US Housing Market Update Where will new single-family homes be built? For the most part, states with strong income growth and low homeowner vacancy rates will see the largest gains in single-family housing starts. The majority of those are in the West, although Florida... 12th April 2017 · 1 min read
OPEC Watch OPEC output falls, but mainly due to supply disruptions OPEC production fell in March but output in the group’s de-facto leader, Saudi Arabia, increased. What’s more, OPEC now expects even faster production growth in the US this year. The OPEC Monthly Oil... 12th April 2017 · 1 min read
Asia Economics Update How big are the economic risks from the crisis in North Korea? There remains huge uncertainty as to how the growing crisis in North Korea will play out. Although war is likely to remain a last resort, the risk of some kind of military action is clearly growing... 12th April 2017 · 1 min read
Canada Data Response Teranet-National Bank House Prices (Mar.) Despite a further acceleration in Toronto, the national rate of annual house price inflation eased to 13.0% in March, down from 13.4%, reflecting the continued slowdown in Vancouver and falling house... 12th April 2017 · 1 min read
China Economics Update New (non-consensus) growth forecasts for Hong Kong Hong Kong’s economy has rebounded over the past year and is likely to stay strong in the near-term, supported by rapid export growth, and we have raised our forecast for 2017. But we expect a fresh... 12th April 2017 · 1 min read
US Economics Focus Fed may not need to reduce its Treasury holdings after all After hiking the fed funds rate at both the June and September FOMC meetings, the Fed will begin to phase out the reinvestment of maturing principal on its asset holdings at the December meeting. A... 12th April 2017 · 1 min read
India Data Response Consumer Prices (Mar.) & Industrial Production (Feb.) Consumer price inflation rose again in March, due in large part to a rise in fuel inflation. Further ahead, rising core price pressures could prompt the RBI to follow up last week’s hike to the... 12th April 2017 · 1 min read
Europe Commercial Property Update Have German industrial yields fallen too far? German cities have seen some of the largest falls in industrial yields across Europe in recent years, pushing the spread over offices down to new lows. Given structural changes in the market, this... 12th April 2017 · 1 min read
UK Commercial Property Data Response Employment (Feb.) Today’s Labour Force survey gave no worrying signs about the strength of occupier demand, either nationally or in the capital, despite a slowdown in job creation. 12th April 2017 · 1 min read
UK Data Response Labour Market (Feb.) While underlying wage growth is still struggling to keep pace with inflation, the continued strength of employment growth is one reason to think that any slowdown in spending growth won’t be too sharp... 12th April 2017 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Mar.) March’s fall in inflation was partly due to temporary effects and inflation should rise in April. As there is now an increasing risk that inflation will overshoot the Riksbank’s target, later this... 12th April 2017 · 1 min read
Australia & New Zealand Economic Outlook Australia won’t benefit much from global recovery The latest data suggest that we are right to be more downbeat than most on the outlook for Australia this year but more upbeat than most on the prospects for New Zealand. While both economies will... 12th April 2017 · 1 min read
Australia & New Zealand Data Response Australia Consumer Confidence (Apr.) The Westpac measure of consumer confidence nudged down only slightly in April, which is a welcome sight following the recent string of disappointingly weak data on household spending. That said... 12th April 2017 · 1 min read
Japan Data Response Machinery Orders (Feb.) The rebound in machinery orders in February wasn’t strong enough to reverse the decline in January. But with capacity usage picking up, we expect business investment to expand at a robust pace this... 12th April 2017 · 1 min read
US Economics Update Surveys point to diminishing labour market slack The latest NFIB and JOLT surveys suggest that, despite the slowdown in payroll employment growth last month, labour market slack continues to diminish. They also provide further evidence that this... 11th April 2017 · 1 min read
