Europe Data Response Euro-zone EC Survey & German CPI estimate (Jun.) June’s EC Business and Consumer Survey added to signs that the euro-zone recovery could be nearing a peak when it has barely begun. 27th June 2014 · 1 min read
ECB Watch ECB on hold to gauge effect of new policies The ECB is very unlikely to unveil additional policy support at its policy meeting on 3rd July as it waits to judge the effect of the raft of measures announced in June. President Draghi is likely to... 26th June 2014 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Jun.) June’s PMIs suggested that the euro-zone recovery only gained a little momentum in Q2 and highlighted the continued divergence between France and Germany. 23rd June 2014 · 1 min read
Europe Economics Weekly Weak wage growth adds to deflation risks Data last week revealed that euro-zone labour costs growth fell to just 0.9% in Q1, adding to evidence of deflationary pressure in the region. The fall in wage growth has not been confined to the... 23rd June 2014 · 1 min read
Europe Data Response German ZEW Survey (Jun.) & Euro-zone Labour Costs (Q1) June’s fall in ZEW economic expectations suggested that investors were unimpressed by recent ECB action and added to signs that the German recovery is nearing a peak. 17th June 2014 · 1 min read
Europe Data Response Euro-zone Trade (Apr.) & Employment (Q1) April’s euro-zone trade data suggested that the strong euro continues to undermine export growth, highlighting that the ECB still has more to do to support the recovery. 13th June 2014 · 1 min read
Europe Data Response Euro-zone Industrial Production (Apr.) April’s rise in euro-zone industrial production suggests that industry is strengthening after a weak start to the year. But the recovery remains weak by historical standards. 12th June 2014 · 1 min read
Europe Economics Update More austerity pain to come for euro-zone The EC’s latest batch of country reports shows that the euro-zone has already achieved substantial structural reform and fiscal consolidation. But the region faces several more years of painful reform... 11th June 2014 · 1 min read
Europe Economics Weekly ECB still at the back of the pack While the ECB made a number of announcements last week, the policies involved are not as bold as they might seem. The interest rate cuts were clearly tiny and the decision not to sterilise bond... 9th June 2014 · 1 min read
Europe Commercial Property Update Germany's share of total property investment unlikely to fall this year Euro-zone occupier markets stand to benefit as economic growth becomes broader based across the region. Yet while property investment in most countries should increase as a result, over the next year... 5th June 2014 · 1 min read
Europe Economics Update ECB finally tackling deflation risks, but needs to do more The ECB unveiled an array of policies to boost bank lending and counter deflationary risks today. But there are uncertainties over how effective these policies will be. And while it is good news that... 5th June 2014 · 1 min read
Global Markets Update ECB falls well short of Bank of Japan’s bold easing The muted market responses to the ECB’s policy announcements today are not necessarily a sign of failure: equity prices, bond yields and the euro itself all edged a little further in the desired... 5th June 2014 · 1 min read
Europe Data Response Euro-zone Retail Sales (Apr.) & Ger. Factory Orders (Apr.) April’s retail sales data suggested that euro-zone consumers may be beginning to return to the high-street, although so far this seems to have come at the expense of non-retail spending. 5th June 2014 · 1 min read
Europe Chart Pack Deflation risks still mounting May’s fall in euro-zone HICP inflation from 0.7% to 0.5% left it at its joint weakest rate since October 2009 and far beneath the ECB’s 2% price stability ceiling. There is no sign of inflationary... 4th June 2014 · 1 min read
Europe Data Response Euro-zone GDP Breakdown (Q1), Final PMI (May) & PPI (Apr.) The latest batch of data on the euro-zone maintained the strong pressure on the ECB to provide further policy stimulus at tomorrow’s Governing Council meeting. 4th June 2014 · 1 min read
Europe Economics Focus Is the euro-zone turning Japanese? There is a real and growing danger that the euro-zone enters a Japanese-style bout of flat or falling prices. But even a prolonged period of low positive inflation would seriously hamper the... 3rd June 2014 · 1 min read
