Metals Data Response South Africa’s Mine Production (May) PGM output continued to fall in May as years of underinvestment have started to take their toll on production. The release of the new Mining Charter, if unchanged, is only likely to worsen what is... 13th July 2017 · 1 min read
UK Commercial Property Data Response Bank of England Credit Conditions Survey (Q2) Credit conditions in the residential mortgage market eased a touch in Q2. But with lenders’ risk appetites set to contract, Q3 may be a little tighter. Meanwhile, there is little evidence to suggest... 13th July 2017 · 1 min read
Commodities Update Persistent strength in China’s commodity imports China’s commodity import demand has generally been strong so far in 2017. However, stocks of many industrial commodities are high suggesting that underlying demand may be somewhat weaker. Indeed, we... 13th July 2017 · 1 min read
Africa Economics Update Institutional worries: Looking beyond South Africa Increased political criticism of the South African Reserve Bank has focused attention on threats to the country’s key economic institutions. But, as we’ve written before, we think that most of these... 13th July 2017 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Jun.) As underlying inflation is within touching distance of the Riksbank’s target, today’s rise in the krona should be followed by further gains as the remaining doves on the Executive Board come round to... 13th July 2017 · 1 min read
UK Housing Market Data Response RICS Residential Market Survey (Jun.) With active demand and supply both falling in June, the housing market is still softening. But the fact that the pace of decline eased off a touch may be a tentative sign that conditions won’t... 13th July 2017 · 1 min read
Asia Economics Update Malaysia interest rate likely to remain unchanged this year With inflation falling and growth rebounding, it was no surprise that Malaysia’s central bank (BNM) kept its policy rate unchanged at 3.0% today. Looking ahead, we expect that BNM will keep interest... 13th July 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Crude oil stocks plunged last week by the largest amount so far this year. Another rise in refinery runs, in tandem with a decline in net imports, contributed to stocks falling below 500 million... 13th July 2017 · 1 min read
Asia Economics Update Bank of Korea to leave rates unchanged for some time The Bank of Korea (BoK) left interest rates on hold today and there was little indication in the governor’s accompanying press conference that the central bank is in any hurry to adjust policy. We... 13th July 2017 · 1 min read
Europe Commercial Property Update Athens property still not without headwinds Athens recorded some of the highest property total returns in the euro-zone last year. And with the potential for prime rents to edge up and yields to fall, it could be one of the best performing... 12th July 2017 · 1 min read
Canada Economics Update Bank of Canada gambles on rate hike The Bank of Canada’s decision to begin raising interest rates is a gamble that might have to be reversed before long. With the housing bubble already showing signs of bursting and household debt at... 12th July 2017 · 1 min read
US Housing Market Chart Pack Drop in housing starts not helping low inventory Lacklustre housing starts, which dropped for the third month in a row in May, will do nothing to ease the very low levels of inventory. In turn, low inventory is holding back search and sales activity... 12th July 2017 · 1 min read
Industrial Metals Update It is hard to be positive on nickel With the fading prospect of mine closures in the Philippines, the outlook for nickel supply is improving. At the same time, demand is expected to weaken this year. However, we think that the... 12th July 2017 · 1 min read
Latin America Data Response Mexico Industrial Production (May) Mexican industrial production grew by a below-consensus 0.1% m/m in May and, as a result, industry probably broadly stagnated over Q2 as a whole. 12th July 2017 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Jun.) The national rate of annual house price inflation rose to 14.2% in June, from 13.9%, driven almost exclusively by a further acceleration in Toronto. But the worsening slump in home sales and higher... 12th July 2017 · 1 min read
