Middle East & North Africa Chart Pack Investors give Egypt the thumbs up Egypt’s recent economic reforms received a warm welcome from investors earlier this month, as the country successfully issued US$4bn of international bonds. The sale was almost double the amount that... 26th January 2017 · 1 min read
Europe Economics Update How worrying is Italy’s widening Target2 deficit? Italy’s widening Target2 imbalance suggests that investors are reducing their exposure to Italy. And capital outflows may well rise in the run-up to a general election, which could happen this year. 26th January 2017 · 1 min read
EM Valuations Monitor Bleak prospects for dollar-denominated bonds Emerging market (EM) dollar-denominated government bonds have made a decent start to the year, regaining some lost ground on their developed market counterparts. But we doubt that this strong... 26th January 2017 · 1 min read
Middle East & North Africa Economics Update Egypt: will the government’s fiscal reforms be enough? The big fiscal squeeze that the Egyptian government has signed up for as part of its IMF deal will, if fully implemented, bring the debt ratio down. However, the authorities are likely to struggle to... 26th January 2017 · 1 min read
UK Commercial Property Chart Pack Mixed signals regarding London office occupier conditions The commercial property market regained a little momentum in the closing stages of last year. However, the stability of property yields in recent months, is a reminder that rental growth will probably... 26th January 2017 · 1 min read
UK Data Response CBI Distributive Trades Survey (Jan.) Following December’s disappointing official retail sales result, January’s CBI Distributive Trades Survey suggests that the sector started the year on a poor footing. However, while we think that... 26th January 2017 · 1 min read
UK Housing Market Data Response BBA Mortgage Lending (Dec.) Today’s figures from the BBA confirm that the recovery in house purchase mortgage approvals maintained its momentum through to the end of 2017. With the economy looking resilient and confidence in the... 26th January 2017 · 1 min read
Africa Chart Pack Africa: latest data confirm very weak growth in late 2016 Data published over the past month provided further evidence that economic growth in the region was very sluggish towards the end of last year. Q3 GDP figures did, admittedly, show that growth picked... 26th January 2017 · 1 min read
UK Commercial Property Data Response RICS Commercial Property Market Survey (Q4) The latest RICS survey of conditions in the commercial property market was broadly positive. The balances for tenant and investor demand, as well as capital and rental value expectations, were all... 26th January 2017 · 1 min read
UK Data Response Preliminary estimate of GDP (Q4) The strong end to last year provides plenty of momentum heading into 2017. And while growth looks set to ease this year, the beneficial effects of the fall in the pound should help to ensure that the... 26th January 2017 · 1 min read
Nordic & Swiss Data Response Sweden (Dec.) & Norway (Nov.) Labour Market Data December’s labour market data suggest that wage pressures are building in Sweden, supporting our view that the Riksbank will tighten policy this year. But in Norway, despite November’s fall in... 26th January 2017 · 1 min read
Japan Economics Update BoJ poised to scale back bond purchases The Bank of Japan appears to have reduced the number of short-term JGB auctions it conducts this month, paving the way for a reduction in the volume of purchases this year. However, an increase in the... 26th January 2017 · 1 min read
India Economics Update Budget preview: a tricky balancing act The finance ministry faces a delicate balancing act in the upcoming union budget for FY17/18, which will be unveiled on 1st February. On the one hand, it will be aiming to boost demand following... 26th January 2017 · 1 min read
Asia Data Response Philippines GDP (Q4) The Philippines recorded another quarter of solid growth in Q4 and should continue to grow reasonably strongly over the forecast period. The uncertain political situation at home and Donald Trump’s... 26th January 2017 · 1 min read
China Economics Update Capital Flows Monitor (Dec.) China’s moves to tighten capital controls are seeing some success. According to our detailed estimates, outflows last month were the smallest since August thanks to a sharp pull-back in outbound... 26th January 2017 · 1 min read
Bank of Japan Watch Bank of Japan on prolonged hold The Bank of Japan will probably extend the deadlines for some of its lending programmes by one year at the upcoming meeting. But having upgraded its assessment of the economy at the December meeting... 26th January 2017 · 1 min read
