India Economics Update Trade deficit unlikely to widen further India’s trade deficit widened to a three-year high in October, but we don’t think this is cause for major concern. Exports should rebound following disruptions related to the GST, while commodity... 15th November 2017 · 1 min read
Japan Economics Update Will Japan benefit from the TPP minus the US? Even after the withdrawal of the US, the TPP remains an ambitious free trade agreement that will lower tariffs and non-tariff barriers for Japanese firms in a number of important trading partners and... 13th November 2017 · 1 min read
Emerging Markets Trade Monitor Trump still focusing on bilateral deficits EM exports look to have finished Q3 on a strong note, albeit with help from seasonal effects. Otherwise, a year on from Trump’s election, protectionist rhetoric is yet to result in material changes to... 10th November 2017 · 1 min read
UK Data Response Industrial Production, Construction & Trade (Sep.) The flurry of activity data suggests that the industrial sector is helping to provide some offset to the consumer slowdown. However, net trade probably dragged on GDP growth in Q3. 10th November 2017 · 1 min read
Emerging Markets Economics Update Trump failing to deliver on protectionist threat One year on from his election, Donald Trump is struggling to live up to the promises he made on the campaign trail to get tough with countries that run big bilateral trade surpluses with the US... 8th November 2017 · 1 min read
Commodities Update China’s commodity imports slump China’s commodity import volumes plummeted in October. While a shift in the timing of the MidAutumn Festival explains much of the decline, we think that there are now clear signs that domestic demand... 8th November 2017 · 1 min read
Japan Economics Update How free is Japan’s trade? President Trump drew attention this week to the difficulties US firms face trading with Japan. Japan’s tariff barriers are typically lower than those in the US but non-tariff barriers are... 8th November 2017 · 1 min read
China Data Response Trade (Oct.) A shift in the timing of the Mid-Autumn Festival explains much of the decline in headline trade growth in October. But even after accounting for seasonal factors, trade volumes have edged down... 8th November 2017 · 1 min read
Canada Data Response Labour Force Survey (Oct.) & Trade (Sep.) The solid 35,300 increase in employment in October, driven by further gains in full-time work, is an encouraging sign for income and spending in the fourth quarter. Although the unemployment rate... 3rd November 2017 · 1 min read
US Data Response Employment Report (Oct.) & Trade (Sep.) The smaller than expected 261,000 gain in non-farm payroll employment in October, which was below the 310,000 consensus forecast, isn’t as disappointing as it looks when the cumulative 90,000 upward... 3rd November 2017 · 1 min read
Japan Economics Weekly Is Japan still being hollowed out? Outward investment from Japan has soared in recent years but this doesn’t seem to have been to the detriment of domestic manufacturing. This isn’t entirely surprising: firms say their main reason for... 3rd November 2017 · 1 min read
Australia & New Zealand Data Response Australia International Trade (Sep.) The rises in the international trade surplus and the number of building approvals in September are both encouraging signs as they highlight the growing importance of services exports and the recent... 2nd November 2017 · 1 min read
Australia & New Zealand Chart Pack Retail sector on the ropes Despite the sustained strengthening in the Australian labour market, retail sales have been unusually weak in recent months. Admittedly, some of this weakness can be explained by weak price pressures... 31st October 2017 · 1 min read
Latin America Chart Pack Fading reform hopes roil Brazilian markets Financial markets in Brazil have come under pressure over the past week as a split in President Temer’s ruling coalition has cast doubt over important parts of his reform agenda. The trigger for the... 27th October 2017 · 1 min read
Latin America Economics Update One chart to watch for Argentine investors The performance of President Macri’s Cambiemos coalition in last weekend’s legislative elections has given a boost to reform hopes, but we can’t escape the feeling that investors are glossing over the... 26th October 2017 · 1 min read
China Chart Pack Consumers remain upbeat The latest data on retail sales during China’s National Day “Golden Week” period suggest that consumer demand remains strong. Despite a further increase in overseas tourism during the holiday... 26th October 2017 · 1 min read
