Industrial Metals Update Global Steel Production (Dec. & 2016) After a weak start to the year, global steel production recovered and was growing briskly at 5.5% y/y in December, encouraged by high prevailing prices. In our view, the steel market is more than... 25th January 2017 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of both crude oil and gasoline grew last month as demand for both fuels remained weak. 25th January 2017 · 1 min read
Global Trade Monitor American carnage? The pick-up in world trade in the last quarter of 2016 adds to the evidence that the global economy gained momentum late last year. But the key question is whether the new US administration will bring... 25th January 2017 · 1 min read
Latin America Economics Update Mexico and the renegotiation of NAFTA: five key points President Trump’s intention to renegotiate NAFTA won’t have any immediate consequences for Mexico’s economy since the current agreement will remain in place until a reformed version is approved by all... 25th January 2017 · 1 min read
US Fed Watch Fed in wait-and-see mode until details of fiscal stimulus emerge Following its rate hike at last December’s meeting, the Fed will remain in wait-and-see mode until it has more clarity on the magnitude, composition and timing of the anticipated fiscal stimulus. We... 25th January 2017 · 1 min read
Energy Watch China is in the driving seat when it comes to coal Coal was one of the best performing commodities in 2016 after years of declining prices. However, this revival was primarily due to reductions in supply coupled with cold weather, which boosted demand... 25th January 2017 · 1 min read
Capital Daily Trump’s tough stance on Mexico set to keep the heat on the peso 25th January 2017 · 1 min read
Emerging Europe Data Response Russia Activity Data (Dec.) Russia’s construction and retail sectors suffered a fresh slump in December but, overall, it looks like the economy expanded in year-on-year terms in Q4 (by around 0.3%) for the first time since 2014. 25th January 2017 · 1 min read
UK Data Response CBI Industrial Trends Survey (Jan.) January’s CBI Industrial Trends Survey showed that the manufacturing sector has carried a decent amount of momentum into the New Year. 25th January 2017 · 1 min read
Emerging Markets Economics Chart Pack EM central banks unfazed by strong dollar There is no evidence that concerns about rising US interest rates and a strong dollar are forcing EM central banks to tighten policy – indeed, our diffusion index shows that more EM central banks have... 25th January 2017 · 1 min read
Europe Data Response German Ifo Survey (Jan.) January’s fall in the German Ifo survey suggests that the economy has lost some of the strong momentum seen at the end of last year. And while the weak euro exchange rate should boost exports in the... 25th January 2017 · 1 min read
Nordic & Swiss Chart Pack Q4 data point to pick-up in GDP growth On the whole, the activity data suggest that GDP growth in the Nordic and Swiss economies has picked up. Granted, Icelandic consumer confidence suggests that growth might have slowed slightly. But it... 25th January 2017 · 1 min read
Australia & New Zealand Data Response Australia Consumer Prices (Q4) The rebound in headline inflation in the fourth quarter of last year has been baked in the cake for some time, so the real news is that underlying inflation hardly budged at all. A continuation of... 25th January 2017 · 1 min read
Global Economics Update What chance of a Trump Accord? For now, we don’t know what the US policy will be towards the dollar. If Donald Trump seriously wants a cheaper currency, the best way to achieve it might be through a multilateral agreement... 24th January 2017 · 1 min read
US Housing Market Data Response Existing Home Sales (Dec.) Existing homes sales dropped back in December, as the lowest level of inventory since records began in 1999 weighed on activity. That shortage of homes for sale also suggests that any boost to housing... 24th January 2017 · 1 min read
Canada Chart Pack Canada will have strong hand in NAFTA negotiations US President Donald Trump’s inauguration speech, in which he pledged to always put America first, was potentially bad news for Canada. Trump has indicated that he wants to begin an almost immediate... 24th January 2017 · 1 min read
