Non-Euro Europe Commercial Property Chart Pack Scandinavian investment demand flat-lining The signs from the first quarter are that, while the trend for investment demand in Emerging Europe might have turned the corner, in Scandinavia it remains stagnant. The latest survey and hard... 9th May 2013 · 1 min read
Emerging Europe Economics Update Weak industry and low inflation to trigger Polish rate cut April’s PMIs show signs of a renewed downturn in manufacturing in Central Europe. And tempting as it is to blame the weakness of German industry, it looks like domestic factors are playing a role too... 2nd May 2013 · 1 min read
Emerging Europe Chart Pack A soft start to the year The slowdown in growth in Emerging Europe appears to have bottomed out in the first quarter of this year. We estimate that, at an aggregate level, the region grew by around 0.8% y/y, in line with... 29th April 2013 · 1 min read
Emerging Europe Economics Update Forint concerns limit scope for aggressive easing in Hungary Falling inflation and an economy struggling to escape from recession mean that further interest rate cuts are likely in Hungary. But we remain of the view that currency concerns will prevent... 23rd April 2013 · 1 min read
Europe Commercial Property Update What is the outlook for Budapest office rents? The recovery in employment in Hungary last year, might suggest that the recent uptick in Budapest office rents marks a turning point. But there is no evidence that job creation has boosted office... 17th April 2013 · 1 min read
Emerging Europe Economics Update What has driven Russia's slowdown? The raft of Russian activity data for March, due to be released this week, is likely to show a slight improvement from February. But growth in Q1 is still set to be much weaker than at the end of last... 16th April 2013 · 1 min read
Emerging Europe Economics Update Weak inflation to trigger further Polish rate cut The weakness of the latest inflation data across Central Europe should allow further loosening of monetary policy, even in Poland, where we have now pencilled in a 25bp rate cut later this year. 15th April 2013 · 1 min read
Europe Commercial Property Update CEE property investment data: a mixture of good and bad news Emerging European property investment markets seem to have started 2013 brightly. Yet the sharp rise in region-wide investment volumes was in most part driven by a huge rise in activity in Russia. If... 11th April 2013 · 1 min read
Emerging Europe Economics Update Market rally reverses course Most Emerging European stock markets and currencies have weakened over the past month on the back of the Cypriot crisis and fears of contagion to the rest of the euro-zone. This serves as a timely... 8th April 2013 · 1 min read
Emerging Europe Economics Update Hungary's "Funding for Growth" scheme lacks punch The “Funding for Growth” scheme announced by the National Bank of Hungary is not quite as radical as it could have been. This helps to explain the relatively muted reaction in the financial markets... 4th April 2013 · 1 min read
Emerging Europe Economics Update Manufacturing recovery stutters The latest batch of manufacturing PMIs in Emerging Europe shows that activity slowed across the board last month. Activity remains strongest in Turkey. But the weakness of the Central European... 2nd April 2013 · 1 min read
Emerging Europe Economics Update New-look Hungarian MPC resists more aggressive policy easing The fact that Hungary’s new-look MPC did not lower interest rates by more than 25bps today underlines the extent to which policymakers are constrained by the threat of a sell-off in the financial... 26th March 2013 · 1 min read
Emerging Europe Chart Pack Turkey leading the recovery, Russia lagging behind The latest activity data from Emerging Europe have been something of a mixed bag. Turkey is leading the recovery as a rebound in credit growth has fuelled domestic demand. Here, we think GDP growth... 21st March 2013 · 1 min read
Emerging Europe Economics Update Q4 GDP breakdown points to consumer turnaround The breakdown of Q4 GDP data in Central and South Eastern Europe showed encouraging (albeit tentative) signs of an improvement in consumer spending. By contrast, exports were extremely weak. Leading... 11th March 2013 · 1 min read
Emerging Europe Economics Update Market rally losing steam The rally in Emerging Europe’s financial markets has lost steam over the past few weeks. In part, this is due to the re-surfacing of tensions in the euro-zone following Italy’s inconclusive general... 7th March 2013 · 1 min read
Emerging Europe Economics Update Matolcsy could turn his attention to Hungary's FX debt burden Events during the first few days of Gyorgy Matolcsy’s Governorship of Hungary’s central bank reinforce concerns about the Bank’s independence. At the very least, we are likely to see further interest... 5th March 2013 · 1 min read
