Europe Economics Update ECB probably has one cut left The ECB’s decision to cut the deposit rate by 25bp to 2.0% was in line with expectations and the messaging in the press conference suggests that a pause at the next meeting in July is most likely. We... 5th June 2025 · 3 mins read
Europe Rapid Response ECB Policy Announcement (June 2025) The ECB’s decision to cut the deposit rate by 25bp to 2.0% and give no clear signals about the future path of monetary policy was in line with expectations. We forecast one more rate cut in the second... 5th June 2025 · 2 mins read
Europe Rapid Response Ireland GDP (Q1 2025) We think that the huge upward revision to Ireland’s Q1 GDP data this morning, to show a rapid expansion that was in large part driven by tariff front-running, will lead to euro-zone growth being... 5th June 2025 · 3 mins read
Global Economics Update Policy turmoil starting to damage investment intentions Trade policy uncertainty has damaged investment intentions in the US, Canada, Mexico and South East Asia. But intentions elsewhere have held up better and investment growth itself has yet to falter... 4th June 2025 · 4 mins read
Europe Commercial Property Update Dublin offices at a turning point, though tariff risks remain While tariff risks remain, the recent improvement in demand and weaker supply pipeline suggest the Dublin office market has reached a turning point. However, we don’t expect prime rental growth to... 4th June 2025 · 3 mins read
Capital Daily Lower inflation in Europe, but not lower yields Below-target inflation in the euro-zone and deflation in Switzerland bring back memories of the 2010s, but the drivers of low inflation are fundamentally different this time and we don’t see much... 3rd June 2025 · 4 mins read
Europe Rapid Response Euro-zone HICP (May 2025) May’s steep decline in services inflation, to its lowest level in more than three years, confirms that the previous month’s jump was just an Easter-related blip and that the downward trend in services... 3rd June 2025 · 2 mins read
Europe Economics Weekly Europe Weekly: EU-US deal prospects, German government priorities The latest legal twists in the US tariff saga have raised the risk of further increases in sectoral tariffs, which could be particularly damaging for Germany and Ireland. Nevertheless, our base case... 30th May 2025 · 9 mins read
Europe Economics Focus Europe in a changing world Europe is being buffeted by geopolitical and geoeconomic shifts but, like all things in Europe, the subsequent changes are likely to be slow and deliberate. Europe will “derisk” from China in... 30th May 2025 · 23 mins read
Climate Economics Update EU carbon market surplus keeps prices in check The surplus in the EU carbon market dampened incentives to decarbonise in 2024, and the likelihood that the surplus is maintained until 2027 will keep a lid on carbon prices in the near term. Further... 29th May 2025 · 3 mins read
ECB Watch ECB Watch: At least one more ECB rate cut to come A 25bp interest rate cut next week, taking the deposit rate to 2.0%, looks very likely. But divisions are growing on the ECB about the impact of US trade policy on inflation and therefore the... 29th May 2025 · 8 mins read
Europe Economics Update Europe-US trade talks after the US court ruling Yesterday’s US court ruling has added yet more uncertainty to the EU-US trade relationship and at face value has weakened President Trump’s position. But the risk of tariffs remains very real not... 29th May 2025 · 3 mins read
Global Economics Update The implications of the US court ruling on tariffs In this Update, we answer several key questions about how the US Court of International Trade tariff ruling might affect the US and other economies. The outlook may now rest on the decision of the... 29th May 2025 · 7 mins read
Europe Economics Focus ECB strategy review not just a formality The ECB’s forthcoming assessment of its 2021 strategy review won’t lead to immediate policy changes but we think it will commit policymakers to acting differently in future. They are likely to be more... 28th May 2025 · 12 mins read
India Economics Update India will leave Japan (and Germany) trailing in its wake Debate around whether or not India’s economy has surpassed Japan’s in size is raging, but the big picture is that India was always going to overtake Japan – and also Germany – given its positive... 28th May 2025 · 3 mins read
Global Commercial Property Focus What COVID-19 means for real estate out to 2030 and beyond The pandemic is firmly in our collective rear-view mirrors, but five years on, its effects continue to drive real estate performance differentials. We expect it to remain integral to driving winners... 28th May 2025 · 15 mins read
