Nordic & Swiss Economics Update Stronger data to delay Norges Bank rate cut Recent Norwegian economic data suggest that a September rate cut is less likely than we had previously thought. But we still think the Norges Bank will cut its key policy rate, currently at 1.5%, by... 19th August 2014 · 1 min read
Europe Economics Update ECB has too much faith in long-term inflation expectations The key remaining barrier to bolder ECB policy support seems to be the Governing Council’s viewthat long-term inflation expectations are “well-anchored”. We have doubts over the usefulness ofsuch... 18th August 2014 · 1 min read
Europe Data Response Euro-zone Trade (Jun.) June’s euro-zone trade data provided yet further evidence that the external sectorremains too weak to make up for the region’s feeble domestic recovery. 18th August 2014 · 1 min read
Europe Economics Weekly Stalled recovery intensifies pressure on the ECB The euro-zone’s economic recovery came to a complete halt in the second quarter at what shouldhave been a very early stage. There were some temporary factors at play which suggest thatgrowth should... 18th August 2014 · 1 min read
Europe Economics Update How worried should we be about Germany? The decline in German GDP in Q2 is not as alarming as it might appear given that it was causedpartly by temporary factors. But while the economy should return to growth in Q3 and beyond, itseems clear... 14th August 2014 · 1 min read
Europe Data Response Euro-zone GDP (Q2 Prov.) The stagnation of the euro-zone economy in the second quarter further underlinedthe need for the European Central Bank (ECB) to take bolder policy action to addressthe continued weakness of the... 14th August 2014 · 1 min read
Europe Commercial Property Update When will CEE office occupier demand take off? The recent fall in office take-up across the main CEE markets is a concern given the region’s large office development pipelines. But at the same time, the recent strength of office-based employment... 14th August 2014 · 1 min read
Europe Data Response Euro-zone Industrial Production (Jun.) June’s euro-zone industrial production data confirmed that industry’s recovery has faltered and suggested that the sector may have dragged on GDP growth in Q2. 13th August 2014 · 1 min read
Europe Data Response Greek GDP (Q2) Greece’s Q2 GDP release suggests that the economy is slowly emerging from the abyss. But growth remains too weak for the country to reduce its huge public debt without significantly more outside help... 13th August 2014 · 1 min read
Europe Data Response German ZEW Survey (Aug.) August’s drop in the ZEW Economic Sentiment Indicator was another worrying signfor the German economy, particularly as perceptions of current conditions are nowweakening along with expectations. 12th August 2014 · 1 min read
Europe Commercial Property Update Are rapid gains in Oslo retail rents underpinned by fundamentals? Solid Norwegian retail sales growth over the past few years seems to explain the rise in Oslo retail rental values. Granted, other factors such as changing retail trends are also at play. Nevertheless... 12th August 2014 · 1 min read
Europe Economics Weekly Mr Draghi talks down the euro, but action needed While last week’s ECB Governing Council meeting offered few signs of imminent further policymeasures, one encouraging development was President Draghi’s willingness to talk down theeuro. But we think... 11th August 2014 · 1 min read
DM Markets Chart Pack Outlook still fairly positive for European equities Although developed market equities have performed poorly over the pastmonth, in general we do not expect them to continue to struggle. Europeanequities were the worst performers, dragged down by the... 8th August 2014 · 1 min read
Europe Data Response French Industrial Production & German Trade (Jun.) Despite an improvement in June, French industrial data suggest that industry probablydragged on overall euro-zone growth in Q2. Meanwhile, Germany’s latest trade dataindicate that the external sector... 8th August 2014 · 1 min read
Europe Economics Update ECB inching towards QE The ECB gave no strong hints of imminent policy action this month as it waited to judge the effects ofpreviously announced measures and claimed that long-term inflation expectations were wellanchored... 7th August 2014 · 1 min read
Europe Commercial Property Update Will Paris’ occupier demand outperformance last? Parisian office take-up grew by 55%y/y in the second quarter, but fell in three of the top four German cities, including a 45%y/y fall in Frankfurt. Nevertheless, the underlying weakness of the French... 7th August 2014 · 1 min read
