Nordic & Swiss Data Response Swiss & Danish CPI (Jan. 15) January’s falls in Swiss and Danish CPI inflation into or further into negative territory highlight the need for central banks to do more to prevent their respective currencies appreciating further... 10th February 2015 · 1 min read
Global Economics Update G20 powerless to contain Greece risk With Greece once more dominating the headlines, officials from the US and elsewhere are likely to have used the G20 meeting in Istanbul to urge euro-zone governments to do all they can to prevent the... 9th February 2015 · 1 min read
Emerging Europe Economics Update What to make of the latest currency moves in Central Europe After a year of stability, Central Europe’s currency markets sprung back to life over the past month as the ECB unveiled a QE programme and the Swiss National Bank (SNB) decided to scrap its exchange... 9th February 2015 · 1 min read
Europe Economics Update Can capital controls save Greece? The Greek Government may need to resort to capital controls to prevent the flow of deposits from its banks, particularly if the ECB withdraws access to central bank funding altogether. But once the... 9th February 2015 · 1 min read
Europe Economics Focus Is deflation here to stay this time? The latest bout of deflation in the euro-zone looks set to last rather longer than the brief period of falling prices seen back in 2009. With vast amounts of slack in the economy and inflation... 9th February 2015 · 1 min read
Europe Economics Weekly Grexit risks rising Several developments last week arguably brought Greece closer to exiting the euro-zone than it has ever been. While the Government appeared to give ground on its demands for debt restructuring, its... 6th February 2015 · 1 min read
Europe Economics Update Euro-zone Fiscal Monitor (Jan.) The latest fiscal data suggest that the peripheral economies continued to strengthen their budget positions at the end of last year. But many look set to have missed their 2014 targets and Greece’s... 6th February 2015 · 1 min read
Europe Data Response German & Spanish Industrial Production (Dec.) December’s industrial production data for Germany and Spain show few signs that the export-sensitive areas of the euro-zone economy have yet received a boost from the drop in the euro exchange rate. 6th February 2015 · 1 min read
Europe Chart Pack Modest recovery continues despite Greek crisis Euro-zone economic activity has continued to recover despite the troubles in Greece. For now, worries about the crisis seem to have been offset by the benefits of a weaker euro and falling producer... 5th February 2015 · 1 min read
Europe Commercial Property Update Are we overestimating the scope for office yield compression? Calculating implied yield expectations from RICS commercial property survey results suggests that respondents believe yields are close to their troughs in most office markets. Yet given that the... 5th February 2015 · 1 min read
Global Markets Update Is there more upside for equities in Japan than in the euro-zone? Despite the strong performance of equities in the euro-zone so far this year, we think there is more upside for those in Japan. Our end-2015 forecast for the DAX is 11,000, which is barely above its... 4th February 2015 · 1 min read
Energy Update European gas prices set to plummet European gas prices have been under downward pressure since early 2014. Given the plunge in oil prices, plentiful LNG supplies and high storage levels, prices should continue to fall in 2015. 4th February 2015 · 1 min read
DM Markets Chart Pack Equity rally to shift from euro-zone to Japan Euro-zone equities have surged since the end of December, with the DAX up nearly 10%. The key driver of returns has been the anticipation and subsequent launch of the ECB’s quantitative easing... 4th February 2015 · 1 min read
Europe Commercial Property Update Could Norwegian property go from hero to zero in 2015? As oil prices have continued to fall, the prospects for economic growth and occupier demand in the Norwegian property markets have softened. However, with the krone now beginning to look cheap... 3rd February 2015 · 1 min read
Europe Economics Update Can GDP-linked bonds solve Greece’s debt problems? The proposed plan to exchange some of Greece’s current debts for bonds linked to the performance of the economy has some attractions. But we’re not convinced at this stage that it can make a material... 3rd February 2015 · 1 min read
Europe Economics Update Greek bank collapse would probably trigger “Grexit” The Greek banking sector is once again buckling under the weight of substantial deposit outflows and market concerns about the country’s future inside the euro-zone. There is a significant risk that... 3rd February 2015 · 1 min read
