Emerging Europe Economics Update Hungary's easing cycle at an end, policy to stay extremely loose The National Bank of Hungary cut its benchmark interest rate by more than both we and the consensus expected earlier today, but followed this up with comments that its two-year long easing cycle is... 22nd July 2014 · 1 min read
Emerging Europe Economics Update A more challenging second half of the year The latest batch of activity data suggests that growth in Central Europe may be losing steam. Coming alongside signs that the German economy is also losing momentum, this suggests that the pace of the... 9th July 2014 · 1 min read
Europe Commercial Property Update Could improved transparency drive yield compression? Ireland, Portugal, Hungary and Romania all registered strong improvements in JLL’s 2014 Global RealEstate Transparency Index. As such, in these countries the scope for yields to narrow seems to... 2nd July 2014 · 1 min read
Emerging Europe Economics Update June PMIs suggest Central Europe’s recovery is losing steam Last month’s manufacturing PMI data for Emerging Europe were disappointing. The recovery in Central Europe appears to have lost momentum in Q2, while the data provide further evidence that the Turkish... 1st July 2014 · 1 min read
Emerging Europe Chart Pack Contagion from Bulgarian bank run limited The latest activity data suggest that growth across Emerging Europe has strengthened in recent months, but there are a few clouds on the horizon. For a start, the latest data from Germany, the largest... 30th June 2014 · 1 min read
Europe Commercial Property Update Is Budapest retail property poised to take off? Temporary factors seem to be behind the recent strength of Hungarian retail sales growth, while the relatively high risk premium for Budapest retail yields seems merited. As such, over the next year... 27th June 2014 · 1 min read
Emerging Europe Economics Update Interest rates in Hungary to remain low Having cut its benchmark interest rate earlier today, the National Bank of Hungary gave a pretty clear signal in the accompanying communiqué that further rate cuts are on the cards and that monetary... 24th June 2014 · 1 min read
Emerging Europe Economics Update Hungary’s consumer boom built on weak foundations The strength of the recovery in Hungarian consumer spending has taken many, ourselves included, by surprise and retail sales are now rising at their fastest pace in a decade. However, this has been... 19th June 2014 · 1 min read
Emerging Europe Economics Update Recovery in Russian markets continues Emerging European equities have rebounded over the past month, driven by Russian stocks. However, this has merely recouped losses seen earlier in the year. Looking ahead, we’re relatively downbeat on... 18th June 2014 · 1 min read
Emerging Europe Economics Focus Central and Eastern Europe: competitive again The pre-crisis boom years in Central and Eastern Europe (CEE) led to an erosion of external competitiveness which is one reason why the recovery from the 2008-09 crisis has been so sluggish. But... 11th June 2014 · 1 min read
Emerging Europe Economics Update More to Turkey’s rebalancing than meets the eye Turkish Q1 GDP data due tomorrow are likely toreinforce optimism in the markets that the economyis undergoing a smooth rebalancing, with netexports taking over from domestic demand as themain driver... 9th June 2014 · 1 min read
Emerging Europe Economics Update The ECB and what it means for Central & Eastern Europe Yesterday’s move by the ECB is another reason to think that monetary policy in Central and Eastern Europe (CEE) will remain loose for longer than most people expect. However, the impact of the ECB’s... 6th June 2014 · 1 min read
Emerging Europe Economic Outlook Weak growth masks diverging prospects Growth in Emerging Europe is set to remain sluggish over the next couple of years, due in large part to continued weakness in the region’s largest economy, Russia, and a looming slowdown in the region... 4th June 2014 · 1 min read
Emerging Europe Economics Update Polish PMI may be overly pessimistic At first glance, the sharp fall in Poland’s manufacturing PMI in May suggests that the economy has lost some steam, perhaps due to spillovers from the crisis in neighbouring Ukraine. However, it’s... 2nd June 2014 · 1 min read
Emerging Europe Economics Update Russian markets rebound as Ukraine concerns take a back seat Russian equities and the ruble have been the region’s best performers over the past month following conciliatory remarks from Russia’s President Putin as well as Petro Poroshenko’s victory in Ukraine... 29th May 2014 · 1 min read
Emerging Europe Economics Update Hungarian policymakers to keep monetary conditions loose Having cut interest rates earlier today, the National Bank of Hungary once again didn’t give much away about the outlook for monetary policy. The MPC appears to have become a little more dovish... 27th May 2014 · 1 min read
