Europe Economics Update Euro-zone Fiscal Monitor (Nov.) The latest fiscal data provided further evidence that the peripheral countries are improving their budgetary positions. But with some of these countries planning to loosen the fiscal reins next year... 1st December 2015 · 1 min read
US Housing Market Data Response CoreLogic House Prices (Oct.) On a seasonally-adjusted basis, the 2% m/m rise in house prices in October was the highest since 2005. And although that figure is likely to be revised down, it is clear that very tight market... 1st December 2015 · 1 min read
Canada Data Response GDP (Q3 2015) The 2.3% annualised rebound in GDP in the third quarter might convince some that the economy is adjusting well to lower oil prices, but the 0.5% m/m contraction in September illustrates that the... 1st December 2015 · 1 min read
Latin America Data Response Brazil GDP (Q3) Third quarter GDP data from Brazil made for grim reading, with the economy contracting by a larger-than-expected 1.7% q/q and falls earlier in the year revised higher. As a result, it seems likely... 1st December 2015 · 1 min read
UK Economics Update FPC getting closer to acting, but will tread carefully We got close to finally seeing some action from the Bank of England today. But in the event, the latest Financial Stability Report only prepped the ground for action from the Financial Policy... 1st December 2015 · 1 min read
Europe Data Response Euro-zone Unemployment (Oct.) & Final Mfg PMI (Nov.) October’s euro-zone unemployment data confirmed that the region’s steady labour market recovery has continued. But the bigger picture is that unemployment remains too high to boost wage growth and... 1st December 2015 · 1 min read
UK Data Response Markit/CIPS Report on Manuf. (Nov.) The fall-back in the Markit/CIPS manufacturing survey in November shows that while there may be signs of improvement in the manufacturing sector, it still faces significant challenges. 1st December 2015 · 1 min read
Europe Data Response Swiss GDP (Q3) The Swiss GDP release revealed that growth stalled in Q3 and November’s manufacturing PMI points to worse to come. This raises the likelihood that the Swiss National Bank (SNB) will increase its... 1st December 2015 · 1 min read
Africa Data Response South Africa Manufacturing PMI (Nov.) South Africa’s November Manufacturing PMI fell to a six year low, and - while there is a possibility that the figure could be revised - we believe that monetary tightening and slow growth have... 1st December 2015 · 1 min read
Emerging Europe Data Response Manufacturing PMIs (Nov.) Last month’s manufacturing PMIs for Emerging Europe brought further evidence that the region’s industrial sector strengthened in the final quarter of the year. 1st December 2015 · 1 min read
India Economics Update RBI holds rates, loosening cycle now at an end The Reserve Bank of India (RBI) kept its repo rate on hold at 6.75% today and, rather than just being on pause, we maintain our view that the loosening cycle is now at an end. 1st December 2015 · 1 min read
India Data Response Manufacturing PMI (Nov.) The fall in India’s manufacturing PMI reading in November highlights that, despite recent signs of a recovery in the hard activity data, local industry continues to face significant headwinds. 1st December 2015 · 1 min read
Asia Data Response Indonesia CPI (Nov.) Consumer price inflation in Indonesia dropped back sharply in November as the impact of last year’s hike in subsidised fuel prices dropped out of the annual comparison. Looking ahead, inflation looks... 1st December 2015 · 1 min read
Asia Data Response Manufacturing PMIs (Nov.) At best, Emerging Asia's PMIs for November suggest that the region’s manufacturing sectors are past the worst of this year’s downturn. But conditions generally remain weak, while the decline in... 1st December 2015 · 1 min read
Australia & New Zealand Economics Update No Christmas gift from the RBA, but rates to fall next year Even though the Reserve Bank of Australia has now left interest rates on hold at 2.0% for seven meetings and appears to be going cold on the idea of further cuts, we still think that a weakening in... 1st December 2015 · 1 min read
China Data Response PMIs (Nov.) The latest PMI readings suggest that construction and service sector activity picked up last month and that momentum in the manufacturing sector, although still subdued, may also have improved... 1st December 2015 · 1 min read
