Nordic & Swiss Economics Update Central bank actions push bond yields down In October, a combination of rising bond yields in the US and lower bond yields at home pushed Nordic and Swiss currencies down against the dollar. Weaker exchange rates, as well as decent economic... 30th October 2017 · 1 min read
Europe Economics Update First rate rise a distant prospect as ECB extends QE While the ECB’s announcement that its asset purchase programme will now run until September 2018 and at a slower pace from January was largely in line with consensus forecast, its decision to keep the... 26th October 2017 · 1 min read
Europe Commercial Property Update Valuation concerns haven’t deterred investors yet Q3 investment in mainland European commercial property was the highest on record for a third quarter, despite pricing concerns. At the same time, a lack of prime assets in key markets appears to be... 24th October 2017 · 1 min read
Europe Economic Outlook Recovery to withstand political concerns Politics are in focus yet again, with the German and Austrian elections revealing reduced support for mainstream parties and the push for Catalan independence creating much uncertainty. But business... 24th October 2017 · 1 min read
Europe Data Response German Industrial Production August’s surge in German industrial production was in line with the positive message from business surveys and puts the economy on course for a strong Q3. 9th October 2017 · 1 min read
Europe Data Response Euro-zone Unemployment (Aug.) August’s labour market data won’t deter the ECB from announcing later this month that it will taper its asset purchases next year. But the only gradual recovery in the labour market suggests that the... 2nd October 2017 · 1 min read
Europe Economics Weekly Would Macron’s plan for fiscal union work? Among the wide range of proposals for the EU put forward by French President Emmanuel Macron this week was the introduction of a euro-zone finance minister and a euro-zone budget. In principle, we... 29th September 2017 · 1 min read
Europe Data Response Euro-zone Flash CPI (Sep.) September’s weaker-than-expected euro-zone inflation data won’t stop the ECB from announcing in October its plan to taper its asset purchases next year. But the data suggest that the Bank will proceed... 29th September 2017 · 1 min read
Europe Commercial Property Update How could tighter ECB policy affect property yields? Tighter monetary policy in the UK, US and euro-zone in the next couple of years will undoubtedly cause risk-free rates to rise. However, given that property’s yield spread against risk-free rates is... 21st September 2017 · 1 min read
Asia Economics Weekly No need to worry about Fed and ECB policy normalisation The next stage of monetary policy normalisation in the developed world – balance sheet reduction by the US Fed, and the shift towards QE tapering in the euro-zone – will not have a major impact on... 15th September 2017 · 1 min read
Europe Commercial Property Outlook ECB draws nearer to turning off the stimulus tap European occupier markets have continued to benefit from the strengthening economic environment. Low risk-free rates still provide some limited scope for prime yields to fall. But as government bond... 11th September 2017 · 1 min read
Europe Commercial Property Update Increasing focus on high streets boosts prime rents in Lisbon Retailers in Lisbon are currently benefiting from a number of tailwinds. With occupiers focusing more on high street locations and limited prime vacancy, we have revised up our rental growth forecasts... 1st September 2017 · 1 min read
Europe Commercial Property Update Softer demand isn’t a disaster for German office rents A slowdown in German employment growth is set to take to the edge off office occupier demand growth. But with supply staying tight, prime office rental growth will ease, rather than grind to a halt. 25th August 2017 · 1 min read
Europe Commercial Property Valuation Monitor Industrial sector drops into overvalued territory Small rises in core government bond yields, along with similar-sized falls in equity dividend yields and limited commercial property yield falls mean that property valuations were mostly unchanged... 18th August 2017 · 1 min read
Europe Commercial Property Update Withdrawals to support a tighter Madrid office market Demand for office space in Madrid’s CBD has seen prime rents rise by 5% so far this year. And while completions are on the rise, this is being offset by withdrawals. With the market likely to tighten... 17th August 2017 · 1 min read
Europe Commercial Property Chart Pack Capital value growth hit by limited yield falls Euro-zone investment jumped 31% in Q2 compared to the same period last year. However, there are signs that suggest that the market is cooling, with the quarter recording the weakest decline in prime... 14th August 2017 · 1 min read
