Canada Economics Weekly Keystone XL cancellation highlights climate challenges The executive order signed by US President Joe Biden this week, to revoke the permit allowing the Keystone XL pipeline to cross the US border, means the project is as good as dead. This does not alter... 22nd January 2021 · 5 mins read
Canada Data Response Retail Sales (Nov.) The tightening of the coronavirus restrictions in November helped boost retail sales, as consumers substituted spending on goods for spending on services. That means the retail sales data paint too... 22nd January 2021 · 2 mins read
UK Data Response IHS Markit/CIPS Flash PMIs (Jan.) January’s flash composite PMI is consistent with our view that the third lockdown, like the second, was much less damaging for the economy than the first lockdown in March/April 2020. But it suggests... 22nd January 2021 · 3 mins read
Europe Data Response EZ Flash PMIs (January) The renewed decline in the Composite PMI in January confirms that the tighter measures imposed are taking their toll on the economy and that services are bearing the brunt. With restrictions unlikely... 22nd January 2021 · 3 mins read
India Economics Weekly FX reserve accumulation will limit rupee gains The RBI has accumulated foreign exchange reserves at a rapid pace over recent months, and comments this week from Governor Shaktikanta Das indicate that the central bank intends to build up its... 22nd January 2021 · 4 mins read
UK Data Response Retail Sales (Dec.) The tiny rise in retail sales in December shows that it wasn’t a very merry Christmas for retailers. And January’s lockdown means it won’t have been a happy start to the new year either. But at least... 22nd January 2021 · 2 mins read
Japan Economics Weekly Voluntary measures may not bear enough fruit The light-touch state of emergency appears to have had some success in stemming the surge in cases in the Greater Tokyo area. But with many hospitals reportedly close to full capacity, the government... 22nd January 2021 · 7 mins read
Japan Data Response Japan Flash PMIs (Jan. 2021) The small decline in January’s composite PMI is consistent with our view that the second state of emergency won’t throw the recovery off course. 22nd January 2021 · 2 mins read
Australia & New Zealand Data Response New Zealand Consumer Prices (Q4) The sharp rise in underlying inflation in Q4 is consistent with our view that the RBNZ will tighten policy in the years ahead. 21st January 2021 · 2 mins read
China Economic Outlook A year of two halves China’s economy will continue to beat most expectations in the near term, as households spend more freely. But momentum will soften during the second half of the year as props from stimulus and... 21st January 2021 · 22 mins read
India Chart Pack The benefits and costs of tighter NBFC regulation The Reserve Bank of India (RBI) is set to tighten regulation of non-bank financial companies (NBFCs) over the coming weeks. Alongside stricter audits of many smaller lenders, the RBI is likely to... 21st January 2021 · 9 mins read
Japan Data Response Japan External Trade (Dec. 2020) While export values failed to reach pre-virus levels again in December they should remain fairly strong at the start of the year, with net trade set to provide another boost to growth in Q1. 21st January 2021 · 2 mins read
Asia Economics Update A guide to political events in 2021 In this Update we take a look at the important elections and political events that are set to take place across Asia over the coming year as well as any potential flashpoints, assessing the... 20th January 2021 · 3 mins read
Japan Chart Pack Falling virus cases an upside risk this quarter Our forecast for a 1.5% q/q fall in consumption in Q1 rests on the assumption that some businesses in virus hotspots will be forced to close in order to contain Japan’s most severe wave of the... 20th January 2021 · 10 mins read
US Economic Outlook Vaccines and stimulus to boost recovery With additional large-scale fiscal stimulus likely to offset the near-term drag on activity stemming from the surge in COVID-19 cases – and the vaccination effort likely to reach critical mass by mid... 19th January 2021 · 24 mins read
Canada Data Response Manufacturing Sales (Nov.) Manufacturing sales dropped back again in November and renewed supply-chain disruptions suggest that the sector will continue to struggle in the coming months. 19th January 2021 · 2 mins read
