Europe Commercial Property Update Wider market confirms recovery in prime data The latest MSCI data show that the wider market has moved roughly in line with our prime data since the onset of the pandemic and provide support to our outlook for property values. 14th October 2021 · 3 mins read
DM Valuations Monitor Assessing the outlook for US equity valuations We forecast that the valuation of the US stock market will deflate a bit further over the next couple of years, though we are not expecting a sharp decline. 8th October 2021 · 8 mins read
Europe Chart Pack Headwinds strengthening Supply shortages and rising energy prices are becoming stronger headwinds to the euro-zone recovery. The latest data from Germany showed sharp falls in industrial orders and production, with... 7th October 2021 · 11 mins read
Europe Commercial Property Update Did Europeans leave cities (and have they returned)? The pandemic and widespread use of remote working appeared to entice some Europeans to leave cities last year. However, the recent improvement in city mobility adds evidence to our view that this... 7th October 2021 · 3 mins read
Europe Economics Update Rising gas prices will hit Spain hardest The upward pressure on euro-zone headline inflation from the surge in natural gas prices will not be felt evenly throughout the region, with Spain looking most vulnerable. Governments are stepping in... 20th September 2021 · 3 mins read
Global Markets Update Inflation & the outlook for bonds in the US, UK & E-Z While we expect the yields of long-dated sovereign bonds to increase further across developed markets over the next two years, we think they will rise by more in the US than in the euro-zone and the... 17th September 2021 · 4 mins read
DM Markets Chart Pack Japan’s stock market may not go from strength to strength We don’t expect the recent surge in Japan’s stock market to last, and think it will make much smaller gains over the next couple of years. 17th September 2021 · 8 mins read
Europe Economics Weekly Wage growth to stay weak, inflation to keep rising Data published this week highlight the challenge to euro-zone consumers from subdued pay growth and rising inflation. We expect inflation to keep rising in the coming months, and probably further than... 17th September 2021 · 6 mins read
Europe Commercial Property Outlook Sector fortunes to shift While the Delta variant has slowed economic activity in other parts of the world, this has not yet been the case in the euro-zone, and we are cautiously optimistic that the bloc will continue to grow... 16th September 2021 · 31 mins read
Europe Economics Weekly A look ahead to December’s ECB meeting Following yesterday’s comments from ECB President Christine Lagarde, the Bank looks set to make crucial decisions about the future of QE at its December meeting. We suspect that it will end its net... 10th September 2021 · 6 mins read
Europe Economics Weekly Inflation to rise further, but then fall Inflation will rise further from the 3% level reached in August in the coming months, but we are confident that it will drop back sharply next year, as most measures of underlying inflation and wage... 3rd September 2021 · 5 mins read
Europe Commercial Property Update Spanish retail rents to rebound from next year We expect a recovery in domestic and foreign spending along with online penetration rates below most other euro-zone markets to support moderate growth in Spanish prime retail rents over the 2022-25... 31st August 2021 · 3 mins read
Europe Economics Weekly Business surveys point to continued recovery The business surveys for August published this week provided some reassurance that the euro-zone economy is continuing to grow at a decent pace. And the decline in the forward-looking components is... 27th August 2021 · 8 mins read
Europe Commercial Property Chart Pack Tentative signs of a turning point for property All-property capital values rose for the third consecutive quarter in Q2, leaving them less than 1% below their pre-virus level. The improvement was driven by a decline in all-property yields, though... 18th August 2021 · 9 mins read
Europe Economics Weekly Industry holds back otherwise strong recovery This week provided yet more good news on the euro-zone, with case numbers falling consistently in some countries, vaccine rollouts on track, and both the survey and official data suggesting that the... 6th August 2021 · 5 mins read
Europe Economic Outlook Strong rebound and temporary rise in inflation The euro-zone is on the way to an almost full recovery. We expect Germany to regain its pre-pandemic level of activity later this year and the tourist-dependent southern countries to do so next year... 16th July 2021 · 33 mins read