Europe Data Response Swedish Consumer Prices (Feb.) Sweden’s headline inflation rate turned positive in February for the first time in eight months. But deflationary pressures have not disappeared altogether and we continue to think that the Riksbank... 11th March 2015 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Feb. 15) Sweden’s headline inflation rate turned positive in February for the first time in eight months. But deflationary pressures have not disappeared altogether and we continue to think that the Riksbank... 11th March 2015 · 1 min read
Global Economics Update Real rates to stay higher in the euro-zone than in US & Japan The ECB started its quantitative easing programme this week and the US Fed is likely to begin tightening policy in June. Nonetheless, we expect real interest rates to remain higher in the euro-zone... 10th March 2015 · 1 min read
Europe Economics Update Will QE hit the buffers before the job is done? Concerns that the ECB will struggle to find enough willing sellers of assets to implement its quantitative easing programme may be wide of the mark. But limits set by the Bank itself imply little... 10th March 2015 · 1 min read
Europe Data Response Iceland GDP (Q4) Iceland’s economy continued to expand in Q4, suggesting that the country remains well on the road to recovery. 10th March 2015 · 1 min read
Europe Data Response French & Italian Industrial Production (Jan.) January’s French industrial data support the message from the German and Spanish releases that activity was expanding slowly at the start of the year. But the fall in Italian production suggests that... 10th March 2015 · 1 min read
Nordic & Swiss Data Response Iceland GDP (Q4 14) Iceland’s economy continued to expand in Q4, suggesting that the country remains well on the road to recovery. 10th March 2015 · 1 min read
Global Markets Update Will euro-zone sovereign credit spreads grind even lower? The yield spreads of 10-year Spanish and Italian government bonds over German Bunds recently fell below 100bp for the first time since 2010. Given their grind lower since the summer of 2012, it is... 9th March 2015 · 1 min read
Europe Economics Update Start of ECB QE won’t herald strong recovery As the ECB’s quantitative easing programme starts today, it already seems to be having a more positive impact than we had envisaged. But here we explain why we maintain our view that the policy will... 9th March 2015 · 1 min read
Non-Euro Europe Commercial Property Outlook Capital values set to rise throughout the next five years With monetary policy being loosened across Europe, we expect bond yields to hover close to their current levels. This will continue to drive investors into higher-yielding asset classes, such as real... 6th March 2015 · 1 min read
Europe Economics Weekly ECB’s hopes unlikely to be met President Draghi was sounding rather smug last week as he announced the start of the Bank’s quantitative easing programme and forecast that inflation would rise back to target in the medium term. But... 6th March 2015 · 1 min read
DM Markets Chart Pack Swiss franc’s recent depreciation unlikely to last The Swiss franc has depreciated against the euro in the past month, despite the fact that the euro itself has weakened on a trade-weighted basis. This appears to be partly a correction following the... 6th March 2015 · 1 min read
Europe Data Response Euro-zone GDP Breakdown (Q4) The second estimate and breakdown of euro-zone GDP in Q4 confirmed that the region’s recovery remained very weak at the end of last year but provided some tentative signs that it is becoming better... 6th March 2015 · 1 min read
Europe Data Response German & Spanish Industrial Production (Jan.) January’s industrial production data suggest that Germany and Spain made a reasonable start to 2015, although there are few signs that the drop in the euro exchange rate is prompting a strong recovery... 6th March 2015 · 1 min read
Europe Economics Update ECB leaves onus on politicians to rescue Greece While ECB President Mario Draghi struck a cautiously optimistic tone today, we doubt that the Bank’s quantitative easing programme will prompt a meaningful economic recovery or eradicate the threat of... 5th March 2015 · 1 min read
Europe Chart Pack Deflationary pressures remain intense Although headline consumer price inflation rose from -0.6% to -0.3% in February, this was driven entirely by a rise in energy prices as oil prices reversed some of their recent falls. Core inflation... 4th March 2015 · 1 min read
