Highlights The Evergrande crisis is not China’s Lehman moment. Nonetheless, Chinese construction activity will decelerate further in response to this shock. Global equities are frothy enough that a weaker-than-expected Chinese…
As expected, the Norges Bank delivered its first rate hike on Thursday, bringing its benchmark policy rate to 0.25%. It is the first developed market central bank to raise rates in the post-COVID-19 crisis period. The central…
The German IFO’s Business Climate Index softened for the third consecutive month in September, falling to 98.8 from 99.6. The weakness was led by the Current Assessment number which lost 1-point versus expectations of a minor…
Manufacturing and service flash PMIs for September were weaker than expected. In the US, both service and manufacturing PMIs fell below expectations, bringing down the composite PMI by 0.9 points to 54.5. This dynamic was even…
The Bank of England kept policy unchanged at its meeting on Thursday. Instead, it revised down its Q3 growth outlook to 2.1% from last month’s 2.9%. However, it highlighted that this revision largely reflects the dampening effect…
Highlights Asian and European natural gas prices will remain well bid as the Northern Hemisphere winter approaches. An upgraded probability of a second La Niña event this winter will keep gas buyers scouring markets for supplies…
As expected, Sweden’s central bank maintained a dovish tone and kept policy unchanged following its meeting on Tuesday. The Riksbank acknowledged that Swedish inflation surprised to the upside relative to its July forecast. As…
Home prices around the world are continuing their march higher. Canada’s Teranet-National Bank Composite House Price Index accelerated to 18.4% y/y in August from 17.8%. Similarly, the UK’s Rightmove House Price index advanced 5.…
The UK labor market recovery is progressing smartly. According to HMRC figures, the number of payrolled employees increased by 3.0% m/m in August to 29.1 million – 1 thousand above the February 2020 level. Official ONS statistics…
BCA Research’s European Investment Strategy & Geopolitical Strategy services conclude that German stocks are a bargain. During the past 5 months, the German MSCI index has underperformed the rest of the Eurozone by 6.2…