UK Commercial Property Data Response Bank of England Credit Conditions Survey (Q1) Today’s Credit Conditions Survey suggested that there is unlikely to be a surge in lending flows in either the residential or commercial property market any time soon. Residential credit availability... 1st April 2011 · 1 min read
UK Data Response CIPS/Markit Report on Manufacturing (Mar.) March’s CIPS/Markit report on manufacturing was not disastrous but perhaps poured some cold water on hopes that the industrial sector will entirely avoid the emerging slowdown in the domestic and... 1st April 2011 · 1 min read
Japan Data Response Tankan Survey (Q1) The first results from the Bank of Japan's March Tankan survey of business conditions, released today, are not much use because we do not yet have a split between pre- and post-quake responses. The... 1st April 2011 · 1 min read
Asia Chart Pack Japan's crisis unlikely to hit Emerging Asia's growth hard Economic growth in the region has remained healthy, while inflation has continued to climb. The disruption stemming from Japan’s 11th March earthquake and tsunami has increased uncertainty around the... 31st March 2011 · 1 min read
Europe Economics Update Could Portugal yet escape a bail-out? Despite the surge in Portuguese government bond yields, politicians continue to insist that they will not require a bail-out. But these words can quickly be taken over by events. A quick look at... 31st March 2011 · 1 min read
ECB Watch Rate hike unlikely to be the first of many The recent batch of reasonably encouraging data, coupled with a raft of hawkish comments from various Governing Council members, suggests that the ECB will go ahead with its plan to raise interest... 31st March 2011 · 1 min read
Global Markets Focus US municipal bonds - the next domino to fall? Investors have become increasingly concerned about the outlook for the $3trn US municipal bond market. Although issuers of US municipal bonds are faced with many challenges, we think investors’ worst... 31st March 2011 · 1 min read
Canada Data Response GDP by Industry (Jan.) The recent acceleration in monthly GDP growth is being driven principally by a rebound in manufacturing output, as the temporary disruptions that hit autos production last fall start to ease. We still... 31st March 2011 · 1 min read
Emerging Europe Chart Pack Consumers still on the sidelines Another month, another set of data showing bumper industrial production growth. Turkish industry is leading the way and is now growing by close to 20% y/y. But most other countries in the region are... 31st March 2011 · 1 min read
Europe Economics Update Banks a heavy weight around Ireland's neck The results of the latest round of Irish bank stress tests will almost undoubtedly make pretty grim reading and we doubt that they will draw a line under the banking crisis. Accordingly, concerns... 31st March 2011 · 1 min read
Asia Economics Update Taiwan rate outlook hinges on property Following today’s expected rate hike, the outlook for monetary policy in Taiwan depends largely on what happens to property prices. As things stand, rates are likely to rise again at the next... 31st March 2011 · 1 min read
Emerging Europe Economics Update Turkey: from bright spot to black spot? In some respects, Turkish fourth quarter GDP data simply confirm what we already knew – the economy picked up pace towards the end of last year and ended 2010 on a high note. But the sheer pace of... 31st March 2011 · 1 min read
Japan Data Response Manufacturing PMI (Mar.) Japan’s manufacturing PMI index is the first business survey to reflect the impact of the Tohoku Pacific Ocean Earthquake. The results were not quite as awful as many had feared but they were still... 31st March 2011 · 1 min read
Europe Data Response Euro-zone Flash CPI (Mar.) March’s euro-zone inflation figures increased the likelihood that next week’s ECB rate hike will not be a one-off. But the weakness of underlying price pressures in the region suggests that a major... 31st March 2011 · 1 min read
UK Data Response Credit Conditions (Q1), Cons. Conf. (Mar.), Pay settlements (Feb.) The Bank of England’s latest survey suggested that credit conditions remain pretty tight, suggesting that a significant pick-up in bank lending still looks unlikely any time soon. Meanwhile, there was... 31st March 2011 · 1 min read
