Energy Update US gasoline consumption to continue growing strongly Fuel consumption by US motorists is set to grow strongly again this year, despite a shaky start, as robust employment growth encourages more people to drive and demand for less fuel-efficient trucks... 8th April 2016 · 1 min read
Precious Metals Update Gold’s rally far from over Despite last week’s fall in the wake of strong US economic data out, we think that gold’s rally this year is far from being over. In particular, we expect building inflationary pressures in the US to... 8th April 2016 · 1 min read
Global Markets Update Are EM equities just a play on oil? An increase in the price of oil in the past day or two has helped at least some equity markets in the emerging world to snap their poor start to the second quarter. We doubt that oil prices will climb... 7th April 2016 · 1 min read
Commodities Update Strong US home building to underpin the price of lumber A pick up in US single-family home building should continue to support the price of US lumber this year even if the Canadian dollar gives back some ground against the greenback. 7th April 2016 · 1 min read
Industrial Metals Update Zinc demand looks promising The price of zinc has rallied strongly, and by more than other metals, reflecting the prospect of lower supply. But we think that the demand outlook is also positive, which will add further support to... 7th April 2016 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil inventories fell last week, but gasoline stocks rose, both partly reflecting increased refinery activity. 6th April 2016 · 1 min read
Africa Economics Update Nigeria: Fuel crisis another blow to struggling economy Government efforts to end Nigeria’s fuel shortage offer a temporary reprieve rather than a lasting solution. Without structural reforms, the economy will continue to be battered by recurrent crises. 6th April 2016 · 1 min read
Metals Data Response World Gold Official Reserves (Feb.) Buying of gold by central banks slowed in February but this appears to be largely due to seasonal factors. The case for gold as a strategic reserve asset remains intact and we expect purchases, mainly... 6th April 2016 · 1 min read
Metals Data Response US silver imports and exports (Jan.) US imports of silver fell in January suggesting that industrial demand was yet to recover. However, more timely data show that low prices have continued to stimulate investor demand for coins... 5th April 2016 · 1 min read
Metals Chart Pack Metals price rally may prove unsustainable, for now The prices of most industrial metals rose strongly for much of March, but eased back towards the end of the month and in early April. Indeed, a weaker US dollar (on lower market expectations for US... 5th April 2016 · 1 min read
Commodities Update Agriculturals benefit from a weak dollar, but will it last? It has been a good month for agriculturals, with the S&P GSCI agriculture index rising by a little under 4% since the start of March. This reverses the downward trend in January and February... 5th April 2016 · 1 min read
Metals Chart Pack PGMs outperform on improved China prospects Over the past month, the performances of precious metals have diverged. After a strong start to March, the prices of gold and silver fell back as expectations for further monetary tightening in the US... 5th April 2016 · 1 min read
Middle East & North Africa Data Response Saudi Arabia GDP (Q4) Data released today confirmed that Saudi GDP growth held steady at 3.6% y/y in the final quarter of last year but we think the economy will slow sharply this year and even further in 2017. 4th April 2016 · 1 min read
Energy Update What are the chances of a deal in Doha to freeze oil output? Comments from a leading Saudi Arabian official on Friday have led markets to reassess the prospect of a deal being done in Doha later this month to freeze OPEC and Russian oil production. In our view... 4th April 2016 · 1 min read
Commodities Update Surge in US acreage doesn’t bode well for corn prices With sizeable US inventories and the likelihood of large US corn and soybean plantings this year, we remain of the view that prices of grains and soybeans are likely to fall over the course of the... 1st April 2016 · 1 min read
Commodities Weekly Commodities hit by strong US data and Saudi comments Markets began the second quarter on Friday on a sour note, with sentiment undermined both by a weak Tankan survey in Japan and, rather perversely, by another robust Employment Report and a buoyant ISM... 1st April 2016 · 1 min read