Europe Commercial Property Update How sustainable are Stockholm office yields? The low level of Stockholm office yields reflects safe haven demand and Sweden’s comparatively strong economy. These factors are likely to support yields for the next year or so. On a five-year view... 19th June 2013 · 1 min read
Europe Economics Update Could a global bond sell-off reignite the euro-zone crisis? A further rise in global bond yields could push borrowing costs for some euro-zone governments back towards danger levels and underline the limitations of the ECB’s OMT programme. 19th June 2013 · 1 min read
Europe Economics Update Greek bail-out appears safe...for now We doubt that the recent bout of political uncertainty, coupled with concerns over the Government’s ability to meet the privatisation targets set by the Troika, poses a serious near-term threat to... 18th June 2013 · 1 min read
Europe Data Response German ZEW Survey (Jun.) The rise in the headline ZEW index in June reinforced other data in pointing to an acceleration in the German economy. But while expectations picked up, the ‘current situation’ component fell again. 18th June 2013 · 1 min read
Europe Economics Update What the Dutch current account says about the euro-zone As the euro-zone periphery struggles to pay off its external debt, core countries like the Netherlands are still running record current account surpluses. But the Netherlands seems unlikely to reduce... 17th June 2013 · 1 min read
Europe Economics Weekly Will deflation settle the ECB debate? The commencement last week of the German Constitutional Court hearing into the legality of the European Central Bank’s Outright Monetary Transactions (OMTs) programme has re-stoked the debate over the... 17th June 2013 · 1 min read
Europe Commercial Property Update Hopes that CEE investment had turned a corner are dashed The likely drop in Central & Eastern European (CEE) investment volumes in Q2 will have dashed any hopes that the trend for activity might have turned a corner. Moreover, the recent sell-off in... 13th June 2013 · 1 min read
Europe Economics Update The external adjustment has only just begun Most peripheral euro-zone economies have made impressive progress in narrowing their current account deficits. But so far this is only a correction in flows; theses economies have made little or no... 12th June 2013 · 1 min read
Europe Data Response Euro-zone Industrial Production (Apr.) The solid rise in euro-zone industrial production in April suggests that the sector will expand in Q2. But industry is unlikely to spearhead a wider economic recovery. 12th June 2013 · 1 min read
Europe Data Response French & Italian Ind. Production (Apr.)/ Italian GDP (Q1) Italian GDP figures for Q1 confirmed that the economy remained in a broad-based recession and April’s fall in industrial production pointed to another contraction in Q2. Thankfully, French industrial... 10th June 2013 · 1 min read
Europe Economics Weekly Is the Troika learning from its mistakes? While the IMF conceded last week that mistakes were made in Greece’s 2010 bail-out programme, it suggested that earlier debt restructuring was the way forward rather than bigger bail-outs. Meanwhile... 10th June 2013 · 1 min read
Europe Data Response German Industrial Production & Trade (Apr.) Increases in German industrial production and exports in April have boosted the chances that the very modest recovery seen in Q1 might gain pace in Q2. 7th June 2013 · 1 min read
Europe Commercial Property Update Are Czech industrial rents about to pick up? Recent Czech data seem to show that activity in the external sector is on the up. That bodes well for Czech industrial property. But the domestic economy is still fragile and demand from consumer... 6th June 2013 · 1 min read
Europe Economics Update ECB keeps its options open After leaving interest rates on hold, the ECB left the door open to more policy support, suggesting that more LTROs, negative deposit rates, forward policy guidance and stimulation for Asset-Backed... 6th June 2013 · 1 min read
Europe Chart Pack Surveys still point to continued recession Some of the euro-zone business surveys have had a slightly stronger tone over the last couple of months. Nonetheless, at current levels, they remain consistent with a further contraction in activity... 5th June 2013 · 1 min read
Europe Commercial Property Update What is the outlook for Brussels retail property? The growing differential between office and retail yields in Brussels does not seem sustainable. But if, as we suspect, it primarily reflects investors’ views that retail has the best defensive... 5th June 2013 · 1 min read
