Julie Nicol

Julie Nicol is the Office Administrator in Singapore, working closely with the London office as well as providing support to the local sales team.

Japan Chart Pack

Nearing full employment

Japan’s economy will expand the most this year since 2013. Yet the unemployment rate hasn’t fallen any further since the start of the year. This isn’t due to a surge in productivity that has reduced...

18th December 2017 1 min read

India Economics Update

Trade deficit to narrow further

After reaching a three-year high in October, India’s trade deficit narrowed a touch in November. The shortfall is likely to narrow further over the coming months. Exports should continue to rebound...

18th December 2017 1 min read

Japan Economics Weekly

What to expect in 2018

We expect Japan’s GDP growth to slow next year as the economy is now operating above capacity. Price and wage pressures should strengthen somewhat but inflation will remain well below the Bank of...

15th December 2017 1 min read

Japan Data Response

Tankan (Q4)

Today’s Tankan survey showed that business conditions didn’t improve much further this quarter which suggests that growth is now slowing. Nonetheless, capacity and staff shortages continue to...

15th December 2017 1 min read

India Data Response

Wholesale Prices (Nov.)

Wholesale price inflation rose to an eight-month high in November. Policymakers put less weight on the WPI measure, but it nevertheless supports our view that the debate will shift towards monetary...

14th December 2017 1 min read

China Economics Update

The PBOC pretends to follow the Fed

The People’s Bank has raised the rates it charges when providing funds in China’s interbank market. But unlike in the US, the move seems unlikely to result in higher short-term funding costs for most...

14th December 2017 1 min read

China Data Response

Activity & Spending (Nov.)

Stronger exports and an uptick in investment failed to prevent a further slowdown in industrial output growth last month as disruptions to factory activity from the pollution crackdown continued to...

14th December 2017 1 min read

India Economics Update

External vulnerabilities remain low

There was a slight widening in India’s current account deficit in Q3 over a four-quarter sum, but the bigger picture is that the external shortfall remains small. In addition, FDI inflows remain...

14th December 2017 1 min read

Japan Data Response

Flash Manufacturing PMI (Dec.)

The manufacturing PMI was the highest in nearly four years in December as external demand continues to improve. However, price pressures are only strengthening slowly.

14th December 2017 1 min read

Bank of Japan Watch

Bank of Japan to keep policy loose next year

With yields set to rise overseas and concerns that low policy rates may curtail lending likely to linger, speculation about policy tightening in Japan will not subside next year. However, we believe...

13th December 2017 1 min read

Japan Data Response

Machinery Orders (Oct.)

The rebound in machinery orders left them no higher than their Q3 average, but we’ve still pencilled in another rise in business investment this quarter.

13th December 2017 1 min read

Emerging Europe Data Response

Turkey GDP (Q3)

The sharp pick-up in Turkish GDP growth in Q3, to a six-year high of 11.1% y/y, was flattered by the comparison with Q3 of last year, when output was disrupted by the coup attempt. The annual rate of...

11th December 2017 1 min read

China Data Response

Trade (Nov.)

Chinese trade growth surprised to the upside in November, with strong external demand more than offsetting the drag from base effects. That said, domestic demand may not be quite as strong as the...

8th December 2017 1 min read

Japan Data Response

Economy Watchers Survey (Nov.)

The surge in the Economy Watchers Survey is yet another sign that the drop in consumer spending last quarter was just a blip. The survey suggests that job growth will pick up further and that...

8th December 2017 1 min read

India Economics Update

Rise in inflation has further to run

We think that consumer price inflation rose again in November, due to an acceleration in both food and fuel inflation. With core price pressures also continuing to build, the Reserve Bank may have to...

8th December 2017 1 min read

Japan Data Response

Labour Cash Earnings (Oct.)

Regular earnings are now growing a touch faster than productivity which suggests that firms may have to start raising prices before long. Nonetheless, there is still a long way to reach the Bank of...

8th December 2017 1 min read