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
Industrial Metals Update Zinc prices to benefit from resilient demand In recent weeks, the focus of has been on the supply of metals and whether producers will cut to rebalance the markets. But in the case of zinc, lower supply almost seems inevitable. As such, it will... 21st January 2016 · 1 min read
Middle East & North Africa Economics Update Would the Gulf benefit from currency devaluation? The latest drop in oil prices has intensified speculation that the Gulf economies might abandon their dollar pegs but there remain good reasons to think that this would achieve little in terms of... 21st January 2016 · 1 min read
Energy Update Could Saudi Arabia spring a surprise output cut? Saudi Arabia has been willing and able to weather an extended period of low oil prices in order to squeeze out higher cost producers in the US, while perhaps also gaining some satisfaction from the... 20th January 2016 · 1 min read
Commodities Update Commodities caught in global markets' turmoil A downturn in China’s equity market since the start of the year and concerns about the country’s economic growth prospects reignited turmoil in global markets and dragged commodity indices lower. In... 20th January 2016 · 1 min read
Commodities Update Investor sentiment starts 2016 on a cold note After a poor 2015 for agriculturals, with a number seeing double-digit price falls, 2016 has started on a weak footing. While less affected by the economic cycle than other commodities, agriculturals... 20th January 2016 · 1 min read
Energy Update Could Saudi Arabia spring a surprise output cut? Saudi Arabia has been willing and able to weather an extended period of low oil prices in order to squeeze out higher cost producers in the US, while perhaps also gaining some satisfaction from the... 20th January 2016 · 1 min read
Canada Economics Update Bank of Canada surprises market with no rate cut The Bank of Canada’s decision to hold its key policy rate at 0.50% today doesn’t mean that further rate cuts are off the table entirely. The Bank sounded far more downbeat about the economic outlook... 20th January 2016 · 1 min read
Industrial Metals Update Safe-haven demand drives gold price higher The turmoil in global equity markets has weighed on the prices of the more industrial precious metals (PM) over the past month, with platinum and palladium recording the worst losses. In contrast... 20th January 2016 · 1 min read
US Data Response Consumer Prices (Dec.) Consumer prices fell by 0.1% m/m in December, principally thanks to a 4.0% m/m decline in gasoline prices and, with crude oil prices now below $30 a barrel, we can expect even bigger falls in the... 20th January 2016 · 1 min read
Metals Data Response Global Aluminium Production (Dec. & 2015) According to the International Aluminium Institute, global output grew by just over 1% y/y in December. Excluding China, output rose by nearly 2% y/y. 20th January 2016 · 1 min read
Industrial Metals Update China’s aluminium stockpiling scheme just a short-term fix We don’t expect China’s recently-announced aluminium stockpiling scheme to provide prices with anything more than a temporary boost. Indeed, depending on how the scheme is implemented, it could... 18th January 2016 · 1 min read
