Global Economic Outlook Weathering geopolitical storms and tariff threats We expect 2025 to be another year of reasonably healthy global GDP growth and a continued normalisation of monetary policy. To the extent that tariffs hurt the global economy, the damage will be less... 19th December 2024 · 44 mins read
Europe Economics Update Underlying price pressures continue to ease Underlying inflation remains high but is on a downward trend and we expect it to fall much further next year. This should prompt the ECB to cut interest rates a bit further than investors anticipate. 18th December 2024 · 3 mins read
Capital Daily Euro-zone credit spreads may largely shrug off weak growth We think corporate credit spreads in the euro-zone will widen only slightly next year, despite dim economic prospects. 17th December 2024 · 3 mins read
Emerging Europe Economic Outlook Growth under pressure amid persistent inflation Slowing growth across Emerging Europe in recent quarters has set a downbeat tone heading into 2025. With domestic and external headwinds remaining strong, we think that most economies in the region... 17th December 2024 · 22 mins read
Europe Rapid Response Germany Ifo Survey (December 2024) The Ifo Business Climate Index (BCI) remained deep in recessionary territory in December. While the survey has overstated the weakness in the economy this year, the outlook is quite poor and we think... 17th December 2024 · 2 mins read
Capital Daily Headwinds to euro-zone stock markets to blow harder While equities in Germany have managed to ride out weak growth and political uncertainty this year, those in France have not. We suspect that they will all fare poorly next year, as those adverse... 16th December 2024 · 5 mins read
Europe Economic Outlook Low growth, low inflation, low rates We expect economic growth in the euro-zone to remain sluggish. This is partly due to adverse demographics and structural forces hampering the competitiveness of industry. But past monetary tightening... 16th December 2024 · 28 mins read
Europe Rapid Response Euro-zone Flash PMIs (December 2024) December’s PMI survey for the euro-zone suggests that the economy is contracting and that price pressures remain largely under control. 16th December 2024 · 2 mins read
Europe Economics Weekly ECB dovish; French politics; defence spending to rise? Investors appear to have interpreted Christine Lagarde’s comments yesterday, and the subsequent leaks to the media, as more hawkish than expected. But we remain convinced that the ECB will cut... 13th December 2024 · 5 mins read
Europe Rapid Response Euro-zone Industrial Production (October 2024) October’s euro-zone industrial production data look much worse without Ireland, where the data are notoriously volatile. The big picture is that the region’s industrial sector remains very weak and we... 13th December 2024 · 2 mins read
Capital Daily ECB policy may push Bund yields back down next year Given our dovish view of ECB policy, we expect German Bund yields to fall back in 2025, and to diverge further from US Treasury yields. 12th December 2024 · 5 mins read
Europe Economics Update Tide gradually turning at the ECB Today’s ECB policy statement and press conference suggest that policymakers are increasingly confident of meeting their inflation goal and increasingly conscious of downside risks to the economy. We... 12th December 2024 · 3 mins read
Europe Commercial Property Outlook Rental growth the key driver of the property recovery The recovery in property values is underway. But we think it will be a weak one, even though several European central banks, including the ECB, are forecast to cut interest rates to a lower level than... 12th December 2024 · 27 mins read
Europe Rapid Response ECB Policy Announcement (December 2024) While the ECB’s decision to cut its deposit rate by 25bp was widely expected, the accompanying statement suggests that policymakers are less concerned than previously about upside risks to inflation... 12th December 2024 · 2 mins read
UK Commercial Property Update What’s keeping real estate investors awake at night? A vast share of our clients highlighted geopolitics and/or Trump as their biggest blind spots going into 2025 when polled at our recent London roundtables. Meanwhile, a large majority thought that... 9th December 2024 · 3 mins read
