Europe Economics Update SNB will need to act against the franc very soon While the Swiss National Bank (SNB) left policy on hold today, it reaffirmed its “utmost determination” to defend its ceiling for the franc exchange rate. It may introduce a negative interest rate to... 11th December 2014 · 1 min read
Nordic & Swiss Economics Update SNB will need to act against the franc very soon While the Swiss National Bank (SNB) left policy on hold today, it reaffirmed its “utmost determination” to defend its ceiling for the franc exchange rate. It may introduce a negative interest rate to... 11th December 2014 · 1 min read
Nordic & Swiss Data Response Swedish CPI (Nov. 14) The renewed fall in Sweden’s headline inflation rate in November will maintain the pressure on the Riksbank to push back the date at which it first expects to raise rates from the middle of 2016 when... 11th December 2014 · 1 min read
Europe Economics Update Iceland prepares to lift capital controls but delays likely The Icelandic Government’s preparations to scale back capital controls early next year certainly represent a positive first step towards lifting the restrictions. However, we remain cautious at this... 10th December 2014 · 1 min read
Europe Economics Update What will be the fall-out from the latest Greek crisis? Contagion effects from Greece’s latest crisis have so far been reassuringly limited. But that may not last and the episode is a reminder that even those economies which have cut their budget deficits... 10th December 2014 · 1 min read
Europe Economics Update Iceland prepares to lift capital controls but delays likely The Icelandic Government’s preparations to scale back capital controls early next year certainly represent a positive first step towards lifting the restrictions. However, we remain cautious at this... 10th December 2014 · 1 min read
Europe Economics Update Spain’s housing recovery will be painfully slow While the recent rise in Spanish house prices is another encouraging sign for the economy, we expect the housing recovery to be extremely slow. The Spanish economy still needs to undergo a painful... 9th December 2014 · 1 min read
Europe Economics Update Greek yields to remain high despite programme extension The two-month extension to Greece’s EU programme, agreed yesterday by euro-zone finance ministers, was expected given recent wrangling over the Greek Budget. But the further austerity it could bring... 9th December 2014 · 1 min read
Non-Euro Europe Commercial Property Outlook Prime yields to fall for another three years The stance of monetary policy is likely to stay exceptionally loose for the foreseeable future. And coupled with low inflation, we expect bond yields to stay lower for longer. Therefore, it seems... 8th December 2014 · 1 min read
Europe Data Response German Industrial Production (Oct.) October’s modest rise in German industrial production suggests that the benefits of a weaker euro are so far being offset by weak demand in Germany and the rest of the euro-zone and bodes ill for GDP... 8th December 2014 · 1 min read
Europe Economics Weekly ECB must deliver on QE to push euro lower The rise in the euro during the ECB’s press conference last week apparently reflected disappointment that President Draghi did not provide more explicit signals that quantitative easing (QE) is coming... 5th December 2014 · 1 min read
Europe Data Response Euro-zone GDP Breakdown (Q3) The breakdown of euro-zone GDP in Q3 offered little encouragement that the region’s lacklustre economic recovery is about to pick up any meaningful momentum. 5th December 2014 · 1 min read
Europe Data Response Iceland GDP (Q3) Iceland’s economy rebounded in Q3 after contracting for two consecutive quarters, led by a surge in investment. Although the quarterly data are very volatile, this expansion suggests that Iceland is... 5th December 2014 · 1 min read
Nordic & Swiss Data Response Iceland GDP (Q3 14) Iceland’s economy rebounded in Q3 after contracting for two consecutive quarters, led by a surge in investment. Although the quarterly data are very volatile, this expansion suggests that Iceland is... 5th December 2014 · 1 min read
Europe Commercial Property Outlook Further yield compression to boost capital values Further monetary easing from the ECB is unlikely to be decisive enough to put the euro-zone on a stronger growth trajectory, implying that the outlook for occupier markets is subdued. Nevertheless... 4th December 2014 · 1 min read
Europe Economics Update QE is coming, but it won’t revive the euro-zone ECB President Mario Draghi could hardly have sent clearer signals today that the central bank will launch a programme of quantitative easing very soon, probably in January. But we doubt that the... 4th December 2014 · 1 min read
