US Chart Pack Weakness spreads to the hard activity data First came the inversion of the yield curve. Next the index of leading indicators began to fall. Then the survey-based activity indicators plunged well below the 50 mark. Finally, this week we learned... 19th January 2023 · 10 mins read
UK Housing Market Data Response Credit Conditions Survey (Q4 2022) The Q4 2022 Credit Conditions Survey shows that while lenders tightened lending criteria in the aftermath of the “mini” budget, the main constraint on lending volumes was a collapse in demand due to... 19th January 2023 · 3 mins read
Australia & New Zealand Data Response Australia Labour Market (Dec. 2022) The labour market struggled in December and the unemployment rate has started to rise. With economy activity set to slow sharply, t won’t be long before unemployment increases in earnest. 19th January 2023 · 2 mins read
Japan Data Response Japan External Trade (Dec. 2022) While the trade deficit narrowed further in December, most of that reflects falling import prices. Export volumes likely fell slightly and with the global downturn weighing on external demand, export... 19th January 2023 · 2 mins read
Australia & New Zealand Rapid Response Australia Labour Market (Dec. 22) 19th January 2023 · 2 mins read
Bank of Canada Watch A smaller 25 bp hike with a hawkish message The Bank of Canada is set to raise interest rates by a smaller 25 bp next week. While many will be looking for clues that this will be the end of the tightening cycle, the key risk to market pricing... 18th January 2023 · 7 mins read
Capital Daily Dollar and yen may benefit from weak global economy The latest signs that the US economy is losing momentum seem to have driven a risk-off mood in markets today, with equities struggling and the safe-haven US dollar and Japanese yen reversing earlier... 18th January 2023 · 5 mins read
US Data Response Industrial Production (Dec.) The manufacturing sector appears to be in recession and, even if China’s emergence from its Covid restrictions provide some boost later this year, the deterioration in the survey evidence suggests the... 18th January 2023 · 2 mins read
US Data Response Retail Sales (Dec.) The 1.1% m/m fall in retail sales in December, which followed a downwardly-revised 1.0% fall in November, adds to the evidence from the surveys that the economy was losing momentum towards the end of... 18th January 2023 · 2 mins read
UK Commercial Property Update REIT pricing points to further fall in capital values Movements in REIT pricing provide a good indication of where property capital values are heading. And the latest data are consistent with our expectation that all-property values will see a peak-to... 18th January 2023 · 3 mins read
UK Data Response Consumer Prices (Dec.) The small drop in CPI inflation from 10.7% in November to 10.5% in December (consensus forecast 10.5%) and the unchanged core rate of 6.3% (consensus 6.2%) suggest the inflation battle is not yet won... 18th January 2023 · 3 mins read
Japan Economics Update New Governor will ditch Yield Curve Control in April The BoJ kept policy settings unchanged today, but the increase in its medium-term inflation forecasts supports our view that Yield Curve Control will be abandoned once a new Governor takes over in... 18th January 2023 · 3 mins read
