Euro-zone Data Response Germany & Spain Flash Inflation (March) The big falls in headline inflation in Germany and Spain should provide some relief for struggling households in the coming months. And core inflation in Germany may now have passed its peak. However... 30th March 2023 · 2 mins read
Euro-zone Economic Outlook ECB to keep policy tight despite recession The euro-zone economy is set to perform much worse than consensus forecasts suggest over the next two years, with a recession looking likely. That is mainly because monetary policy and bank lending... 28th March 2023 · 27 mins read
Euro-zone Data Response German Ifo Survey (Mar.) The fifth successive monthly increase in the Ifo Business Climate Index (BCI) in March suggests that Germany is still benefitting from falling energy prices and easing supply problems but has yet to... 27th March 2023 · 2 mins read
Euro-zone Data Response German Industrial Production (Jan.) The big rebound in German industrial output in January suggests that industry may continue to hold up well in the face of the energy crisis. However, with the renewed drop in retail sales pointing to... 8th March 2023 · 2 mins read
Euro-zone Economics Update How big are risks from Germany’s trade links to China Germany is more vulnerable than most advanced economies to a reduction in trade with China both because of the scale of trade and the use of Chinese-made inputs to its large manufacturing sector. 6th March 2023 · 4 mins read
Capital Daily Three points on the latest rise in government bond yields Stronger-than-expected inflation and activity data have fuelled a further rebound in developed market (DM) government bond yields, posing upside risks to our policy rate forecasts. Even so, we think... 2nd March 2023 · 6 mins read
Euro-zone Data Response Germany Flash Inflation (February) The renewed rise in headline inflation in Germany, France and Spain in February suggests euro-zone inflation edged up this month, rather than falling as had been expected. With signs that underlying... 1st March 2023 · 2 mins read
Euro-zone Data Response German GDP (Q4 2022, second estimate) The downward revision to German Q4 GDP means the hit to activity at the end of last year was closer to our original expectation. It also suggests a technical recession in Germany during Q4 and Q1 is... 24th February 2023 · 2 mins read
Euro-zone Data Response German Consumer Prices (January) The final release of German HICP for January confirmed that the headline rate fell but, disappointingly, still didn’t reveal what happened to the core rate. That said, there was some evidence that... 22nd February 2023 · 3 mins read
Euro-zone Data Response German Ifo Survey (Feb.) The further rise in the Ifo in February confirms that the German economy may have been a bit more resilient than we had expected in Q1. But with the index still in recessionary territory and the drag... 22nd February 2023 · 2 mins read
Euro-zone Data Response German ZEW Survey (Feb.) The ZEW indicators point to a further improvement in sentiment towards Germany and, along with other recent surveys, suggest that the economy is holding up better than we had anticipated. 21st February 2023 · 2 mins read
Europe Commercial Property Update German office values fall faster than after the GFC Early data indicate that German offices saw the steepest increases in yields on record in late 2022. And we think that with policy rates set to go higher, it is too early to rule out further rises in... 31st January 2023 · 3 mins read
