upside looks limited Metals prices rallied in November, helped by the general improvement in market sentiment and some better economic data from China. However, global sentiment remains fragile and China’s recovery still... 3rd December 2012 · 1 min read
Europe Economics Focus How would exiting countries fare outside the euro-zone? Contrary to some suggestions, there are good reasons to think that, beyond the initial economic andfinancial disruption caused by an exit from the euro-zone, most of the current peripheral... 3rd December 2012 · 1 min read
BoE Watch Door still open to more QE Although the Monetary Policy Committee (MPC) voted to halt its quantitative easing (QE) programme in November, it has since turned out that policy is just being loosened in another way, namely via the... 3rd December 2012 · 1 min read
UK Data Response CIPS/Markit Report on Manuf. (Nov.) & FLS usage (Q3) The small improvement in the UK CIPS/Markit manufacturing survey in November did little to change the fundamental picture of a struggling industrial sector. Meanwhile, the first data on the usage of... 3rd December 2012 · 1 min read
Japan Economics Update Weak manufacturing sector dragging on investment The Ministry of Finance’s quarterly investment survey was weaker than most had expected, but shouldnonetheless mean a slightly upward revision to Q3 GDP. Unlike the forthcoming Tankan and... 3rd December 2012 · 1 min read
Africa Economics Update South African manufacturing remains weak The small uptick in the South African manufacturing PMI in November suggests that the sector willnarrowly avoid a contraction in output in Q4, but does little to change the underlying picture of... 3rd December 2012 · 1 min read
Emerging Europe Economics Update Central Europe’s manufacturing stabilises November’s PMIs were a positive surprise for Central Europe, where it looks like the manufacturingsector stabilised. Elsewhere, signs that Turkey’s exports may be flat-lining are worrying as they mean... 3rd December 2012 · 1 min read
China Data Response Manufacturing PMIs (Nov.) China’s two manufacturing PMIs are both above 50 for the first time in over a year. But the recovery is unbalanced, with smaller firms reporting that conditions are the weakest in six months. 3rd December 2012 · 1 min read
