US Housing Market Data Response Case-Shiller/FHFA House Prices (Jan.) House prices continued to nudge lower in January, taking the total fall since their June 2022 peak to 3.0%. But with affordability still stretched, we expect price falls to continue over the coming... 28th March 2023 · 2 mins read
Capital Daily European G-SIBs need a better RoE to justify a higher valuation While the shares of Global Systemically Important Banks (G-SIBs) in Europe bounced today on the news that a buyer has been found for parts of the failed US lender, Silicon Valley Bank, their price... 27th March 2023 · 5 mins read
US Economics Update Are small banks and CRE the next doom loop? Fears over small regional banks in the US have focused on the unrealised losses on debt securities and deposit insurance but, in what would have echoes of the savings and loan crisis, maybe we should... 24th March 2023 · 7 mins read
Canada Economics Weekly 2023 Budget unlikely to include large stimulus Despite the news this week that the population surged by more than one million last year, weak new home sales imply that construction activity will soon fall. That raises the pressure on the... 24th March 2023 · 5 mins read
US Economics Weekly Fed right to expect economic hit from bank turmoil The Fed will need to wait at least another few weeks for clearer evidence of the impact from the recent banking sector turmoil, but we expect economic weakness will convince officials to move to the... 24th March 2023 · 6 mins read
FX Markets Update What to make of the banking turmoil & the dollar The ongoing struggles of the banking sector in the US and elsewhere has muddled the outlook for the dollar. But while we think the balance of probability has shifted against the greenback, we continue... 24th March 2023 · 6 mins read
US Data Response Durable Goods (Feb.) The 1.0% m/m fall in durable goods orders in February indicates that business equipment investment was weak even before the banking turmoil arose. With business confidence likely to have taken a hit... 24th March 2023 · 2 mins read
Canada Data Response Retail Sales (Jan.) The large rise in retail sales volumes in January and the even bigger increase in sales at food service & drinking places imply that household consumption rose strongly at the start of the year... 24th March 2023 · 3 mins read
US Commercial Property Update Regional banks’ CRE exposure to weigh on lending US regional banks’ higher exposure to CRE debt means we expect their struggles to weigh heavily on credit availability for commercial real estate investors. Even without building in second round... 23rd March 2023 · 3 mins read
US Housing Market Data Response New Home Sales (Feb.) The modest recovery in new home sales continued in February reflecting support from price reductions and incentives offered by homebuilders, as well as a tight existing home market pushing buyers to... 23rd March 2023 · 2 mins read
Event Property Drop-In: What are the risks around commercial real estate? 1680015600 A degree of calm has returned to markets, but investors remain nervous about where the next blow-up could occur – and attention is increasingly focused on commercial real estate. But are the c
