Europe Commercial Property Focus German office rental growth is set to pick up strongly Office rental values in Berlin, Hamburg and Munich now stand, on average, 7% above their prior 2008 peaks, and at their highest levels in 15 years. Even so, the positive economic outlook, low... 17th March 2016 · 1 min read
Europe Data Response Euro-zone Trade (Jan.) & Final CPI (Feb.) January’s euro-zone goods trade data showed that export growth slowed again at the start of 2016, suggesting that the previous small boost from the weaker euro has faded. We expect the region’s trade... 17th March 2016 · 1 min read
Europe Economics Update SNB on hold, but battle against deflation is not won The lack of upward pressure on the franc following the last ECB meeting has allowed the Swiss National Bank (SNB) to leave policy on hold for now. But deflation dangers are particularly severe in... 17th March 2016 · 1 min read
Europe Economics Update Norges Bank cuts rates, but concerns about debt growing We think that today’s interest rate cut by the Norges Bank will be followed by another 25bp reduction in June. But concerns about household debt will prevent further loosening beyond that. 17th March 2016 · 1 min read
Nordic & Swiss Economics Update What options does Sweden’s Riksbank have left? The growing unease over the potential impact of negative interest rates suggests that Sweden’s Riksbank will think twice about cutting the repo rate further below zero. It can draw on other policy... 17th March 2016 · 1 min read
Nordic & Swiss Economics Update Norges Bank cuts rates, but concerns about debt growing We think that today’s interest rate cut by the Norges Bank will be followed by another 25bp reduction in June. But concerns about household debt will prevent further loosening beyond that. 17th March 2016 · 1 min read
Nordic & Swiss Economics Update SNB on hold, but battle against deflation is not won The lack of upward pressure on the franc following the last ECB meeting has allowed the Swiss National Bank (SNB) to leave policy on hold for now. But deflation dangers are particularly severe in... 17th March 2016 · 1 min read
Europe Commercial Property Update Can Helsinki office rents rise above the weak economic outlook? Finland’s poor economic outlook will not prevent prime office rents from growing further in the next few years. Indeed, we have bumped up our rental growth forecasts for 2016 and 2017 to 3% and 2.5%... 16th March 2016 · 1 min read
Europe Economics Focus What inflation rate is the ECB really targeting? Despite its latest policy loosening, the ECB’s behaviour over recent years has been consistent with an inflation objective of closer to 1% than 2%. This has depressed economic growth and increased the... 16th March 2016 · 1 min read
Europe Economics Update Icelandic rates on hold but hikes are on the horizon Iceland’s central bank decided today to keep its key interest rates unchanged for the third meeting in a row, citing low global inflation and a strengthening currency. But with inflationary pressures... 16th March 2016 · 1 min read
Nordic & Swiss Economics Update Icelandic rates on hold but hikes are on the horizon Iceland’s central bank decided today to keep its key interest rates unchanged for the third meeting in a row, citing low global inflation and a strengthening currency. But with inflationary pressures... 16th March 2016 · 1 min read
Europe Commercial Property Update Rising office employment points to rental growth in most markets In 2015, office vacancy rates fell in most euro-zone markets. With supply conditions tightening, and office employment picking up at a steady pace, almost every market will see office rents rise this... 15th March 2016 · 1 min read
Europe Economics Update Is the ECB about to launch the chopper? While the distribution of helicopter money in the euro-zone is not a likely near-term measure, the lesson of recent years is that seemingly unimaginable policies can become reality. And it may suit... 15th March 2016 · 1 min read
Europe Economics Update Will the new TLTROs boost bank lending? The latest changes to its lending operations mean that the ECB will now pay commercial banks to lend to the wider economy. But we still suspect that they will be unwilling to take the associated risks... 15th March 2016 · 1 min read
Europe Data Response Swedish Consumer Prices (Feb.) The renewed fall in Sweden’s inflation rate in February was largely down to movements in energy prices. But with underlying price pressures still largely absent, the Riksbank may well need to take... 15th March 2016 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Feb. 16) The renewed fall in Sweden’s inflation rate in February was largely down to movements in energy prices. But with underlying price pressures still largely absent, the Riksbank may well need to take... 15th March 2016 · 1 min read
