RBNZ Watch New Zealand - New Governor, new government (?), same dovish story While Grant Spencer will almost certainly decide to keep interest rates on hold at 1.75% at his first meeting as Governor of the Reserve Bank of New Zealand (RBNZ) on Thursday 28 th September, the... 21st September 2017 · 1 min read
Australia & New Zealand Data Response New Zealand GDP (Q2) The 0.8% q/q rise in the production measure of GDP in the second quarter won’t prevent the RBNZ from leaving interest rates at 1.75% at next Thursday’s policy meeting and striking a dovish tone too... 21st September 2017 · 1 min read
US Economics Update Fed undeterred by weak core inflation The Fed’s decision today to keep interest rates unchanged at 1.0-1.25%, as well as its long-anticipated move to formally announce the start of the balance sheet normalisation process next month, came... 20th September 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Last week’s increase in US crude stocks is mainly due to the lingering impact of Hurricane Harvey. Demand for petroleum products remains reasonably strong, which should help the market rebalance. 20th September 2017 · 1 min read
US Housing Market Data Response Existing Home Sales (Aug.) Existing home sales saw a 1.7% m/m drop in August, the third month in a row of falling sales. As has been the case for some time, a lack homes for sale was the cause of the drop. Despite a rise in the... 20th September 2017 · 1 min read
UK Economics Chart Pack Consumers remain resilient despite pay squeeze There has been little let up in the squeeze on consumers’ finances. But until now, at least, the consumer has been showing impressive resilience, with high-street spending having grown strongly over... 20th September 2017 · 1 min read
Emerging Europe Chart Pack Early signs of a Q3 pick-up The latest data suggest that, following a strong Q2, growth in Emerging Europe as a whole picked up further in Q3. Activity figures from Poland improved in July and August and the early signs are that... 20th September 2017 · 1 min read
Metals Data Response Global Aluminium Production According to the International Aluminium Institute (IAI), global primary aluminium output declined by 1.3% y/y last month. This compares with a 1% y/y increase a month earlier. Nonetheless, production... 20th September 2017 · 1 min read
India Economics Update Gold imports likely to ease The strength of gold imports in recent months is the result of temporary issues related to the new GST rather than buoyant underlying demand. As these issues get resolved, we expect gold imports to... 20th September 2017 · 1 min read
UK Data Response Retail Sales (Aug.) Today’s retail sales figures indicate that consumers are showing impressive resilience in the face of the real pay squeeze and suggest that talk of the economy losing further momentum has been... 20th September 2017 · 1 min read
Europe Economics Update German investment set for strong growth Despite little prospect of a pick-up in public investment in Germany following Sunday’s federal election, conditions are ripe for sharp rises in both general business investment and construction... 20th September 2017 · 1 min read
Industrial Metals Update China Metal Output Monitor China increased its output of most refined metals in the first eight months of the year. The main exceptions were zinc and nickel. 20th September 2017 · 1 min read
Africa Data Response South Africa CPI (Aug.) Inflation in South Africa was weaker than expected in August, which supports our view that the South African Reserve Bank will cut its key policy rate from 6.75% to 6.50% at its meeting tomorrow. 20th September 2017 · 1 min read
Middle East & North Africa Data Response Saudi Arabia Consumer Prices (Aug.) Saudi inflation remained in negative territory in August but with the government gearing up for a fresh round of subsidy cuts as well as the introduction of a new value-added tax, inflation is likely... 20th September 2017 · 1 min read
Australia & New Zealand Economics Focus How overvalued is housing? Once you take into account the structural decline in interest rates over the past 40 years, housing in Australia isn’t as overvalued as some analysts have suggested. In fact, in most capital cities it... 20th September 2017 · 1 min read
