Commodities Update Commodity import volumes come off the boil China’s commodity import volumes held up in April, although the late timing of the Chinese New Year holiday is still having a disruptive effect on the data. We expect growth in import volumes to slow... 8th May 2018 · 1 min read
Commodities Weekly Markets looking for direction There was little in the way of market-moving data or news this week. China’s PMI data for April were broadly unchanged on the month, painting a picture of relative stability. Meanwhile, although the... 4th May 2018 · 1 min read
Global Economics Chart Pack Another first-quarter blip The weakness in advanced economies early this year, which was largely driven by softer household spending, looks like a temporary setback rather than anything more ominous. Admittedly, economic growth... 4th May 2018 · 1 min read
Precious Metals Update Q1 2018 World Gold Council Demand Trends Global gold demand fell sharply in Q1, primarily owing to lower investment. We expect demand to remain subdued as Fed tightening raises the opportunity cost of holding an asset like gold which bears... 3rd May 2018 · 1 min read
Energy Chart Pack Rising risks to supply boost oil prices Oil prices jumped in April as tensions escalated in the Middle East, especially the risk that the US will re-impose sanctions on Iran, and speculation increased that OPEC will extend its output cuts... 3rd May 2018 · 1 min read
Energy Watch Will global gas prices finally converge? The surge in availability of liquefied natural gas (LNG), which does not need pipeline infrastructure, has raised the prospect of a more fungible natural gas market. In this Energy Watch, we look at... 3rd May 2018 · 1 min read
Metals Chart Pack A month of two halves for metals April was a month of two halves for most metals. The imposition of US sanctions on Russia sent the prices of several industrial and precious metals – notably aluminium, nickel and palladium – surging... 2nd May 2018 · 1 min read
Energy Data Response US Weekly Petroleum Status Report Inventories of crude oil jumped last week as net imports increased, demand from refineries fell and production continued to grow. Indeed, we still expect surging US crude production to lead to lower... 2nd May 2018 · 1 min read
Commodities Update China’s April PMIs point to stability China’s unofficial and official manufacturing PMIs for April painted a relatively stable picture. It seems likely that the return of industrial capacity, after anti-pollution measures closed plants... 2nd May 2018 · 1 min read
Commodities Chart Pack Geopolitics trump fundamentals Commodity price indices surged in April despite a jump in the US dollar. Fading fears of a global trade war gave a lift to riskier assets more generally, while escalating tensions in the Middle East... 1st May 2018 · 1 min read
Middle East & North Africa Economics Update Five key questions on Trump and the Iran nuclear deal There’s a growing chance that US President Donald Trump will refuse to waive sanctions on Iran later this month. In this Update, we answer five key questions on the sanctions and the nuclear deal, as... 1st May 2018 · 1 min read
Commodities Watch Three key risks to commodity prices In this Commodities Watch, we take stock of three of the most serious geopolitical risks that have emerged over the past few months. These are the prospect of a trade war between the US and China, US... 30th April 2018 · 1 min read
Metals Watch Safe-haven demand gives a boost to gold prices Despite the prospect of tighter monetary policy in the US, the price of gold has proved particularly resilient so far this year. We think that strong safe-haven demand on the back of heightened... 30th April 2018 · 1 min read
Commodities Weekly Quiet after the storm The earlier surge in oil and industrial metals prices came to an abrupt halt this week as oil stabilised and there were sharp falls in the prices of some metals. In particular, the US Treasury’s... 27th April 2018 · 1 min read
Global Markets Outlook Is the party over? In the last edition of The Capital Markets Analyst, we warned that the party in the financial markets might not last much longer. Since then, the US S&P 500 has fallen considerably from a record high... 27th April 2018 · 1 min read
Africa Economics Update Commodity prices: Africa’s winners and losers Commodities make up a large part of Africa’s exports but the degree of dependence and product diversification varies across the region. While the value of net exports of energy producers, including... 27th April 2018 · 1 min read