Europe Economics Update ECB still neutral on interest rates The tone of today’s ECB press conference was fairly bullish on the economic outlook, but Christine Lagarde stuck rigidly to neutral messaging on future interest rate decisions. While policy changes... 18th December 2025 · 3 mins read
Global Economic Outlook Muddling through The global economy enters 2026 under the influence of contrasting forces, which will result in moderate GDP growth overall but widening gaps in performance and policy. The economic benefits of AI will... 18th December 2025 · 45 mins read
Global Commercial Property Chart Pack Global Commercial Property Chartpack (Q4 2025) Global property returns have improved in 2025, though performance in APAC and the US has lagged Europe. This divergence is set to continue in 2026. However, we expect performance in the US will... 17th December 2025 · 0 mins read
Europe Rapid Response Germany Ifo Survey (December 2025) The fall in the German Ifo in December chimes with the drop in the Composite PMI and suggests that the long-awaited recovery in the German economy still has not materialised, with the fiscal stimulus... 17th December 2025 · 2 mins read
Europe Rapid Response Euro-zone Flash PMIs (December 2025) December’s flash PMI was a little weaker than the reading in November but is still consistent with the economy expanding moderately in the fourth quarter while inflationary pressures remain too high... 16th December 2025 · 2 mins read
Europe Economics Weekly Tempering the optimism Market moves over the past fortnight show that investors are becoming more optimistic about the euro-zone economy, but we are less bullish on the growth outlook. Meanwhile, the recent acceleration in... 12th December 2025 · 6 mins read
Europe Commercial Property Outlook Commercial property recovery losing steam The recovery in European commercial property values is slowing and we think this will continue as soft economic growth weighs on rents and elevated interest rates limit yield-driven capital gains... 11th December 2025 · 23 mins read
ECB Watch Risks skewed towards ECB cuts in 2026 Stronger-than-expected economic data and recent comments by Isabel Schnabel have pushed up investors’ interest rate expectations for the coming years. Christine Lagarde will acknowledge the... 11th December 2025 · 7 mins read
Europe Economic Outlook Hopes for strong recovery will be disappointed Economic growth will remain subdued over the next two years as the largest economies struggle and the smaller ones outperform. Past ECB interest rate cuts will do little to boost activity because... 10th December 2025 · 28 mins read
Europe Rapid Response German Industrial Production (October) The rise in German industrial production in October was stronger than expected but it still left output close to a post-pandemic low. And though defence spending appears to be supporting production... 8th December 2025 · 2 mins read
Europe Chart Pack Europe Chart Pack (December 2025) We expect euro-zone GDP growth to remain fairly slow in the coming years. Germany’s fiscal stimulus should provide a temporary and fairly modest boost, and we don’t think it will do much to raise... 5th December 2025 · 1 min read
Europe Economics Weekly Euro-zone growth will remain weak The small upward revision to the euro-zone's third-quarter GDP growth, from +0.2% to +0.3% q/q, does not change our view that there has been no meaningful increase in momentum in the second half of... 5th December 2025 · 5 mins read
Europe Commercial Property Update European residential outperformance to persist over 2026-30 Residential rent growth is set to slow over the next couple of years as wage growth moderates, but we expect it to remain above past averages given tight supply conditions. Meanwhile, we think yields... 2nd December 2025 · 4 mins read
Europe Rapid Response Euro-zone HICP (November 2025) November’s inflation data will do nothing to alter ECB policymakers’ view that current monetary policy settings are appropriate. Next year, we think that headline and core inflation will fall below 2%... 2nd December 2025 · 2 mins read
