Europe Commercial Property Update Logicor sale distorts strength of Q2 European investment The 15% annual rise in European (ex. UK) Q2 investment was wholly dependent on the logistics sector. Indeed, activity in the office and retail sectors fell. But with investors in a buoyant mood, 2017... 27th July 2017 · 1 min read
Europe Data Response German Ifo & French INSEE Business Confidence (Jul.) July’s increase in German Ifo business sentiment to a new record high suggests that neither the euro’s rise nor hints of QE tapering have taken the steam out of the economic upturn so far. 25th July 2017 · 1 min read
Europe Economic Outlook Euro-zone will continue to impress The European economies are still in good shape, with the euro-zone benefitting from reduced political uncertainty and high levels of business and consumer confidence. We think that this strong... 19th July 2017 · 1 min read
Europe Data Response German ZEW Survey (Jul.) July’s dip in German investor sentiment presumably reflects the recent tightening of financial market conditions in response to the ECB’s talk of policy normalisation. But we do not take this as a... 18th July 2017 · 1 min read
Europe Economics Weekly CDU manifesto does little to alter German outlook Angela Merkel’s Christian Democratic Union unveiled its manifesto this week, including plans income tax cuts and increased child benefits. But the proposed giveaways are small and the party, which... 7th July 2017 · 1 min read
Europe Data Response German, French & Spanish Industrial Production (May) May’s industrial production data for Germany, France and Spain show that output rose sharply across the board. This suggests that overall economic growth in the euro-zone accelerated further in Q2... 7th July 2017 · 1 min read
Europe Chart Pack Rise in core inflation confined to Germany While euro-zone headline CPI inflation fell to 1.3% in June, the core rate, which excludes the volatile food and energy components, rose from 0.9% to 1.1%. This left it above the 0.8% average recorded... 5th July 2017 · 1 min read
Europe Data Response German & Spanish Flash CPI (Jun.) June’s rise in German HICP inflation and a sharper fall in the Spanish rate suggest that euro-zone inflation probably edged down from May’s 1.4%. German core inflation is now rising, but underlying... 29th June 2017 · 1 min read
Europe Data Response German Ifo Survey (Jun.) June’s German Ifo survey suggests that GDP growth will accelerate sharply in the months ahead. While growth is unlikely to match the pace implied by this survey, we see the German economy... 26th June 2017 · 1 min read
Europe Economics Update Little scope for German spending boost from lower savings Structural factors have pushed the German household saving rate higher in recent years. So we doubt that a fall in the saving rate will see consumer spending growth gain much pace in the months ahead. 20th June 2017 · 1 min read
Europe Data Response German ZEW Survey (Jun.) June’s fall in the German ZEW investor sentiment index was a slight disappointment. But investors still expect economic conditions to improve over the next six months and the more reliable business... 13th June 2017 · 1 min read
Europe Data Response French Industrial Production & German Trade (Apr.) April’s sharp fall in French industrial production was disappointing in the wake of yesterday’s poor trade data and dims hopes for a strong pick-up in GDP growth in Q2. But German data continue to be... 9th June 2017 · 1 min read
Europe Data Response German Industrial Production & French Trade (Apr.) April’s rise in German production is an encouraging sign that the industrial upturn is back on track, and surveys point to a sharp acceleration to come. 8th June 2017 · 1 min read
Europe Data Response German & Spanish Flash CPI (May) May’s declines in harmonised CPI inflation in Germany and Spain suggest that the euro-zone rate fell back from the ECB’s target of close to 2%. With core inflation subdued across the region, we doubt... 30th May 2017 · 1 min read
Europe Commercial Property Update What is behind the stagnation in German retail rents? Prime German retail rents have stagnated recently, in spite of a healthy economic backdrop. In the absence of a pick-up in occupier demand, it is difficult to see strong rental growth in the years... 26th May 2017 · 1 min read
Europe Data Response Euro-zone Flash PMIs & German Ifo (May) The strength of both the euro-zone Composite PMI and the German Ifo in May provide further evidence that the economic recovery gained pace in Q2. 23rd May 2017 · 1 min read
