Europe Commercial Property Update Our key calls for 2026 The recovery in European commercial property values is set to slow this year given the soft economic growth backdrop and elevated interest rates. Our forecast for euro-zone all-property total returns... 7th January 2026 · 3 mins read
Europe Rapid Response Euro-zone national inflation data (December) National inflation data released so far suggest that euro-zone headline inflation fell below 2% in December and that the core rate edged down. ECB policymakers will take that as confirmation that... 6th January 2026 · 2 mins read
Europe Commercial Property Update Reviewing our key calls for 2025 The recovery in European property values in 2025 was broadly as we forecasted. However, the drivers differed slightly from our expectations, with a smaller-than-expected fall in prime property yields... 6th January 2026 · 3 mins read
Europe Rapid Response Germany, France, Italy & Spain HICP (November 2025) The national inflation data for November published today suggest that headline and core inflation in the euro-zone edged up. 28th November 2025 · 2 mins read
Europe Economics Update High-quality job growth supporting Spanish incomes While Spain’s fast rate of employment growth has attracted attention recently, the quality of jobs has also improved. In particular, the information and communication sector has seen significant... 27th November 2025 · 3 mins read
Europe Economics Update Spain’s immigration boom set to continue While other major European countries have taken some steps to limit immigration, Spain has liberalised its immigration rules further this year. So we think immigration to Spain will remain very high... 3rd November 2025 · 4 mins read
Europe Rapid Response Germany, France and Italy GDP (Q3 2025) National data available so far suggests that euro-zone GDP probably grew by a slightly stronger than expected 0.2% q/q in Q3, mainly thanks to a strong performance by France and Spain. Germany and... 30th October 2025 · 2 mins read
Europe Economics Update Assessing the impact of Next Generation EU We estimate that the EU’s pandemic recovery scheme, Next Generation EU (NGEU), will have boosted GDP in countries such as Greece and Italy by around 1.5% over its six-year lifetime. It therefore... 10th October 2025 · 4 mins read
Europe Commercial Property Update Conversions reinforce a strong Spanish office rent outlook Office rental growth in Spain’s major markets will be underpinned by rapid employment growth and relatively low rates of hybrid work. And these trends are further supported by healthy conversion... 2nd October 2025 · 3 mins read
Europe Commercial Property Update Spanish industrial rent outlook solid, but little room for yield falls The solid pace of economic growth in Spain over the next couple of years will continue to support robust rates of industrial rental growth. However, we don’t think that will be enough to justify large... 14th August 2025 · 3 mins read
Europe Rapid Response Germany, France and Italy GDP (Q2 2025) National data available so far suggests that euro-zone GDP growth slowed from 0.6% q/q in Q1 to either 0.1% or 0.0% in Q2, in part due to the reversal of tariff front-running. (Our projection was 0.2%... 30th July 2025 · 2 mins read
Europe Economics Update A bad deal is (just about) better than no deal The trade agreement confirmed yesterday by Presidents Trump and von der Leyen could result in the average tariff on US imports from the EU rising from 1.2% last year to about 17%. We think this will... 28th July 2025 · 4 mins read
Europe Economics Update Spanish house prices will continue to climb High income growth and immigration are likely to continue to drive increases in house prices in Spain over the coming years. Demand will be further boosted by the recent fall in mortgage interest... 3rd July 2025 · 4 mins read
Europe Rapid Response Germany, France, Italy & Spain Flash HICP (June) National data published so far suggest that both euro-zone headline and core inflation were little changed and close to 2% in June. That will please ECB officials, who we expect to cut rates one more... 30th June 2025 · 2 mins read
Bonds Update Narrowing of euro-zone spreads not as good as it looks While spreads in the euro-zone have narrowed further recently, nearing multi-year lows, this is mainly because underlying German Bund yields have risen. Indeed, public finances in some euro-zone... 13th June 2025 · 2 mins read
Commodities Chart Pack Commodities Chart Pack (May 2025) OPEC+’s announcement that it will pick up the pace of oil output increases for the second consecutive month in June helped to push oil prices to four-year lows. This represents a marked shift in... 8th May 2025 · 1 min read
