Europe Data Response German Industrial Production & French Trade (Apr.) April’s rise in German production is an encouraging sign that the industrial upturn is back on track, and surveys point to a sharp acceleration to come. 8th June 2017 · 1 min read
Europe Data Response German & Spanish Flash CPI (May) May’s declines in harmonised CPI inflation in Germany and Spain suggest that the euro-zone rate fell back from the ECB’s target of close to 2%. With core inflation subdued across the region, we doubt... 30th May 2017 · 1 min read
Europe Commercial Property Update What is behind the stagnation in German retail rents? Prime German retail rents have stagnated recently, in spite of a healthy economic backdrop. In the absence of a pick-up in occupier demand, it is difficult to see strong rental growth in the years... 26th May 2017 · 1 min read
Europe Data Response Euro-zone Flash PMIs & German Ifo (May) The strength of both the euro-zone Composite PMI and the German Ifo in May provide further evidence that the economic recovery gained pace in Q2. 23rd May 2017 · 1 min read
Europe Data Response German GDP Breakdown (Q1) The second release of German GDP confirmed that the economy made a good start to 2017 despite a slowdown in consumer spending growth. We expect a pickup in export growth to cause the upturn to gain... 23rd May 2017 · 1 min read
Europe Data Response German GDP (Q1), Consumer Prices (Apr.) The first estimate of German Q1 GDP showed that the economy got off to a fairly strong start to the year. But April’s inflation data confirmed that, ignoring Easter timing effects, underlying price... 12th May 2017 · 1 min read
Europe Data Response German GDP (Q1), Consumer Prices (Apr.) The first estimate of German Q1 GDP showed that the economy got off to a fairly strong start to the year. But April’s inflation data confirmed that, ignoring Easter timing effects, underlying price... 12th May 2017 · 1 min read
Europe Data Response German Industrial Production & Trade (Mar.) Despite declining, German industrial production remained at a high level in March and grew strongly in Q1 overall. Other German hard data have been weaker, but surveys imply that GDP growth was strong... 9th May 2017 · 1 min read
Europe Economics Update Merkel gains momentum but challenges beckon While Angela Merkel’s prospects for September’s federal elections have improved recently, a surprise defeat probably wouldn’t be a game-changer for the German economy. Meanwhile, the rise of small... 8th May 2017 · 1 min read
Europe Chart Pack A rising tide lifts all boats Survey data suggest that economic momentum among the major euro-zone economies has converged in 2017. Indeed, in April the spread between the Composite PMIs for Germany, France, Italy and Spain was... 4th May 2017 · 1 min read
Europe Data Response German & Spanish CPI (Apr.) April’s increases in harmonised CPI inflation in Germany and Spain suggest that the euro-zone rate rose back to the ECB’s target of close to 2%. But the increase partly reflected the timing of Easter... 27th April 2017 · 1 min read
Europe Data Response German Ifo Survey (Apr.) April’s further rise in the German Ifo contrasted with the fall in the PMI in the same month, but both surveys point to very strong growth in the euro-zone’s largest economy. 24th April 2017 · 1 min read
Europe Economic Outlook Outlook has brightened despite political risk The euro-zone has continued to perform very well and we now expect growth to be stronger than the consensus forecast this year and next. Inflation has been lower than we had assumed, meaning that... 19th April 2017 · 1 min read
Europe Commercial Property Update Have German industrial yields fallen too far? German cities have seen some of the largest falls in industrial yields across Europe in recent years, pushing the spread over offices down to new lows. Given structural changes in the market, this... 12th April 2017 · 1 min read
Europe Data Response Euro-zone Industrial Prod. (Feb.) & German ZEW (Apr.) February’s small fall in euro-zone industrial production suggests that the sector had a weak Q1, but the slowdown should have been offset by stronger growth in other sectors. What’s more, the... 11th April 2017 · 1 min read
Europe Data Response German & French Industrial Production (Feb.) February’s sharp rise in German industrial production and wider trade surplus help to reconcile the recent gap between the hard data and surveys, and imply that GDP rose sharply in Q1. But the French... 7th April 2017 · 1 min read
