The UK economy continued to recover in August. GDP grew 0.4% m/m – 0.1 percentage points below expectations but an improvement from July’s downwardly revised 0.1% m/m contraction. The UK GDP now sits only 0.8 percent…
In his first public comments as the chief economist of the Bank of England, Huw Pill highlighted that “the balance of risks is currently shifting towards great concerns about the inflation outlook.” He also noted that “the…
Highlights Q3/2021 Performance Breakdown: Our recommended model bond portfolio outperformed the custom benchmark index by +8bps during the third quarter of the year. Winners & Losers: The government bond side of the portfolio…
HighlightsThe power shortage in China due to depleted coal inventories and low hydro availability will push copper and aluminum inventories lower, as refineries there – which account for roughly one-half of global capacity – are shut to…
Highlights Monetary Policy: Last week’s numerous central bank meetings across the world confirmed that the overall direction for global monetary policy is shifting in a more hawkish direction. The main reason: growing fears that…
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…
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…
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…