UK Data Response Retail Sales (Feb.) February’s retail sales figures suggested that the recent recovery on the high street is already running out of steam. 22nd March 2012 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Mar.) March’s fall in the euro-zone composite PMI supports the view that the region may have fallen back into recession in Q1 and that divergences with the US are widening. 22nd March 2012 · 1 min read
UK Commercial Property Chart Pack Capital value falls pick up pace in February A small increase in IPD all-property initial yields in February, coupled with the modest decline in rental values, pushed down capital values by 0.3%m/m. That was the third fall in a row and the... 22nd March 2012 · 1 min read
UK Economics Focus Budget 2012: Not rocking the boat This was a neutral, steady-as-she-goes budget, with few implications for the macro-economy. From his speech, the Chancellor came across as wanting to be radical, but the measures failed to live up to... 21st March 2012 · 1 min read
Commodities Update How tight is China’s corn market? Recent industry reports suggest that China’s corn production in 2011/12 could be as much as 14% lower than current official estimates. As a result, China’s imports are likely to be considerably higher... 21st March 2012 · 1 min read
UK Housing Market Update 2012 Budget - Stamp Duty takes centre stage again The new higher rate of stamp duty for £2m-plus properties, as well as a clampdown on avoidance schemes, is likely to dampen activity at the top end of the London housing market. But we doubt that the... 21st March 2012 · 1 min read
Asia Economics Update Bank of Thailand pauses to assess recovery The Bank of Thailand (BoT) kept its policy rate at 3.0% today, as expected. The speed of the local recovery from last year’s floods and global developments will determine monetary policy decisions in... 21st March 2012 · 1 min read
US Housing Market Data Response Existing Home Sales (Feb.) The 0.9% m/m fall in existing home sales in February suggests that the boost from the good weather has started to fade. But strong demand from investors and a growing willingness of banks to lend... 21st March 2012 · 1 min read
US Economics Update Monetary Indicators Monitor (Feb.) The annual growth rates of all the monetary aggregates remained strong in February, with our measure of the broadest M3 aggregate increasing by 6.0% over the past year. With the euro-zone crisis... 21st March 2012 · 1 min read
Emerging Europe Economics Update Turkey’s current account deficit not just about oil The recent spike in oil prices will make it harder for Turkey to rein in its current account deficit. But there is more to Turkey’s current account shortfall than simply the high cost of energy... 21st March 2012 · 1 min read
UK Data Response Public finances (Feb.) & MPC minutes (Mar.) February’s public finance figures got Budget Day off to a bad start for the Chancellor, while the minutes of March’s MPC meeting showed that the door to more quantitative easing is still ajar. 21st March 2012 · 1 min read
Japan Chart Pack Economy paused but expected to rebound later in 2012 The Japanese economy appears to have paused in January after the contraction in activity in the fourth quarter. The only support came from the government subsidy on fuel efficient cars which provided... 21st March 2012 · 1 min read
China Chart Pack Still waiting for stimulus to be felt The data for the first two months of the year were in general downbeat. Everything from imports to electricity and cement production slowed. Still, Q1 was always likely to be weak. Policy loosening... 21st March 2012 · 1 min read
Emerging Europe Economics Update Russia continues its strong start to 2012 The usual raft of monthly activity data, released earlier today, confirmed that Russia’s economy remains in a decent shape, helped by the recent rise in the oil price. As things stand, GDP seems on... 20th March 2012 · 1 min read
