Commodities Update Iron ore bucks weak China commodity imports Growth in China’s commodity import volumes slowed in July, despite some recent encouraging signs from activity indicators. In some cases, higher domestic output is edging out imports. In others, ample... 8th August 2016 · 1 min read
Europe Commercial Property Update Lower interest rates prompt reduced return targets Fund managers have reported that they are lowering their return targets in response to the lower interest rate environment and increased competition for commercial property assets. This suggests that... 8th August 2016 · 1 min read
Industrial Metals Update Has the zinc rally further to go? The price of zinc has surged in recent months, primarily on better prospects for steel demand. But while fundamentals are moving in the right direction and we expect the market to be in deficit this... 8th August 2016 · 1 min read
Europe Data Response German Industrial Production (Jun) Despite June’s rise in German industrial production, output in the sector fell in Q2 compared to Q1. Industrial growth should pick up a little in the months ahead, but it is likely to remain subdued... 8th August 2016 · 1 min read
Japan Chart Pack Growth not strong enough to boost price pressures Weak survey evidence notwithstanding, the economy likely continued to recover in the second quarter, while the labour market has rarely been tighter. However, wage growth remains anaemic and the past... 8th August 2016 · 1 min read
Emerging Europe Data Response Turkey Industrial Production (Jun.) The weaker-than-expected Turkish industrial production growth figure for June, of just 1.1% y/y, adds to the evidence that the economy had slowed sharply even before July’s coup attempt. 8th August 2016 · 1 min read
China Data Response Trade & FX Reserves (Jul.) Today’s trade data disappointed, with stronger manufacturing activity among many of China’s key trading partners failing to lift export growth and import growth falling on the back of the renewed drop... 8th August 2016 · 1 min read
Japan Data Response Economy Watchers Survey (Jul.) The improvement in both current conditions and the outlook in today’s Economy Watchers Survey was the strongest since spring 2014. That said, the survey’s link with actual economic activity is often... 8th August 2016 · 1 min read
Commodities Weekly Commodities wobble on strong US jobs data On Friday, commodity prices dipped in the wake of the second consecutive strong US non-farm payrolls reading, the subsequent appreciation of the dollar and the implication that rate hikes could come... 5th August 2016 · 1 min read
Canada Economics Weekly Export growth muted even without a trade war The economy’s reliance on trade with the US means that the current US presidential election campaign could be pivotal for Canada’s export outlook. The big question is whether a President Trump would... 5th August 2016 · 1 min read
UK Housing Market Chart Pack Post-referendum chill starts to show The first set of post-referendum housing market data is consistent with our expectations of a slump in transactions over the next 6 to 12 months. That said, while the picture painted by the main house... 5th August 2016 · 1 min read
US Economics Weekly Pace of consumption growth will inevitably slow The news that real personal spending increased by 0.3% m/m in June, along with the reported surge in auto manufacturers’ unit sales in July, implies that real consumption growth began the third... 5th August 2016 · 1 min read
UK Economics Update Brexit Watch: Policy response should cushion hit to growth The MPC’s decision to announce a package of stimulus measures yesterday was no doubt influenced by the thoroughly downbeat tone of this week’s survey data. While it’s clear that growth is set to slow... 5th August 2016 · 1 min read
Precious Metals Update Central banks to remain net buyers of gold Central banks resumed their gold purchases in June, after having turned net sellers in May, with Russia and China once again particularly active. While gold demand from the official sector was... 5th August 2016 · 1 min read
US Data Response Employment Report (Jul.) & Int. Trade (Jun.) The better than expected 255,000 increase in non-farm payrolls in July will renew speculation that the Fed might hike interest rates as soon as this September, but we still think Fed officials will... 5th August 2016 · 1 min read
