Industrial Metals Update Solid Chinese metals imports defy negative sentiment December was the fourth consecutive month of strong Chinese metals imports. Although low prices have probably played a role, we think that robust consumption, driven by increased infrastructure... 26th January 2016 · 1 min read
EM Markets Chart Pack EM assets suffer most from market turmoil The recent volatility in global financial markets has had a disproportionate impact on emerging market (EM) assets. Equities have underperformed those in the developed world, dollar-denominated bond... 25th January 2016 · 1 min read
Metals Data Response Global Steel Production (Dec. & 2015) World Steel Association (WSA) data for December show that global steel output fell in all major producing regions last month. Production was down by 2.8% in 2015 as a whole, with the pace of decline... 25th January 2016 · 1 min read
Energy Update A shaky start for US LNG The sharp drop in crude oil prices has led to markedly lower Asian liquefied natural gas (LNG) prices and poses a risk to the economic rationale of US LNG exports. That said, the flexibility of US... 25th January 2016 · 1 min read
Commodities Weekly Oil prices jump on Saudi comments and US blizzard After another poor start, the prices of industrial commodities ended the week on the up. The main positives were hints of additional monetary policy support from the ECB and the absence of any more... 22nd January 2016 · 1 min read
Commodities Update Coffee prices set for limited recovery We expect global coffee output to rise only slightly in 2015/16, leading to a drawdown in global stocks, which should result in stronger prices. Our forecast that the Brazilian real will remain weak... 22nd January 2016 · 1 min read
Europe Economics Weekly Can we believe the ECB this time? We said after December’s “Draghi disappointment” that we would take future verbal policy steers from the ECB with a healthy pinch of salt. But there are some good reasons to expect the President and... 22nd January 2016 · 1 min read
Commodities Update Cocoa price still likely to end the year lower After taking the gold medal for price gains in 2015, cocoa has quickly fallen off the podium. Supply risks could see the price rebound over the short term before ending the year lower. 22nd January 2016 · 1 min read
Energy Chart Pack No New Year cheer for energy commodities Negative sentiment towards commodities in general, high stocks, a warm start to winter in the US and renewed fears about the Chinese economy have all contributed to the downward pressure on the prices... 22nd January 2016 · 1 min read
Asia Economics Weekly Asia well-placed to ride out financial market storms Global markets have had a rocky start to the year with equities, emerging market currencies and oil bearing the brunt of the declines. The stock market falls are unlikely to have much of an impact on... 22nd January 2016 · 1 min read
Precious Metals Update Platinum price to recover despite emission scandal News that Renault failed emission tests on some vehicles has weighed on the price of platinum over the past few days. However, we think that sentiment towards platinum is excessively negative at the... 22nd January 2016 · 1 min read
Japan Economics Weekly Limited boost to corporate profits from cheaper oil Corporate profits have not risen much in response to lower prices of energy and other raw materials, as the gains have been highly concentrated in a few sectors. Looking ahead, the recent appreciation... 22nd January 2016 · 1 min read
DM Valuations Monitor Sterling still looks overvalued Sterling has been amongst the worst performing major currencies over the last month, falling by a similar amount as the Canadian, Australian and New Zealand dollars, which have all been hit by the... 21st January 2016 · 1 min read
Energy Data Response US Weekly Petroleum Status Report US crude oil stocks rose last week, driven by a drop in refinery inputs. What’s more, despite lower refinery production, there was another large jump in gasoline stocks. However, demand for oil... 21st January 2016 · 1 min read
Global Markets Update Japanese equities ripe for a rebound In the light of the recent turmoil we are revising our forecasts for Japan’s currency and equity prices. Nonetheless, we continue to expect a combination of better news from China, a partial recovery... 21st January 2016 · 1 min read
Europe Commercial Property Update Will falling oil and equity prices undermine European property? Fears about China, as well as plunging oil and equity prices, have dominated the start of 2016. However, we believe that concerns over China are overstated and that oil prices will begin to recover... 21st January 2016 · 1 min read