UK trade balance narrowing as July export dip partly reversed

Oct 05, 2015 20:58 pm UTC| Commentary

The story remains one of a rising surplus on the services account being more than offset by a larger deficit on the goods account. The question to arise from the recent data is whether the deficit in goods trade has...

UK housing supply-demand imbalance continues

Oct 05, 2015 20:54 pm UTC| Commentary

The mortgage data tell us that the level of housing transactions is growing only very slowly, despite generally supportive financial conditions and economic environment. One of the reasons seems to be a lack of supply. The...

BoJ monetary policy: still depends largely on data and market trends

Oct 05, 2015 20:46 pm UTC| Commentary

The September Tankan suggests that companies are concerned about the implications of weaker external demand, particularly in emerging markets. The survey also reveals a contrasting picture between external demand and...

Japan's business conditions DI: manufacturing down, non-mfg up

Oct 05, 2015 20:35 pm UTC| Commentary

Japans business conditions diffusion index (DI, favorable minus unfavorable, pp) among large manufacturers deteriorated by 3 points to 12, compared to the June survey, according to the Bank of Japan (BoJ) September Tankan...

Can weak US data provide sustained support to EM and commodity currencies like during the QE era?

Oct 05, 2015 17:45 pm UTC| Commentary Central Banks

Stocks and EM FX rallied after the worse-than-expected NFP. The market seems to be taking comfort in the likelihood that the slowdown of the US labor market could keep the Fed on hold for even longer. The fact is that...

US service sector activity continued to moderate in September

Oct 05, 2015 16:39 pm UTC| Commentary

The Institute of Supply Management (ISM) non-manufacturing index eased by 2.1 points to 56.9 in September, posting a second consecutive monthly decline. The print was below the consensus forecast, which called for the...

Russia’s Inflation decelerating on reduced pass-through pressures and base effects

Oct 05, 2015 15:59 pm UTC| Commentary

Russia inflation declined slightly in September to 15.7% y/y, this was slightly above the forecast and below the consensus, reversing direction after two months of increases. The RUB and inflation pass-through have been...