Europe
Eurozone Flash PMI Returns To Expansion…
Eurozone Sentiment Firms…
European assets have enjoyed a stunning outperformance since October 2022. Can these strong returns last in 2023?
UK Retail Sales Unexpectedly Contract In December…
Hawkish ECB Minutes Underscore Risk Of Policy Mistake…
China’s re-opening – powered by the fiscal and monetary stimulus required to achieve at least 5% real GDP growth after flattish 2022 growth – and a weaker USD will catalyze demand growth this year and next, lifting global oil consumption by close to 2mm and 1.7mm b/d in 2023 and 2024. We lowered our Brent forecast slightly for this year to $110/bbl, and expect 2024 prices to average $115/bbl. WTI will trade $4-$6/bbl lower.
Eurozone Morale Improves Further In January…
Europe’s Big Risk…
In response to lower energy prices and China’s reopening, European assets prices are outperforming. Will the ECB spoil the party?
Europe: Recession Averted…