Commodities Chart Pack Commodities Chart Pack (February 2025) Trump’s curveballs have limited sway in oil markets With oil prices back to where they were at the start of the year, the oil market has offered a collective shrug to the geopolitical curveballs... 10th February 2025 · 1 min read
US Economics Weekly US Weekly: The art of the deal While President Donald Trump’s U-turn on 25% tariffs for Canada and Mexico serves as a good reminder that he is always open to cutting a deal, be careful writing tariffs off altogether. China came... 7th February 2025 · 6 mins read
Canada Economics Weekly Canada Weekly: Trump aggression sparks long-term re-think The aggression shown towards Canada by President Donald Trump this week has raised big questions around the country's future in three key areas: trade, investment and defence. While some of the plans... 7th February 2025 · 5 mins read
FX Markets Weekly Wrap FX Weekly: Tariff relief may prove fleeting for currency markets The dollar’s boost from tariff announcements last weekend proved short-lived and, despite rallying a bit in response to the latest Employment Report, the greenback is set to end the week lower against... 7th February 2025 · 5 mins read
US Rapid Response Uni. Of Michigan Consumer Sentiment (Feb. 2025) The University of Michigan Consumer Sentiment Survey for February showed a decline in the headline index alongside a sharp rise in inflation expectations, suggesting that consumers are increasingly... 7th February 2025 · 1 min read
Canada Rapid Response Canada Labour Force Survey (Jan. 2025) A further strong rise in employment and tick down in the unemployment rate in January add to the sense the labour market is heating up, but earnings growth nevertheless eased back to 3.5%, from 4.0%... 7th February 2025 · 2 mins read
US Rapid Response US Employment Report (Jan. 2025) The softer 143,000 gain in payrolls in January is nothing to be concerned about following the upward revisions to payrolls in November and December, which left the three-month average gain at a near... 7th February 2025 · 3 mins read
Commodities Weekly Commodities Weekly: Frothy coffee?; EU gas woe; "Max pressure", little impact While the steady upward grind in EU natural gas prices has been less spectacular than the recent hockey stick-shaped surge in the price of arabica coffee beans, the doubling in EU gas prices since... 7th February 2025 · 4 mins read
Canada Chart Pack Canada Chart Pack (Feb. 2025) Our Canada Chart Pack has been updated with the latest data and our analysis of recent developments. The threat of US tariffs will hang over the economy for the foreseeable future, weighing on... 6th February 2025 · 1 min read
US Housing Market Update Southeast and West Coast apartments to benefit from high costs of home ownership Even if mortgage rates drop back slightly and house price growth cools over the next few years as we expect, renting will remain the more cost-effective option, supporting apartment demand. Southeast... 6th February 2025 · 3 mins read
Commodities Update Platinum set to take a narrow lead over palladium A slowdown in the adoption of EVs – along with an increasing preference for hybrids – is likely to increase demand for platinum by a bit more than for palladium over the coming years. Accordingly... 6th February 2025 · 3 mins read
Global Markets Update How Trump’s tariff policy is shaping our view of markets Despite Donald Trump cutting deals with Mexico and Canada, we are not backtracking from our revised view that the Fed will stay on the sidelines for the next six months. What’s more, if US tariffs end... 6th February 2025 · 5 mins read
US Rapid Response ISM Services Index (Jan. 2025) The fall in the ISM services index to 52.8 in December lends some support to our view that GDP growth will slow in the next couple of quarters, albeit with the caveat that the surveys have proved to... 5th February 2025 · 2 mins read
US Commercial Property Update COVID five years on: How the pandemic continues to shape real estate markets Five years on from the start of the pandemic and the structural shifts it brought about continue to underpin real estate performance. Over the coming weeks, we will publish a series of pieces that... 5th February 2025 · 3 mins read
US Economics Update Trump still reliably unreliable President Donald Trump’s eleventh-hour decision to delay the 25% tariffs he had threatened to impose on Canada and Mexico is a good reminder of his unpredictable nature. We don’t think Trump’s U-turn... 5th February 2025 · 5 mins read
US Rapid Response US International Trade (Dec. 2024) The trade deficit ballooned to a 3-year high of $98.4bn in December, up from $78.9bn, as imports surged by 3.5% and exports fell by 2.6%. The strength of imports appears largely driven by businesses... 5th February 2025 · 2 mins read
