Global Economics Update Global Manufacturing PMI (Feb.) Markit’s global manufacturing PMI once again held up close to a seven-year high in February, which sits well with our view that 2018 will be another strong year for global growth. 1st March 2018 · 1 min read
Latin America Data Response Brazil GDP (Q4) The weaker-than-expected increase in Brazilian GDP in Q4 was due in large part to a sizeable drag from net trade. This was partly due to the unwinding of an earlier jump in agricultural exports, but... 1st March 2018 · 1 min read
UK Economics Update Household Borrowing Monitor (Jan.) January’s household borrowing figures will help to assuage fears that the slowdown in the housing market is gathering pace. And consumers still appear confident enough to borrow to smooth their... 1st March 2018 · 1 min read
UK Economic Outlook Easing in real pay squeeze to pave the way for pick-up in spending growth While household spending growth slowed markedly in 2017, the outlook for 2018 and beyond looks brighter. Indeed, the worst of the real pay squeeze appears to have passed. Following a peak of 3.1% in... 1st March 2018 · 1 min read
UK Data Response Manufacturing PMI (Feb.) & Money and Credit (Jan.) February’s manufacturing PMI suggests that the sector has lost some momentum in Q1. But the details of the survey were more encouraging, and there is little sign in the latest money and credit figures... 1st March 2018 · 1 min read
Europe Data Response Spain GDP (Q4, breakdown) The first breakdown of Spanish GDP showed encouragingly broad-based growth in Q4 despite the effects of the political crisis in Catalonia. Meanwhile, the surveys paint a positive picture of the... 1st March 2018 · 1 min read
Nordic & Swiss Data Response Swiss GDP (Q4) & Retail Sales (Jan.) The Swiss economy ended 2017 on a fairly strong note and the surveys paint a positive picture for 2018. But with inflation set to remain subdued, we think that the SNB will wait until 2020 to raise... 1st March 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Feb.) February’s Swiss, Swedish and Norwegian manufacturing PMIs point to continued strong growth. But this only seems to be causing underlying inflationary pressure to build in Sweden. 1st March 2018 · 1 min read
Emerging Europe Data Response Manufacturing PMIs (Feb.) Last month’s manufacturing PMIs for Emerging Europe fell across the region, but are still consistent with strong industrial activity in Central Europe. And while the sharp drop in the Russian survey... 1st March 2018 · 1 min read
Japan Data Response Consumer Confidence (Feb.) Household sentiment weakened in February as the recent equity market turmoil reduced confidence in households’ personal finances. 1st March 2018 · 1 min read
India Data Response Manufacturing PMI (Feb.) India’s manufacturing PMI edged down in February. But the reading is still strong, and prospects for local manufacturers look relatively bright over the near term. 1st March 2018 · 1 min read
China Data Response Caixin Manufacturing PMI (Feb.) The survey data don’t offer a clear signal on the strength of factory activity last month. The Caixin manufacturing PMI was largely unchanged but the official index dropped sharply. The former is... 1st March 2018 · 1 min read
Asia Data Response Manufacturing PMIs (Feb.) The February PMIs for Emerging Asia suggest the region’s manufacturing sectors remained in decent health. While the surveys point to rising prices, the big picture is that inflation in most of these... 1st March 2018 · 1 min read
Australia & New Zealand Data Response Australia Private Capital Expenditure Survey (Q4) The private capital expenditure survey for the fourth quarter was a bit weaker than widely expected, but the key point is that investment is no longer the Achilles heel of the economy as firms are... 1st March 2018 · 1 min read
Japan Data Response Capital Spending (Q4) The jump in capital spending excluding software last quarter suggests that non-residential investment was stronger than initially reported. However, this alone won’t be enough to lift overall GDP... 1st March 2018 · 1 min read
Frontier Markets Wrap Appetite for international bond sales remains strong International bond markets have been inundated with debt issuance from frontier markets over the past couple of years and there’s no sign yet that appetite is waning. Since the start of this year... 28th February 2018 · 1 min read