Nordic & Swiss Economics Update Weaker euro-zone to stem Swiss recovery Switzerland’s low levels of public and private sector debt suggest that it will continue to out-grow the euro-zone over the next couple of years. But it will suffer from strong trade links with the... 19th May 2010 · 1 min read
Europe Economics Update W eaker euro-zone to stem Swiss recovery Switzerland’s low levels of public and private sector debt suggest that it will continue to out-grow the euro-zone over the next couple of years. But it will suffer from strong trade links with the... 19th May 2010 · 1 min read
Europe Commercial Property Update How secure is the recovery in Western European capital values? Recent falls in property yields have lifted capital values in most markets, particularly in Norway and France. But this trend is unlikely to last. Indeed, we think that the yield recovery is likely to... 19th May 2010 · 1 min read
Europe Data Response Spanish GDP (Q1) The latest Spanish GDP figures confirm that the economy just about exited recession at the start of the year. But with the Government recently announcing new austerity measures and the private sector... 19th May 2010 · 1 min read
Europe Data Response German ZEW Survey (May), EZ CPI (Apr.) & Trade (Mar.) May’s renewed decline in the ZEW index suggests that investors are still very worried about the effect of the periphery’s problems on the German economy. 18th May 2010 · 1 min read
Europe Economics Focus What to make of the ECB’s bond purchases Fears that the ECBs bond purchases will stoke inflation or encourage fiscal laxity are overblown. They do not constitute full-blown quantitative easing and will not allow euro-zone economies to escape... 18th May 2010 · 1 min read
Europe Economics Weekly Euro heading for parity While some of the forces bearing down on the euro over recent months may now be easing, there are plenty of other reasons to expect the currency to fall further. Indeed, our forecast that the euro... 17th May 2010 · 1 min read
Europe Commercial Property Update Will falls in Western European yields be extended? Commercial property offers a seemingly attractive premium over bonds. However, once we factor in the weaker economic and occupier market outlook, to us most Western European markets look pricey. We... 13th May 2010 · 1 min read
Europe Commercial Property Chart Pack Euro-zone investment market recovery lacklustre (May 10) Despite a fall in Q1, the underlying trend in European commercial property investment volumes continued to improve gradually. Although still patchy at the city level, falls in euro-zone office and... 12th May 2010 · 1 min read
Europe Data Response Euro-zone GDP (Q1) & Industrial Production (Mar.) Q1’s modest rise in euro-zone GDP confirms that the economic recovery in the region has failed to gain any real momentum even before the painful fiscal consolidation faced by many economies has begun. 12th May 2010 · 1 min read
Europe Economics Update Iberian economies still facing an uphill struggle The bold measures announced by European policymakers at the weekend may have reduced the chance of financial market meltdown. But this does not change our fundamental view that the Iberian Peninsula... 11th May 2010 · 1 min read
Europe Commercial Property Update Will German funds accelerate the investment market recovery? In the short-term, March’s €535 million net inflow into German open-ended property funds is likely to boost European commercial property investment volumes and may add to the downwards pressure on... 11th May 2010 · 1 min read
Europe Economics Update EU package does not address broader economic problems The bolder than anticipated announcement of up to €750bn in loans and guarantees for euro-zone governments together with ECB government bond purchases hopefully reduces the immediate risk of financial... 10th May 2010 · 1 min read
Europe Data Response Germany Trade/France & Italy Industrial Production (Mar.) The latest data from the three main economies suggest that the region ended Q1 on a high note. But while the economic recovery may gain momentum in the short term, a prolonged period of fiscal... 10th May 2010 · 1 min read
Europe Economics Weekly Contagion concerns will surely deepen The continued turmoil of Greek financial markets reflects a growing recognition that the rescue package - even if delivered swiftly - does not address Greece’s fundamental problems. There is still a... 10th May 2010 · 1 min read
Europe Commercial Property Update Has the recovery in Norwegian industrial yields got ahead of itself? Having fallen by 100bps since their high in mid-2009, industrial yields in Norway are beginning to look overvalued relative to bonds as well as both office and retail markets. Given that, Q1 2010’s... 7th May 2010 · 1 min read
