Nordic & Swiss Economics Focus Will Denmark remain the Nordic laggard? Denmark is finally dragging itself out of its long slump. Households have started to deleverage, exporters have become more competitive and banks are now stronger. But given that these adjustments... 12th March 2013 · 1 min read
Europe Economics Update No sign of respite for the Portuguese economy The detailed Portuguese GDP release for Q4 confirmed that the economy is in a worryingly deep and broad-based recession. The lack of evidence that the downturn is easing, coupled with voters’ growing... 11th March 2013 · 1 min read
Europe Data Response Italian GDP (Q4), French Ind. Prod. & German Trade (Jan.) On balance, the latest batch of hard economic data from the euro-zone’s three largest economies makes fairly grim reading and casts further doubt on the view that the region as whole has begun to grow... 11th March 2013 · 1 min read
Europe Economics Weekly Is the ECB really out of ammo? The ECB’s inaction despite predicting continued recession and below-target inflation suggests that the central bank is either out of policy ammunition or holding what little it has back for an even... 11th March 2013 · 1 min read
Europe Data Response German Industrial Production (Jan.) January’s German industrial production figures added to the evidence that the economy entered 2013 in a better state than it ended 2012. But for the time being at least, growth seems to be modest at... 8th March 2013 · 1 min read
Europe Data Response Iceland GDP (Q4) Q4’s Icelandic GDP data confirmed that the economy is slowly recovering from its financial crisis. But while Iceland looks set to continue to outperform the peripheral euro-zone economies this year... 8th March 2013 · 1 min read
Nordic & Swiss Data Response Iceland GDP (Q4 12) Q4’s Icelandic GDP data confirmed that the economy is slowly recovering from its financial crisis. But while Iceland looks set to continue to outperform the peripheral euro-zone economies this year... 8th March 2013 · 1 min read
Europe Economics Update ECB hints at limited support at best While some members of the European Central Bank’s Governing Council voted for an interest rate cut today, the majority still seems unconvinced that this would do any good. What’s more, the Bank... 7th March 2013 · 1 min read
Europe Commercial Property Focus Why are office rents more volatile in Madrid than Barcelona? In each of the previous two cycles, office rents rose much further in Madrid than Barcelona. But there is nothing to suggest that structural features of the Madrid market lie behind the more volatile... 7th March 2013 · 1 min read
Europe Economics Update Will Ireland and Portugal need OMTs? Ireland and Portugal’s relative success in achieving fiscal targets and regaining access to financial markets has raised hopes about the sustainability of their public finances, particularly after... 7th March 2013 · 1 min read
Europe Chart Pack Falling inflation adds to pressure on the ECB February’s drop in euro-zone CPI inflation to 1.8% brought it back below the ECB’s 2% “ceiling” for the first time since November 2010. While much of the recent drop reflects slowing energy inflation... 6th March 2013 · 1 min read
Europe Data Response Euro-zone GDP (Q4 12) The breakdown of euro-zone GDP in the fourth quarter revealed an increasingly broad-based decline. Timelier indicators still point to another contraction in GDP in Q1 despite their recent improvement. 6th March 2013 · 1 min read
Europe Economics Update What next for Italy? More than a week after the general election, the political situation in Italy remains as uncertain as ever. With potentially months of political and economic deadlock ahead, we continue to expect... 5th March 2013 · 1 min read
Europe Data Response Euro-zone Retail Sales (Jan.) & Final PMI Survey (Feb.) January’s rise in euro-zone retail sales and the fall in the composite PMI in February add to evidence that while the recession in the region is slowing, it is not over. 5th March 2013 · 1 min read
Europe Economics Update Weak Dutch economy adds to troubles in the core Recent data from the Netherlands have added to evidence from France that the euro-zone’s economic problems go well beyond the region’s periphery. We expect the Dutch Government’s opposition to... 5th March 2013 · 1 min read
Europe Commercial Property Update Falls in Swedish property values still more likely than not Last week’s GDP data from Sweden were not as bad for commercial property as they might at first seem. Indeed, the detail suggests that occupier demand for each of the three main sectors may have risen... 4th March 2013 · 1 min read
