Europe Data Response Euro-zone Flash PMIs (Aug.) August’s flash euro-zone purchasing managers’ index (PMI) did nothing to challenge the notion that the single currency area is now firmly in recession. 23rd August 2012 · 1 min read
Europe Commercial Property Update What is the outlook for Dutch retail property? The weakness of indicators of consumer activity in the Netherlands suggests that the recent pause in retail rental value growth is unlikely to be a one-off. Even so, the outlook for Dutch retail... 21st August 2012 · 1 min read
Europe Economics Weekly Core’s export resilience won’t last The most surprising element of last week’s Q2 GDP figures was the robustness of exports from France and Germany. Previously strong demand from Asia and the US appears to have been the key, while the... 17th August 2012 · 1 min read
Europe Commercial Property Chart Pack Capital values hold firm in core markets In Q2, the euro-zone economy contracted as peripheral member states recorded sharp falls in GDP. Consistent with that, falls in all-property capital values remain centred on peripheral markets. But if... 15th August 2012 · 1 min read
Europe Commercial Property Update Where will Spanish and Italian property yields peak? Reports that investor interest in Spanish and Italian property has slumped in recent months seem consistent with our view that from current levels, property yields in both markets will see above... 14th August 2012 · 1 min read
Europe Data Response Euro-zone GDP (Q2) & German ZEW (Aug.) The euro-zone economy probably entered recession in Q2. And the troubled peripheral economies saw sharp falls in GDP, hindering their fiscal consolidation efforts and deepening the region’s debt... 14th August 2012 · 1 min read
Europe Economics Weekly Action will need to follow words before long Two weeks after Mario Draghi’s pledge to do whatever it takes to save the euro, his words have still not been followed by actions. Indeed, an impasse appears to have ensued in which the major players... 10th August 2012 · 1 min read
Non-Euro Europe Commercial Property Outlook Investor appetite for Emerging Europe to stay soft The euro-zone crisis already appears to be having a detrimental impact on economic growth across the rest of Europe and over the next two years, most non-euro-zone economies will experience a period... 8th August 2012 · 1 min read
Europe Commercial Property Outlook Euro-zone property to underperform The unfolding recession in the euro-zone has considerably further to run. And it does not bode well for commercial property. Occupier demand will weaken and most markets will see fresh falls in rental... 8th August 2012 · 1 min read
Europe Economics Update Pressure on Greece continues to grow The Greek Government’s inability to agree on how to cut public spending highlights the ongoing fragility of the situation there. And with euro-zone policymakers still unwilling to concede any ground... 8th August 2012 · 1 min read
Europe Data Response German Industrial Production (Jun.) June’s industrial production figures did little to reduce the danger that the German economy tipped into recession in the second quarter. 8th August 2012 · 1 min read
Europe Data Response Italian GDP (Q2) The sharp fall in GDP in Q2 highlights the huge economic and fiscal problems that Italy faces. Although the pressure from the markets has recently eased, we still think that it is only a matter of... 7th August 2012 · 1 min read
No respite in sight The short-term outlook for economic growth across the euro-zone is poor. All member states are likely to contract in 2013, if not 2012. The recession in the euro-zone will also act as a major drag on... 6th August 2012 · 1 min read
Europe Economics Update EFSF/ECB support for Spain: some unanswered questions The ECB’s statement last week that it might buy Spanish bonds if the government first applies for EFSF support has left many questions unanswered, which we address in this Update. In short, it seems... 6th August 2012 · 1 min read
Europe Economics Weekly ECB ups the pressure on governments The ECB’s statement last week that it might buy more peripheral government bonds if countries first apply to the EFSF for support was a step forward. But Spain and Italy are not yet willing to accept... 3rd August 2012 · 1 min read
Europe Commercial Property Update Are low retail property yields in Brussels justified? At around 4.5%, Brussels retail yields are back very close to the lows recorded in late 2007 and early 2008. On this basis, only in Vienna and some German cities does retail property look more... 2nd August 2012 · 1 min read
