Europe Commercial Property Update Moscow office rents are more likely to stabilise than recover The increase in Moscow office rental values in Q2 is likely to prove a one-off. Although the occupier market has seen a continued improvement over the past few quarters, we think that the main driving... 23rd July 2010 · 1 min read
Emerging Europe Economics Update Russian recovery back on track... for now Recent data suggest that the economy is back on track for a robust rebound this year. Nonetheless, we suspect that Q2 will mark the high point for annual GDP growth and the pace of recovery is likely... 20th July 2010 · 1 min read
Emerging Europe Economics Update Has Russia won its battle with inflation? Despite repeated warnings from Russia’s inflation hawks, price pressures in Emerging Europe’s largest economy have continued to abate. We expect disinflationary forces to dominate for a while... 8th July 2010 · 1 min read
Emerging Europe Economics Update Russian reforms a small step in the right direction In a speech to the St. Petersburg International Economic Forum this morning, President Medvedev unveiled a series of market-friendly reforms including changes to the capital gains tax regime and a... 18th June 2010 · 1 min read
Emerging Europe Economic Outlook Euro-zone crisis adds to recovery headwinds (Q2 2010) Problems in the euro-zone’s periphery will exacerbate the twin-speed recovery already underway in Emerging Europe. No country would escape unscathed from a full-blown crisis in Western Europe, but... 16th June 2010 · 1 min read
Emerging Europe Chart Pack Q1 GDP data a mixed bag (May 10) First quarter GDP data, released by most countries over the past month or so, paint a mixed picture. The highly open economies of Central Europe – notably Slovakia – continue to rebound at a fairly... 25th May 2010 · 1 min read
Emerging Europe Economics Update Russian industry surges but from a low base The surge in Russian industrial production growth in April is not quite as good as it appears at first sight since it is flattered by base effects stemming from the collapse in activity last year. In... 19th May 2010 · 1 min read
Emerging Europe Economics Update Russia: low debt levels mask mounting fiscal risks Russia’s public finances are a picture of health compared to those economies in the euro-zone’s periphery. But if oil prices drop further, as we expect, spending may have to be cut in real terms for... 18th May 2010 · 1 min read
Europe Commercial Property Update Rebound in Moscow office take-up looks unsustainable The rise in take-up in the Moscow office market in Q1 2010 may be less encouraging than it first seems. Indeed, given the large volume of completions, the improvement in demand was only enough to... 5th May 2010 · 1 min read
Emerging Europe Chart Pack Contagion risks from Greece high and rising (Apr 10) Concerns over the deepening crisis in Greece have weighed on financial markets across the region over the past couple of weeks. While no country has escaped, the contagion risks appear greatest in... 30th April 2010 · 1 min read
Emerging Europe Economics Update Russian policymakers still pushing on a string Today’s 25bp interest rate cut in Russia will do little to spur lending in the real economy. And while policymakers are likely to cut interest rates further in the near-term, there is a good chance... 29th April 2010 · 1 min read
Emerging Europe Economics Update Concerns over a strong ruble unlikely to persist The pace of Russia’s recovery is likely to fade and the ruble is likely to weaken if, as we expect, oil prices fall back over the next year or so. 21st April 2010 · 1 min read
Emerging Europe Economics Focus Will Russia be Europe’s leader or laggard? Despite being richer than the rest of the so-called BRICs, there is still plenty of scope for Russia to undergo a period of rapid catch-up growth and it may yet overtake Germany as Europe’s largest... 6th April 2010 · 1 min read
Emerging Europe Chart Pack Too soon to dismiss fiscal risks (Mar 10) Financial markets in Emerging Europe have, for the most part, brushed off sovereign debt concerns in the euro-zone’s periphery. While bond markets sold off earlier this year as the crisis in Greece... 29th March 2010 · 1 min read
Emerging Europe Economics Update Russian rate cut will do little to spur economy Today’s decision by the Central Bank of Russia (CBR) to cut its key interest rates by 25bps came as no surprise. But cuts in official interest rates will do little to spur lending in the real economy... 26th March 2010 · 1 min read
Europe Commercial Property Update Have rental growth prospects in Russia improved? At the margin, last week’s upward revision to our forecasts for Russian GDP growth will boost occupier demand for commercial property. However, we still expect the pace of recovery to fade next year... 17th March 2010 · 1 min read
