Europe Economics Update ECB finally tackling deflation risks, but needs to do more The ECB unveiled an array of policies to boost bank lending and counter deflationary risks today. But there are uncertainties over how effective these policies will be. And while it is good news that... 5th June 2014 · 1 min read
Global Markets Update ECB falls well short of Bank of Japan’s bold easing The muted market responses to the ECB’s policy announcements today are not necessarily a sign of failure: equity prices, bond yields and the euro itself all edged a little further in the desired... 5th June 2014 · 1 min read
Europe Economics Update Housing & energy still constraints on Norwegian growth Although we have nudged up our forecasts in light of recent data, Norway’s economy is still set to expand by less than the Norges Bank expects. This may prompt it to delay raising rates until 2016. 5th June 2014 · 1 min read
Europe Data Response Euro-zone Retail Sales (Apr.) & Ger. Factory Orders (Apr.) April’s retail sales data suggested that euro-zone consumers may be beginning to return to the high-street, although so far this seems to have come at the expense of non-retail spending. 5th June 2014 · 1 min read
Europe Data Response Finland GDP (Q1) Q1 GDP data confirmed that Finland’s economy is still struggling to exit its recession. Indeed, it now seems that 2014 will mark the third straight year of economic contraction for the northernmost... 5th June 2014 · 1 min read
Nordic & Swiss Data Response Finland GDP (Q1 14) Q1 GDP data confirmed that Finland’s economy is still struggling to exit its recession. Indeed, it now seems that 2014 will mark the third straight year of economic contraction for the northernmost... 5th June 2014 · 1 min read
Europe Chart Pack Deflation risks still mounting May’s fall in euro-zone HICP inflation from 0.7% to 0.5% left it at its joint weakest rate since October 2009 and far beneath the ECB’s 2% price stability ceiling. There is no sign of inflationary... 4th June 2014 · 1 min read
Europe Data Response Euro-zone GDP Breakdown (Q1), Final PMI (May) & PPI (Apr.) The latest batch of data on the euro-zone maintained the strong pressure on the ECB to provide further policy stimulus at tomorrow’s Governing Council meeting. 4th June 2014 · 1 min read
Europe Economics Focus Is the euro-zone turning Japanese? There is a real and growing danger that the euro-zone enters a Japanese-style bout of flat or falling prices. But even a prolonged period of low positive inflation would seriously hamper the... 3rd June 2014 · 1 min read
Europe Data Response Euro-zone Flash CPI (May) & Unemployment (Apr.) May’s fall in euro-zone inflation and the still high level of unemployment in April will add to the pressure on the ECB to provide more policy support in order to address the growing risks of... 3rd June 2014 · 1 min read
Europe Commercial Property Focus How much upside is there for Spanish office rents? Despite dropping by 40% since 2008, we are not convinced that prime rental values in the main Spanish office markets are now obviously too low. While we do envisage a recovery over the next few years... 3rd June 2014 · 1 min read
Europe Economics Update Euro-zone Fiscal Monitor (May) Although progress is still slow, the latest euro-zone fiscal data provided more evidence that peripheral governments are gradually strengthening their fiscal positions. 2nd June 2014 · 1 min read
Europe Economics Weekly Can the ECB weaken the euro? While the ECB looks certain to implement further policy action at this week’s Governing Council meeting – probably in the form of an interest rate cut and measures to stimulate bank lending – this... 2nd June 2014 · 1 min read
Europe Data Response Swedish GDP (Q1) Q1’s small fall in Swedish GDP was little surprise after its sharp rise in Q4. But while the economy’s underlying growth is decent, the Riksbank might yet ease policy again in order to ward of... 30th May 2014 · 1 min read
Nordic & Swiss Data Response Swedish GDP (Q1 14) Q1’s small fall in Swedish GDP was little surprise after its sharp rise in Q4. But while the economy’s underlying growth is decent, the Riksbank might yet ease policy again in order to ward of... 30th May 2014 · 1 min read
ECB Watch Rate cut and lending incentives unlikely to be enough A small cut in the ECB’s main refinancing rate seems like a done deal this month and is likely to be accompanied by a reduction in the deposit rate to below zero. The Bank also seems set to offer more... 29th May 2014 · 1 min read
