Europe Chart Pack Rising inflation unnerves the ECB The further rise in euro-zone CPI inflation at the start of 2011 will have done little to ease the ECB’s fears that price pressures in the region are building. Nonetheless, inflation remains far lower... 1st February 2011 · 1 min read
Asia Economics Update Asia's industrial sector is gaining some traction, for now Manufacturing PMIs for January, released today and yesterday, improved in India and Taiwan and stayed above the key 50 level which signals expansion in Korea and Singapore. Manufacturing in Asia looks... 1st February 2011 · 1 min read
Latin America Economics Update Brazil manufacturers squeeze margins to compete The pick-up in January’s PMI suggests that after a torrid second half to 2010, Brazilian manufacturers have enjoyed a decent start to 2011. Unfortunately, it seems that producers have had to squeeze... 1st February 2011 · 1 min read
Asia Economics Update Singapore on course to tighten policy further Q4 employment data for Singapore, published yesterday, were strong. What’s more, the 2011 budget due in mid-February will probably focus on handouts to low-income groups, measures to lift productivity... 1st February 2011 · 1 min read
Latin America Economics Update BANREP turns more hawkish, but rate hikes likely to be gradual The Central Bank of Colombia (BANREP) held interest rates at 3.0% last night, as expected. But the accompanying statement was more hawkish than in previous. There is a risk that interest rates will... 1st February 2011 · 1 min read
Europe Economics Update Grand bargain will be no cheap way out of the crisis Expectations are growing that euro-zone leaders will soon agree to a series of new measures - collectively labelled the “grand bargain” - to bolster the policies already in place to deal with the... 1st February 2011 · 1 min read
Emerging Europe Economics Update PMIs hit record highs With manufacturing PMI surveys across most of Emerging Europe on the up, and now at record highs in Turkey and the Czech Republic, the near-term outlook for industry remains strong. Meanwhile, the... 1st February 2011 · 1 min read
Asia Economics Update Australia's monetary policy tightening is not over The Reserve Bank of Australia (RBA) held its cash rate at 4.75% today, as was universally expected. Low inflation and the uncertainty created by the floods disaster are likely to keep the RBA on the... 1st February 2011 · 1 min read
UK Economics Update Monetary Indicators Monitor (Jan.) Broad money growth is still exceptionally weak, adding credence to the view of the majority of those on the Monetary Policy Committee that inflation will fall back sharply in time. 1st February 2011 · 1 min read
Europe Data Response Euro-zone Unemp. (Dec.), Ger. Unemp. & E-Z Manu PMI (Jan.) The latest euro-zone data provide encouraging signs that the economic recovery is filtering through to the labour market and that the industrial sector is still expanding strongly. But large... 1st February 2011 · 1 min read
UK Commercial Property Data Response Lending to commercial property (Dec/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 February 2011 · 1 min read
UK Data Response CIPS/Markit Report on Manuf. (Jan.) & H'hold borrowing (Dec.) January’s UK CIPS/Markit report on manufacturing suggested that the industrial recovery is still going from strength to strength. But other news on the housing market and money growth gave a more... 1st February 2011 · 1 min read
China Data Response PMIs (Jan.) China’s two PMIs give some conflicting messages for January, but the overall impression is that activity is no longer accelerating and that inflation pressures, while still high, have declined. 1st February 2011 · 1 min read
UK Data Response Nationwide House Prices (Jan.) & Mortgage Lending (Dec.) The renewed falls in mortgage market activity are weighing on house prices. With lending unlikely to pick up significantly this year, due to constraints on both supply and demand, recent falls in... 1st February 2011 · 1 min read
Canada Chart Pack Food prices will push headline inflation higher We estimate that surging agricultural commodity prices will drive consumer food inflation to around 5% later this year, from just under 2%, which would add around 0.8 percentage points to headline CPI... 31st January 2011 · 1 min read
