Europe Commercial Property Update Can prime retail rental values continue to rise in the euro-zone? Euro-zone retail sales are likely to remain fairly weak in the next couple of years. However, due to structural changes in the retail sector, expansionary retailers will continue to compete to secure... 4th December 2015 · 1 min read
Europe Economics Update ECB fails to live up to its own hype The European Central Bank’s failure to meet the expectations for further policy loosening fuelled by its own dovish signals has dented both its reputation for communication and, more importantly, the... 3rd December 2015 · 1 min read
Europe Data Response Euro-zone Retail Sales (Oct.) & Final PMIs (Nov.) October’s euro-zone retail sales data suggest that the consumer recovery might be losing some steam. But the final PMIs for November suggest that the overall economic recovery might actually have... 3rd December 2015 · 1 min read
Europe Chart Pack Tentative signs of Q4 growth pick-up After the further slowdown in euro-zone GDP growth in the third quarter, more timely survey indicators such as the composite PMI have offered tentative evidence of a renewed acceleration in Q4... 2nd December 2015 · 1 min read
Europe Commercial Property Update Office rents in Switzerland have further to fall The latest data from Switzerland show that the removal of the euro exchange rate ceiling has taken its toll on the economy, and we expect that there is further weakness to come. Accordingly, even with... 2nd December 2015 · 1 min read
Europe Economics Update Current QE rules won’t stop the ECB An expansion of the QE programme tomorrow would probably require some changes to ECB rules. But we do not think that this will be enough to deter the Bank from implementing more stimulus. 2nd December 2015 · 1 min read
Europe Data Response Euro-zone Flash CPI (Nov.) November’s weaker-than-expected euro-zone consumer prices figures gave a final green light for the ECB to announce much-needed additional monetary policy stimulus at tomorrow’s Governing Council... 2nd December 2015 · 1 min read
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
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
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
Nordic & Swiss Data Response Swiss GDP (Q3 15) 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
Europe Data Response German Flash CPI (Nov.) November’s small rise in German HICP inflation appears to have reflected energy effects. With the core rate still very subdued, there is nothing here to put the ECB off increasing its policy support... 30th November 2015 · 1 min read
Europe Data Response Swedish & Danish GDP (Q3) Sweden’s economy posted yet another decent expansion in Q3, which was encouragingly broad-based. But Danish GDP contracted due to weak net exports, suggesting that the euro-zone’s summer slowdown may... 30th November 2015 · 1 min read
Europe Economics Weekly Stronger activity surveys won’t deter ECB Euro-zone activity surveys for November, released last week, suggest that the economic recovery regained some pace in Q4. But the rates of growth that they imply would still only reduce the spare... 27th November 2015 · 1 min read
Europe Commercial Property Update Is the ECB right to be worried about commercial property pricing? The ECB has expressed concern at the high level of commercial property pricing. However, with alternative asset class yields set to stay low and the potential for further rental value growth, we think... 27th November 2015 · 1 min read
