Europe Economics Update Greek Government unlikely to meet its tougher fiscal plans The Greek Government’s pledge to reduce the budget deficit to 3% of GDP by 2012 appears to be encouraging news for markets. But the scale of the adjustment required suggests that the Government will... 6th January 2010 · 1 min read
Europe Data Response Euro-zone Producer Prices (Nov.) & Final PMIs (Dec.) Euro-zone producer price inflation continued to inch up in November. But it remains deep in negative territory, suggesting that pipeline inflationary pressures remain very weak and that core CPI... 6th January 2010 · 1 min read
Europe Commercial Property Update Labour market to weaken and weigh on German rents We expect commercial property rental values in Germany to fall across all sectors in 2010 and stabilise in 2011. In particular, we doubt that recent signs of an improvement in the German labour market... 5th January 2010 · 1 min read
Europe Data Response Euro-zone Flash CPI & German Unemployment (Dec.) December’s rise in euro-zone inflation reflects temporary energy effects. With economic activity still at very low levels, deflation remains a bigger risk for the region than high inflation in the... 5th January 2010 · 1 min read
Non-Euro Europe Commercial Property Outlook Improving investor sentiment may be slow to spread to Emerging Europe (Vol.1 2010) We are more optimistic about the outlook for property returns in non-euro-zone European markets than in our previous forecasts. 4th January 2010 · 1 min read
Europe Commercial Property Outlook Falling yields to bring an end to capital value declines in 2010 (Vol.1 2010) The euro-zone commercial property outlook improved markedly during the second half of 2009. It now seems probable that almost all markets will experience positive total returns in 2010, with Spain and... 4th January 2010 · 1 min read
The pace of recovery will disappoint (Vol 1 2010) The euro-zone seems to have pulled out of recession. Although Ireland and Spain will remain mired in recession, most of the member states will record positive growth in 2010, with Germany, France and... 21st December 2009 · 1 min read
Europe Commercial Property Update Ireland’s property market will remain in doldrums for next few years Ireland’s exit from recession in the third quarter provides less grounds for optimism about the outlook for commercial property than it may initially seem. Although rental value falls in Ireland have... 18th December 2009 · 1 min read
Europe Economics Update Ireland not out of the woods just yet With the Irish economy expanding again and the Government apparently willing to take the tough actions required to get the public finances on an even keel, Ireland looks set to avoid coming under the... 17th December 2009 · 1 min read
Europe Economics Update Are Austrian banking troubles a sign of things to come? Recent developments in Austria underline how the worst has not yet passed for some of Europe’s banks. While the larger euro-zone countries are less vulnerable, we expect lending to fall in some of the... 16th December 2009 · 1 min read
Europe Economics Focus Will the euro-zone recovery spread to the domestic economy? While the euro-zone is benefiting from the improvement in global trade conditions, the big issue is whether this will translate into any lasting pick-up in the domestic economy. There are reasons for... 14th December 2009 · 1 min read
Nordic & Swiss Economics Update Swiss National Bank’s exit will be very gradual By announcing an end to its corporate bond purchases, the Swiss National Bank has become the latest to start phasing out its unconventional policy support. But its downbeat forecasts for economic... 10th December 2009 · 1 min read
Europe Commercial Property Update Italy’s exit from recession does not spell end to occupier downturn The breakdown of Italy’s Q3 GDP data provided some good news for its retail and industrial property markets. However, the full effects of the drop in output over the past 12-18 months have yet to be... 10th December 2009 · 1 min read
Europe Economics Update Swiss National Bank’s exit will be very gradual By announcing an end to its corporate bond purchases, the Swiss National Bank has become the latest to start phasing out its unconventional policy support. But its downbeat forecasts for economic... 10th December 2009 · 1 min read
Nordic & Swiss Economics Update Finland on track for a pretty healthy recovery Finland has been hit particularly hard by the global economic downturn, faring almost as badly as Ireland. Nonetheless, the foundations are in place for a reasonably strong recovery, suggesting that... 8th December 2009 · 1 min read
Europe Economics Update Greece heads deeper into the mire The dramatic market reaction to the downgrade of Greece’s credit rating from A- to BBB+ by Fitch today partly reflected concerns that Greek banks may in the future be unable to use Government bonds as... 8th December 2009 · 1 min read
