Russia's local production likely supported by import substitution

Oct 21, 2015 05:24 am UTC| Commentary Economy

Russias manufacturing production data shows that certain sectors have started benefiting from import substitutions as western sanctions and Russias counter measures have distorted the market. Foods production expanded...

Brazil's macro economy and financial conditions deteriorate

Oct 21, 2015 04:54 am UTC| Commentary Economy

Both the macro economy and financial conditions of Brazil have further deteriorated since the September Copom meeting. On the growth front, August retail sales and labour market developments were worse than expected. This...

UK's Public finances improvement to stall temporarily in September

Oct 21, 2015 04:34 am UTC| Commentary Economy

The monthly evolution of UK budget deficit is highly erratic. In the first three months of the fiscal year, the PSNBex measure fell by a total of 6bn compared to a year earlier but then in the following two months was...

A rebound in Thailand's private consumption may take time

Oct 21, 2015 01:53 am UTC| Commentary Economy

Households de-leveraging continues, even if there are some early signs that household loan growth might be stabilizing circa 6% (YoY). The loan-to-deposit ratio (LDR) also looks to have stabilized right now, just below...

Russia’s economic contraction is likely to have bottomed in Q3 15

Oct 20, 2015 14:58 pm UTC| Commentary Economy

Russias September output and demand data signalled that economic contraction reached the bottom in Q3 15 as previously expected. The dip in fixed investments and industrial production was less (-5.6% y/y and -3.7% y/y,...

U.S. housing starts remain near the 1.2 million post-recession peak

Oct 20, 2015 14:21 pm UTC| Commentary Economy

Housing starts increased by 74 thousand to 1,206 thousand (annualized) in September, handsomely beating expectations for an uptick to 1,142 thousand. Revisions to recent months figures largely offset each other, with...

Russia's economy likely near bottom of the cycle

Oct 20, 2015 04:31 am UTC| Commentary Economy

Russias September real sector indicators provide some encouragement. Production indicators signal that the decline may have hit bottom and production is no longer declining. However, household consumption indicators imply...