Europe Economics Update Spain’s housing recovery will be painfully slow While the recent rise in Spanish house prices is another encouraging sign for the economy, we expect the housing recovery to be extremely slow. The Spanish economy still needs to undergo a painful... 9th December 2014 · 1 min read
Europe Commercial Property Outlook Further yield compression to boost capital values Further monetary easing from the ECB is unlikely to be decisive enough to put the euro-zone on a stronger growth trajectory, implying that the outlook for occupier markets is subdued. Nevertheless... 4th December 2014 · 1 min read
Europe Data Response Euro-zone GDP (Q3 Prov.) The small expansion in the euro-zone economy in Q3 has not diminished the need for both the European Central Bank (ECB) and national governments to respond to the persistent risk of deflation in the... 14th November 2014 · 1 min read
Europe Economics Update Euro-zone Fiscal Monitor (Oct.) All peripheral economies narrowed their budget deficits in September but France and Italy submitted draft budgets that flouted EU fiscal rules. 3rd November 2014 · 1 min read
Europe Economics Weekly Banking sector recovery still appears fragile Last week’s bank stress test results, September’s lending data and the ECB’s latest Bank Lending Survey all suggested that conditions in the euro-zone’s banking sector are, on the whole, improving... 31st October 2014 · 1 min read
Europe Data Response Euro-zone EC Survey (Oct.) October’s EC Business and Consumer Survey suggests that the euro-zone economy got off to a weak start in Q4, after broadly stagnating in Q3. 30th October 2014 · 1 min read
DM Valuations Monitor Credit spreads in Italy and Spain are likely to rise further The average yield spread of 10-year Italian and Spanish sovereign bonds over German Bunds has surged by almost 20 basis points over the past month. We suspect that it may rise further. One reason for... 22nd October 2014 · 1 min read
Europe Economic Outlook Stalled recovery adds to pressure on policymakers The European economic recovery has weakened, with the euro-zone now at risk of recession and countries outside the region feeling the effects on their exports. While the euro-zone’s peripheral... 13th October 2014 · 1 min read
Europe Commercial Property Update Is now the time to be buying Spanish industrial assets? Gradually improving economic growth and tightening supply in prime locations is set to produce rental growth in the next 12 months. With industrial yields elevated relative to both office yields and... 8th October 2014 · 1 min read
Europe Commercial Property Update Will office rental value growth in Barcelona outpace Madrid? To date, the stronger recovery in office-based employment in Barcelona has yet to be reflected in a rise in rental values. But over the next couple of years, we suspect that rents in Barcelona will... 19th August 2014 · 1 min read
Europe Data Response Euro-zone GDP (Q2 Prov.) The stagnation of the euro-zone economy in the second quarter further underlinedthe need for the European Central Bank (ECB) to take bolder policy action to addressthe continued weakness of the... 14th August 2014 · 1 min read
Europe Data Response German & Spanish Industrial Production (Jun.) June’s small rise in German industrial production was a huge disappointment, andsuggests that activity in what has been the euro-zone’s strongest economy stagnatedin Q2. This will add to pressure on... 7th August 2014 · 1 min read
Europe Economics Weekly Credit conditions easing, but still very tight The ECB’s latest Bank Lending Survey (BLS) added to the evidence that improving conditions in the euro-zone’s financial sector are finally feeding into the real economy. But it will be a while before... 4th August 2014 · 1 min read
Europe Data Response Spanish GDP (Q2 est.) The Banco De Espana’s estimate that Spanish GDP rose by 0.5% in Q2 suggests thatSpain may have been one of the strongest euro-zone economies last quarter. But wedoubt that Spain’s recovery can... 23rd July 2014 · 1 min read
Europe Economic Outlook As good as it gets? While the European economic recovery probably picked up a bit of speed in the second quarter of the year, there are growing signs that Q2 was as good as it is likely to get. Activity indicators in the... 8th July 2014 · 1 min read
Europe Data Response German & Spanish Industrial Production (May) Germany’s May industrial production figures arguably brought the strongest warning yet that the euro-zone’s fledgling economic recovery is in danger of grinding to a halt. 7th July 2014 · 1 min read
