Emerging Europe Economics Update Hungary's fiscal reforms: impressive rhetoric but short on detail The long-awaited ‘structural revamp’ of the public finances that was unveiled by Hungary’s government earlier today was big on rhetoric but short on detail. The bottom line is that the government’s... 1st March 2011 · 1 min read
Non-Euro Europe Commercial Property Chart Pack Rental downturn now over... is it time for a recovery? For the first quarter since non-euro-zone European commercial property markets entered the downturn, on a quarterly basis, rental values did not fall in any office, retail or industrial market... 1st March 2011 · 1 min read
US Data Response ISM Manu. Index (Feb.) & Bernanke's Testimony Even though the ISM manufacturing index increased to a seven-year high in February, in his semi-annual testimony to the Senate Banking Committee Fed Chairman Ben Bernanke offered no hint that he... 1st March 2011 · 1 min read
Emerging Europe Economics Update Region's industrial recovery remains strong February’s PMI data from across Emerging Europe show that the region’s industrial recovery is still going strong. Indeed, our regional PMI index is now at its highest level on record. Industry will... 1st March 2011 · 1 min read
UK Economics Update Monetary Indicators Monitor (Feb.) The MPC’s preferred measure of broad money growth has continued to accelerate and is now getting pretty close to the rates the Committee has been aiming for. However, we doubt that this growth can be... 1st March 2011 · 1 min read
Asia Economics Update Asia's industrial sector gathering momentum Manufacturing PMIs for February, released overnight and today, improved in India, Singapore and Australia and stayed above the key 50 level which signals expansion in Taiwan. Factory output looks set... 1st March 2011 · 1 min read
UK Commercial Property Data Response Commercial Property Lending (Jan) and Mergers & Acquisitions (Q4) Net new lending to commercial property was negative for the tenth month in a row in January and the sector’s share of outstanding bank debt continued to edge lower. We expect this process to remain... 1st March 2011 · 1 min read
Europe Data Response Euro-zone Flash CPI & Unemployment (Feb./Jan.) The latest data on the euro-zone economy brought mixed news in the form of falling unemployment and rising inflation. 1st March 2011 · 1 min read
UK Data Response CIPS/Markit Report on Manuf. (Feb.) & H'hold borrowing (Jan.) Today’s data further highlight the growing divergence between the strength of the recoveries in the industrial and consumer sectors of the UK economy. 1st March 2011 · 1 min read
China Data Response PMIs (Feb.) China’s two PMIs fell further last month and are now consistent with a pace of growth slower than the average of the last few years. Firms report that input prices are rising fast but the prices they... 1st March 2011 · 1 min read
UK Data Response Nationwide House Prices (Feb.) & Mortgage Lending (Jan.) This morning’s data paints a picture of a housing market that is struggling for direction. But while the pace of any further falls is hard to judge, with mortgage demand so low, February’s modest rise... 1st March 2011 · 1 min read
Europe Data Response Swiss & Swedish GDP (Q4) Q4’s Swiss and Swedish GDP releases confirmed that some of the European economies outside the euro-zone are expanding at a healthy pace. But strong currencies will ensure that the external sectors... 1st March 2011 · 1 min read
Japan Data Response Unemployment (Jan.) The unemployment rate remained relatively high (by Japanese standards) at 4.9% in January. The forward-looking labour market indicators are mostly improving, including vacancies, but employment and... 1st March 2011 · 1 min read
Asia Chart Pack Oil prices compound inflation concerns Markets are concerned that rising oil prices will lift inflation and hit economic growth in Asia. Relative to their economies, Korea and Taiwan are the biggest net oil importers within the region but... 28th February 2011 · 1 min read
Asia Economics Update India's budget targets look hard to achieve The Indian budget, passed today, aims to bring the deficit down to 4.6% of GDP in 2011/12. We judge that this will be difficult to achieve, primarily because the planned expenditure reduction looks... 28th February 2011 · 1 min read
