Europe Economics Update Euro-zone Fiscal Monitor (Sep.) Greece and Ireland have continued to cut their budget deficits. But the fragile political situation in Italy has contributed to some budget slippage there. 25th September 2013 · 1 min read
Europe Economics Update More LTROs could have a downside The execution of more long-term refinancing operations (LTROs) by the ECB could ease concerns over a potential liquidity crisis in the banking sector. But it could also further strengthen the... 24th September 2013 · 1 min read
Europe Data Response German Ifo Survey (Sep.) September’s rise in German Ifo business sentiment confirmed that the economy is recovering, but we continue to expect GDP growth to be reasonably sluggish over the coming quarters. 24th September 2013 · 1 min read
Europe Commercial Property Update What does the end of Ireland’s recession mean for Dublin property? Last week’s data, which confirmed that the economy took another step forward in the second quarter, was welcome news for Irish property markets. But there was little sign of any material strengthening... 23rd September 2013 · 1 min read
Europe Economics Update Merkel wins strong mandate to stick to her guns While Angela Merkel did not win enough votes to govern alone in yesterday’s election, her strong support was a clear vindication of her domestic and international policy stance so far. She is likely... 23rd September 2013 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Sep.) September’s rise in the euro-zone’s composite PMI suggests that the bloc’s recovery continued in Q3. But there are still good reasons to worry about the economic outlook. 23rd September 2013 · 1 min read
Europe Economics Weekly Fed inaction brings the ECB respite, for now Last week’s surprise (to most people) decision by the US Federal Reserve not to “taper” its asset purchases has some near-term benefits for the euro-zone. But it does not eliminate the longer-term... 23rd September 2013 · 1 min read
Europe Economics Update Dutch labour market downturn to deepen The Dutch labour market – once the envy of the euro-zone – will continue to shed jobs over the coming year. And as firms attempt to recover previous sharp falls in productivity, employment growth is... 20th September 2013 · 1 min read
Europe Commercial Property Update Still a long way to go for Italian and Dutch GOEF liquidations Changes to the legislation governing German Open-Ended Funds (GOEFs) this year seem to have been well received. The overall value of the sector has stabilised and new fund launches are being planned... 19th September 2013 · 1 min read
Europe Economics Update SNB to remain in strongly accommodative mode Despite the improvement in financial market conditions, continued recovery of the Swiss economy and softening of the franc, the Swiss National Bank (SNB) re-emphasised today that it intends to... 19th September 2013 · 1 min read
Europe Economics Update Norges Bank unlikely to hike before end-2014 Although the recent rise in inflation prompted the Norges Bank to bring forward its projected hiking cycle, we think that a slowdown in the economy will prevent the Bank hiking before the end of 2014. 19th September 2013 · 1 min read
Nordic & Swiss Economics Update Norges Bank unlikely to hike before end-2014 Although the recent rise in inflation prompted the Norges Bank to bring forward its projected hikingcycle, we think that a slowdown in the economy will prevent the Bank hiking before the end of 2014. 19th September 2013 · 1 min read
Global Markets Update Are European equities really undervalued? Strong investor flows into European equities since the start of the year have partly been driven by a perception that valuations are favourable. But while the headline metrics suggest that European... 18th September 2013 · 1 min read
Europe Economics Update Fed tapering could test the ECB's resolve We don’t expect the announcement of Fed tapering to have an immediately adverse effect on the euro-zone’s financial markets and economy. But a new phase in which other central banks are starting to... 18th September 2013 · 1 min read
Europe Commercial Property Update What next for French and German capital values? September’s MPC minutes suggest that, despite the arguably disappointing impact of forward guidance, the Committee is happy with its policy stance. A resumption of quantitative easing (QE) before the... 17th September 2013 · 1 min read
Europe Economics Update Portugal to remain under pressure Given the progress that the Portuguese Government has made towards cutting its borrowing, the Troika is likely to grant it at least part of its next bail-out tranche after negotiations this week. But... 17th September 2013 · 1 min read
