Japan Chart Pack Yen strengthens despite shift to negative rates The Bank of Japan’s decision to cut the interest rate on some excess reserves below zero initially delivered a slide in the exchange rate and a rise in equities. But these shifts soon reversed and the... 10th February 2016 · 1 min read
Commodities Update More misery for world wheat market Upward revisions by the USDA to its estimates for world end-year wheat and soybean stocks have only added to the gloomy outlook for prices, which we think are likely to ease further this year. 10th February 2016 · 1 min read
Europe Commercial Property Update Prime Property Yield Falls to Slow in 2016 Prime yields fell substantially in 2015, but the rate of yield compression moderated in the third quarter. We think that yield falls will slow in most Western European markets in 2016, but that there... 10th February 2016 · 1 min read
Africa Economics Update South Africa: Political risk adds to economic headwinds A legal case against President Jacob Zuma may further destabilise South Africa’s already febrile political situation. Increased political risk poses a very real threat to the country’s struggling... 10th February 2016 · 1 min read
Precious Metals Update Global central banks continue to add gold to their reserves Global central banks increased their gold reserves in December, with China and Russia once again particularly active. We expect further official purchases to continue to be one of several factors... 10th February 2016 · 1 min read
Europe Economics Update Bank troubles intensify downside risks to growth The renewed concerns over the health of the euro-zone’s banks present an awkward policy dilemma for the European Central Bank and further raise the downside risks to the currency union’s economy. 10th February 2016 · 1 min read
UK Data Response Industrial Production (Dec.) After contracting in the first three quarters of 2015, the UK manufacturing sector just managed to pull out of recession in the fourth quarter. But overall production experienced its worst quarter for... 10th February 2016 · 1 min read
Europe Economics Update Icelandic rates on hold but more policy tightening to come Although Iceland’s central bank decided today to keep its key interest rates unchanged again, upward inflation pressures and domestic economic strength mean that rate hikes are likely later this year... 10th February 2016 · 1 min read
Europe Data Response French & Italian Industrial Production (Dec.) December’s weak industrial production data from France and Italy showed that the sector is still struggling and add to the risk that euro-zone GDP growth slowed in Q4. 10th February 2016 · 1 min read
Commodities Update Malaysia Monthly Palm Oil Data (Jan.) Data released earlier today by Malaysia’s Palm Oil Board show that palm oil inventories fell sharply m/m in January for the second consecutive month. 10th February 2016 · 1 min read
Asia Economics Update Korea’s debt binge to weigh on growth The sharp rise in Korea’s private sector debt over the past decade has raised concerns about financial stability. While there are good reasons to believe that a crisis is not in the offing, Korea will... 10th February 2016 · 1 min read
Australia & New Zealand Data Response Australia Consumer Confidence (Feb.) The rise in the Westpac measure of consumer confidence in February is particularly impressive given how far equity prices have fallen. It suggests that the strong labour market and fall in petrol... 10th February 2016 · 1 min read
Australia & New Zealand Economics Update Our key calls Our full analysis of the prospects for the Australian and New Zealand economies is contained in our Australia & New Zealand Economic Outlook (sent to clients on 27th January), but in this note we... 10th February 2016 · 1 min read
Nordic & Swiss Economics Update Icelandic rates on hold but more policy tightening to come Although Iceland’s central bank decided today to keep its key interest rates unchanged again, upward inflation pressures and domestic economic strength mean that rate hikes are likely later this year... 10th February 2016 · 1 min read
Industrial Metals Update Low stocks are offering some support to prices Exchange stocks of lead and tin are now at very low levels and total stocks of most metals have fallen since the start of the year. Of course, there may well be unreported stocks but, at face value... 9th February 2016 · 1 min read
