Europe Commercial Property Update Industrial yields in Prague and Budapest have further to rise Monday’s Central & Eastern European (CEE) manufacturing PMI data suggest that recent rises in industrial yields in Prague and Budapest might be one-offs. However, softer external demand from the euro... 5th December 2012 · 1 min read
Emerging Europe Economics Update Central Europe’s manufacturing stabilises November’s PMIs were a positive surprise for Central Europe, where it looks like the manufacturingsector stabilised. Elsewhere, signs that Turkey’s exports may be flat-lining are worrying as they mean... 3rd December 2012 · 1 min read
Emerging Europe Chart Pack Growth slows, markets rally A raft of recently released Q3 GDP data for Emerging Europe paints a pretty gloomy picture. The Czech and Hungarian economies are still stuck in recession, while even the region’s better performers –... 29th November 2012 · 1 min read
Emerging Europe Economic Outlook Slowdown has further to run A strong labour market combined with low and stable mortgage rates have not been able to prevent a small rise in mortgage arrears. Possessions are currently being kept low by continued lender... 22nd November 2012 · 1 min read
Emerging Europe Economics Update A grim set of Q3 data Third quarter GDP data for Central and Eastern Europe make for pretty grim reading. Output contracted on a quarterly basis in three of the five countries that reported figures and the business surveys... 15th November 2012 · 1 min read
Emerging Europe Economics Update The slowdown spreads Third quarter GDP data, which are due to be released by most countries over the coming month, are likely to make fairly grim reading. We estimate that regional growth slowed to around 1.5-2.0% y/y in... 8th November 2012 · 1 min read
Emerging Europe Economics Update Czech Republic moves to the zero bound After today’s decision to cut interest rates all the way to the zero bound, we expect the Czech National Bank to move into the realms of unconventional monetary policy measures next year. 1st November 2012 · 1 min read
Emerging Europe Economics Update Central Europe’s manufacturing still in recession The latest PMIs show that manufacturing in the highly open economies of Central Europe remains in recession due in large part to falling external demand. By contrast, the Turkish PMI data provide... 1st November 2012 · 1 min read
Emerging Europe Chart Pack Economic slowdown spreads to strongest performers The slowdown across Emerging Europe has intensified in recent months. We reckon that the region’s economy expanded at an annual pace of around 1.5-2.0% in Q3, down from 2.5% in Q2 and an average of 4... 26th October 2012 · 1 min read
Emerging Europe Economics Update Industrial recession deepens in Central Europe The pick-up in the manufacturing PMI for Russia and Turkey last month is good news, although the survey still suggests that industrial production in both countries stagnated in quarterly terms in Q3... 1st October 2012 · 1 min read
Emerging Europe Chart Pack Central banks step up to the plate Central banks in Emerging Europe are starting to respond to the economic downturn that has spread across the region. Interest rates were cut this month in the Czech Republic, Hungary and Turkey, and... 28th September 2012 · 1 min read
Emerging Europe Economics Update Czech Republic nears the zero-bound The Czech National Bank cut interest rates to just 0.25% earlier today and suggested that, should further stimulus be necessary, this would probably take the form of intervention in the foreign... 27th September 2012 · 1 min read
Emerging Europe Economics Focus Czech National Bank not yet out of options The Czech National Bank is likely to cut interest rates to a fresh record low later this week. But it is quickly running out of room for conventional policy responses to lift the economy out of... 25th September 2012 · 1 min read
Europe Commercial Property Update Will Prague retail rents continue to rise? The rise in Prague retail rents seen over the past year or so is unlikely to be sustained over the next 18 months. But even though we think the consumer spending outlook will remain weak, the... 12th September 2012 · 1 min read
Europe Commercial Property Update Still room for Budapest office yields to underperform We see no reason to expect the wide spread that has emerged between prime office yields in Budapest and those in Prague and Warsaw to narrow anytime soon. Instead, Hungary’s relatively weak economic... 6th September 2012 · 1 min read
Emerging Europe Economics Update Russia’s policy conundrum Policymakers in Russia are likely to find themselves in something of a bind over the coming months – while growth is starting to slow, inflation looks set to accelerate. For now it seems that... 6th September 2012 · 1 min read
