Metals Data Response Global Steel Production (Jan.) World Steel Association (WSA) data, released today, show that global steel output fell by 7.1% year on year in January. Output fell in all major producing regions for the second consecutive month, but... 23rd February 2016 · 1 min read
Europe Commercial Property Update Will falling rents push up prime Oslo office yields? Compounded by a negative rental growth outlook, Oslo offices appear overvalued. However, with foreign investors likely to be lured by the historically weak kroner and domestic investors keen on prime... 23rd February 2016 · 1 min read
UK Economics Chart Pack Momentum continues into 2016 2015 was a good year for the consumer recovery and 2016 looks like it started off on a good footing, with strong retail spending and car registrations in January. The picture for spending in the near... 23rd February 2016 · 1 min read
UK Economics Update Sterling to fall further – but that’s not necessarily a bad thing Sterling remains the main casualty of Brexit uncertainty and we expect the pound to fall further as the referendum nears. However, this should not be viewed as an entirely negative development, as the... 23rd February 2016 · 1 min read
Latin America Data Response Brazil IPCA-15 (Feb.) The rise in Brazilian inflation in the first half of this month is concerning, given that January’s data had suggested the headline rate was close to peaking. We still expect inflation to drop back... 23rd February 2016 · 1 min read
Global Economics Update Will lower oil prices finally boost global growth? Last year, the slump in oil prices turned out to be less of a bonanza for the world economy than most had anticipated. This year we expect oil prices to be more stable, but still relatively low. In... 23rd February 2016 · 1 min read
Europe Data Response German Ifo Survey (Feb.) & GDP Breakdown (Q4) February’s sharper-than-expected decline in the German Ifo Business Climate Indicator (BCI) added to the evidence that growth there is slowing and further justified additional ECB policy support. 23rd February 2016 · 1 min read
India Chart Pack “Make in India” 2.0 still little more than a sound bite Prime Minister Narendra Modi's revamped “Make in India” programme aimed at turning the country into a global manufacturing and export powerhouse got off to a high-profile start during last week’s... 23rd February 2016 · 1 min read
Africa Chart Pack Nigeria: Balance of payments problems escalating The strains in Nigeria's balance of payments are growing, threatening to push Sub-Saharan Africa's largest economy into a full-blown crisis. The Nigerian economy has been battered by the falling price... 23rd February 2016 · 1 min read
Japan Economics Update Will negative JGB yields result in an operating loss for the BoJ? JGB yields would have to fall by another 40bp to wipe out the Bank of Japan’s profits, and they would have to remain that negative for many years to erode its capital base. However, that would be a... 23rd February 2016 · 1 min read
Australia & New Zealand Chart Pack Equities won’t drag the economy down The slump in equity prices since the turn of the year is unlikely to be followed by a similar slump in economic growth in Australia, especially now that equity prices are rebounding. Over the past 20... 23rd February 2016 · 1 min read
China Chart Pack Outbound tourism continues to boom The number of Chinese tourists travelling abroad continues to rise rapidly. The main destination countries recorded an average increase in visitor arrivals from China of nearly a third last year... 22nd February 2016 · 1 min read
Global Economics Update Flash Manufacturing PMIs (Feb.) Flash PMIs published today point to a fairly sharp slowdown in manufacturing growth in advanced economies in February. The flash manufacturing PMIs for the euro-zone, Japan and the US all fell. As a... 22nd February 2016 · 1 min read
Capital Daily Brexit or no Brexit, sterling likely to remain under pressure 22nd February 2016 · 1 min read
Middle East & North Africa Economics Update Uptick in oil prices supports Gulf financial markets The gradual rise in oil prices from the lows reached in January has underpinned a rebound in equity markets in the Gulf this month and dampened speculation that these countries will be forced to... 22nd February 2016 · 1 min read
Metals Data Response Global Aluminium Production (Jan.) According to the International Aluminium Institute, global aluminium output fell by nearly 2% y/y in January, largely on account of a decline in China’s production. This supports our view that prices... 22nd February 2016 · 1 min read
