Middle East & North Africa Economics Update Egypt’s external position on the mend The improvement in Egypt’s balance of payments position over the past eighteen months should be sustained, providing some support to the pound. Accordingly, inflation should resume its downward trend... 24th July 2018 · 1 min read
Latin America Economic Outlook Cyclical recovery set to resume The recovery in Latin America stalled in Q2, but we expect regional growth to accelerate over the coming quarters and our GDP forecasts for 2018-19 are generally above consensus. The main exception is... 24th July 2018 · 1 min read
India Chart Pack BJP defeats no-confidence vote Prime Minister Modi’s BJP comfortably defeated the vote of no-confidence initiated by opposition parties on Friday. The result isn’t a major surprise given that the BJP holds a majority in the Lok... 23rd July 2018 · 1 min read
Commodities Weekly Trade tensions likely to continue to weigh on prices There were further falls in most commodity prices this week as concerns about the negative impact on demand of heightened protectionism dampened investor sentiment. With Donald Trump threatening that... 20th July 2018 · 1 min read
Europe Economics Weekly Positive monthly data, Japan deal not a game-changer Recent euro-zone data releases have generally been encouraging, supporting our view that GDP growth picked up from 0.4% in Q1 to 0.5% in Q2. Meanwhile, the EU-Japan trade deal, signed this week, is... 20th July 2018 · 1 min read
China Economics Weekly PBOC FX policy becoming more hands-on again The People’s Bank appears to be leaning against downward market pressure on the renminbi. But the depreciation it has allowed so far will already provide a cushion for China’s exporters as they face... 20th July 2018 · 1 min read
Global Markets Outlook Trade war not the only headwind for risky assets Worries about a global trade war have already weighed on the prices of many risky assets, particularly those in Asia. And there is a growing risk that the US implements even more protectionist... 20th July 2018 · 1 min read
Global Economics Update Putting the EU’s surplus in a global context The EU’s and, particularly, Germany’s trade practices have been criticised heavily by President Trump, prompting him in early July to label the trade bloc “as bad as China”. However, from a global... 20th July 2018 · 1 min read
Japan Economics Weekly Trade war & peace The trade war between China and the US will cause some collateral damage but the biggest potential threat to Japan’s economy is a US tariff on Japanese cars. For now though, our base case is that the... 20th July 2018 · 1 min read
Middle East & North Africa Chart Pack Regional recovery gathering steam The raft of quarterly GDP data released over the past month confirmed that the MENA region rebounded at the start of this year and more timely figures suggest that the recovery is gathering momentum... 19th July 2018 · 1 min read
Canada Economics Update Are better times ahead for exporters? New manufacturing orders have recently risen strongly and exporters are more optimistic than they have been in years. However, there are a number of reasons to doubt that an export revival is on the... 19th July 2018 · 1 min read
Emerging Markets Economics Update Emerging Markets Capital Flows Monitor (Jun.) Our Capital Flows Tracker suggests that the escalation of global trade tensions has resulted in an acceleration of outflows from the emerging world. 19th July 2018 · 1 min read
China Chart Pack Corporate defaults surge Corporate bond defaults in China have jumped recently, adding to worries about the economic outlook. July is on track to more than double the previous monthly record for the scale of onshore bonds... 19th July 2018 · 1 min read
Europe Economic Outlook Outlook positive, but risks are rising Most European economies have experienced a slowdown since last year, but growth is still strong by historic standards and prospects are fairly bright. Admittedly, trade protection poses a serious... 19th July 2018 · 1 min read
Africa Economics Update Kenya: Fragilities easing, but not out of the woods yet Kenya’s wide current account deficit will narrow in 2019 as oil prices decline and food imports fall. But the situation will remain fragile; we think that economic growth will be softer than most... 19th July 2018 · 1 min read
Japan Data Response External Trade (June) Today’s trade data show a renewed plunge in imports in June and suggest that net trade continued to support GDP growth in the second quarter. 19th July 2018 · 1 min read
