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February 21, 2025 1:45 PM UTC
Canada’s December retail sales with a 2.5% rise are significantly stronger than expected, and well above a 1.6% estimate made with November data, with a sales tax holiday which ran from mid-December through mid-February enticing consumers to spend. The preliminary estimate for January is for a mod
February 21, 2025 10:21 AM UTC
The February composite PMI data may have not fallen (stable at 50.2) and the weaker-than-expected outcome was dominated by sharp addition weakness in France, but the data will be uncomfortable reading for the ECB. The data very much suggest that the better news regarding EZ consumer spending see
February 20, 2025 1:25 AM UTC
In line with our view Bank Indonesia kept its policy rate steady at 5.75% in its February 18-19 meeting after last month’s surprise cut. The weakening rupiah and external uncertainties reman critical factors influencing the rate decision. The central bank is likely to assess the impact of its Janu
February 19, 2025 7:44 AM UTC
January’s CPI numbers showed a marked bounce back up, and with the 0.5 ppt rise taking it to a 10-month high of 3.0%, this being above consensus and BoE thinking. Notably services jumped from 4.4% to 5.0%, actually below expectations, having been driven higher by a swing in airfares and the rise
February 19, 2025 5:32 AM UTC
The RBNZ cut by 50bps as expected
BOJ's policy board member Takata says must hike rate more if economy moves in line with BOJ forecasts
Trump says U.S. may impose a 25% tariff on imported automobiles, pharmaceuticals and semiconductor chips by April 2
February 18, 2025 3:29 PM UTC
As Europe is forced to consider a massive and rapid ramp up to its relatively mediocre defence spending (Figure 1) as it contemplates a reduction in military support from the US, key questions emerge as the economic effect(s). Will it boost or inhibit growth, add to inflation, and how will/should
February 14, 2025 7:06 AM UTC
The BJP ended its 27-year drought in Delhi, winning 47 seats and breaking AAP’s dominance. The victory was driven by a united party front, strong RSS ground support, success in key voter blocs, including Sikh, Punjabi, and Dalit communities and the promise of freebies. AAP’s vote share fell to 4
February 13, 2025 12:33 PM UTC
European politicians are surprised and angry at the U.S. stance on a peace deal for Ukraine and less military support for Europe, but eventually they will have to accept the new reality. Europe is too divided to provide security guarantees to Ukraine on its own. A further increase and acceleration
February 12, 2025 10:27 AM UTC
After the surprisingly soft December data, we think January’s CPI numbers will show some bounce back up, albeit the 0.2 ppt rise we envisage to 2.7% being notch below BoE thinking. This will largely reflect more ‘noise’ in volatile services and higher energy inflation both due to fuel price
February 11, 2025 8:30 AM UTC
The ECB staff forecasts on March 6 will be revised upwards for 2025 and 2026, due to the surge in wholesale gas prices. However, the ECB will likely take the view that 2 round effects from higher gas prices on balance are unlikely to boost core inflation (especially given wage tracker softness) an
February 10, 2025 3:08 PM UTC
Bottom Line: Central Bank of Turkiye (CBRT) released its first quarterly inflation report of the year on February 7, and revised its inflation forecast for 2025. CBRT now projects that inflation will stand at 24% at the end of 2025, 12% next year and 8% in 2027. CBRT governor Karahan said the revisi