Europe Data Response Euro-zone EC Survey (Jun.) June’s small increase in the EC measure of euro-zone economic sentiment is a relief after falls in other surveys lately. But it still points to only a modest recovery in the region as a whole, with... 29th June 2010 · 1 min read
Europe Economics Update Euro-zone Monetary Indicators Monitor (Jun.) May’s euro-zone money supply and bank lending figures suggest that banks remain in no mood to lend, highlighting the need for the ECB to maintain its unconventional policy support measures. 28th June 2010 · 1 min read
Europe Economics Weekly Euro-zone divergences widening Last week’s news on the euro-zone economy was fairly downbeat and suggested that divergences within the region have continued to widen. Germany, in particular, still seems to be benefitting from the... 28th June 2010 · 1 min read
Europe Economics Update Are the euro-zone austerity measures working? Recent data on the public finances suggest that the euro-zone peripheral governments are broadly on track to meet their ambitious fiscal targets for 2010. But these governments still face an enormous... 25th June 2010 · 1 min read
Europe Economics Update German consumers becoming more willing to spend? The recent sharp rise in German consumers’ willingness to buy brings hope that announced fiscal austerity measures have not so far led households to abandon spending plans. But the weakness of... 23rd June 2010 · 1 min read
Europe Commercial Property Update How sustainable is the recovery in French office rental values? We think that the nascent recovery in French office rental values probably has further to run. Indeed, with business confidence approaching long-run average levels and a risk of undersupply emerging... 23rd June 2010 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Jun.), Ger. & Italian Cons. Conf. (Jul./Jun.) June’s fall in the euro-zone composite PMI index is another sign that the announced austerity measures may be starting to take their toll on the economy. But for the time being at least, the index... 23rd June 2010 · 1 min read
Europe Commercial Property Update French and German prospects better than derivatives prices imply Commercial property derivatives pricing may be giving too negative a steer on the outlook for French and German capital values. Indeed, in projecting flat or falling property prices, derivatives... 22nd June 2010 · 1 min read
Europe Data Response German Ifo Survey (Jun.) June’s improvement in the German Ifo business survey came as a relief amid evidence elsewhere that troubles in the periphery are starting to damage sentiment in core euro-zone countries. 22nd June 2010 · 1 min read
Europe Economics Weekly Euro’s decline to resume before long On the face of it, the fact that the euro last week saw its strongest weekly gain in nine months might suggest that the worst is past for the single currency. The improvement could partly have... 21st June 2010 · 1 min read
Nordic & Swiss Economics Update SNB to scale back currency intervention The SNB’s hints that it will scale back its currency intervention suggest that the franc is set to appreciate more sharply and interbank interest rates should rise back towards the Bank’s target of 0... 17th June 2010 · 1 min read
Europe Economics Update SNB to scale back currency intervention The SNB’s hints that it will scale back its currency intervention suggest that the franc is set to appreciate more sharply and interbank interest rates should rise back towards the Bank’s target of 0... 17th June 2010 · 1 min read
Europe Economics Update How far is Swiss intervention propping up the euro? Speculation that the Swiss National Bank’s (SNB’s) currency intervention has stemmed the decline in the trade-weighted euro seems overplayed. But the SNB’s struggle to prevent the franc surging... 16th June 2010 · 1 min read
Europe Data Response German ZEW (Jun.), E-Z Trade (Apr.) & Employment (Q1) June’s drop in German ZEW investor confidence is a worrying sign that fears about peripheral debt are damaging sentiment towards core euro-zone economies too. 15th June 2010 · 1 min read
Europe Data Response Euro-zone Industrial Production (Apr.) The recovery in the euro-zone industrial sector continues apace. But it is far from clear that this will help the weakest economies in the region to cope with the coming fiscal squeeze. 14th June 2010 · 1 min read
Europe Commercial Property Update Will Swiss commercial property outperformance last? Our more upbeat forecasts for the Swiss economy relative to the euro-zone do not imply that Swiss property will continue to outperform. Indeed, we see yields staying put until 2012, meaning that its... 14th June 2010 · 1 min read
