Latin America Data Response Brazil Industrial Production (Nov.) The 0.2% m/m increase in Brazilian industrial production in November was due in large part to a rebound in vehicle production. This suggests that the lingering effects of a parts dispute with... 5th January 2017 · 1 min read
Middle East & North Africa Economics Update Saudi austerity to resume in 2018, but won’t be as harsh as 2015-16 Saudi Arabia’s recent budget suggested that fiscal consolidation will take a breather this year and, while the “Fiscal Balance Program” points to austerity resuming from 2018, it is likely to be less... 5th January 2017 · 1 min read
UK Data Response Markit/CIPS Report on Services (Dec.) December’s Markit/CIPS report on services added to the evidence that the economy will turn in another strong performance in Q4 and hasn’t lost any momentum since the vote to leave the EU. That said... 5th January 2017 · 1 min read
Nordic & Swiss Data Response Swiss Consumer Prices (Dec.) In December, Swiss headline inflation exited negative territory for the first time in two years, but core inflation remained below zero. So the latest data will do little to ease fears that the... 5th January 2017 · 1 min read
US Housing Market Data Response Mortgage Applications (Dec.) The expectation that mortgage rates are set to continue to rise following Trump’s win helped support mortgage applications for home purchase in December. While that boost will soon subside, faster... 4th January 2017 · 1 min read
Europe Commercial Property Update Six key calls for European commercial property in 2017 As a new year begins and investors focus on key themes and forecasts for the year ahead, we have taken the opportunity to outline some of our key calls for 2017 and the thinking behind them. 4th January 2017 · 1 min read
Emerging Markets Economics Update US “border tax” and the implications for EM currencies The switch to a so-called “border adjustment” system of corporate tax that has been proposed by US House Republicans could in theory lead to a weakening of EM currencies against the dollar, but in... 4th January 2017 · 1 min read
Nordic & Swiss Economics Update Currencies depreciating against US dollar Following a host of central bank meetings last month, most of the Swiss and Nordic currencies fell against the US dollar. While there were few major changes for bond yields, equities in most countries... 4th January 2017 · 1 min read
UK Commercial Property Data Response Lending to property (Nov.) & CIPS/Markit Construction PMI (Dec.) The fall in net lending to standing investment property in November means that September’s sharp rise in overall net lending has now been more than reversed. But the news isn’t all bad. Net lending to... 4th January 2017 · 1 min read
Europe Data Response Euro-zone Flash CPI & Final PMIs (Dec.) December’s rise in euro-zone inflation mainly reflected anticipated energy effects and will therefore not deter the ECB from its commitment to sustained policy loosening. 4th January 2017 · 1 min read
UK Economics Update Household Borrowing Monitor (Nov.) November’s household borrowing figures showed that borrowing growth remains strong, despite the Brexit vote, and that the housing market continues to regain its momentum. Admittedly, the small rise in... 4th January 2017 · 1 min read
UK Housing Market Data Response Mortgage Lending (Nov.) The revival in mortgage lending for house purchase seen since August appeared to lose much of its momentum in November. But the feared economic slowdown has yet to materialise and housing surveys... 4th January 2017 · 1 min read
Middle East & North Africa Data Response Whole Economy PMIs (Dec.) December’s batch of PMI data suggest that the Gulf economies ended 2016 on a brighter note, supported by a boost sentiment from higher oil prices and signs that the worst of the drag from fiscal... 4th January 2017 · 1 min read
Commodities Chart Pack Oil price rally fails to lift wider sentiment The prices of many commodities slipped back in December, despite the rise in the oil price and encouraging economic data out of China. While the falls in industrial metals may have been the result of... 3rd January 2017 · 1 min read
Global Economics Update Global Manufacturing PMI (Dec.) The final PMIs for December 2016 add to evidence that the world economy was in good nick at the end of last year and that price pressures have increased. We expect global growth to pick up a bit this... 3rd January 2017 · 1 min read
