Euro Area's fiscal policy in focus in a new recession
Sep 24, 2015 05:47 am UTC| Commentary
There are diminishing returns from European Central Banks further QE. This implies that Euro Areas fiscal policy is likely to take centre stage in any renewed recessionary scenario.However, while providing short-term...
ECB's net take-up of €45bn for fifth TLTRO
Sep 24, 2015 05:44 am UTC| Commentary
The ECB conducts the fifth TLTRO programme on 24 September. According to the base-case scenario, outstanding loans to the non-financial private sector (excluding housing loans) would increase by 45bn per quarter over the...
Euro Area's weaker inflation outlook to trigger accelerated purchases
Sep 24, 2015 05:43 am UTC| Commentary
Euro Areas even weaker short-term inflation outlook due to negative spillover effects from depressed global demand is likely to result in accelerated asset purchases. Around 20bn of additional asset purchases are likely...
Australian residential investment weak but sales recovery bodes well
Sep 24, 2015 05:39 am UTC| Commentary
While Australias residential investment (accounting for roughly 25% of steel demand) is yet to recover, the housing starts lag property sales by roughly 1-2 quarters. "The sales have been recovering since 2Q suggesting...

German economy to grow above 0.5% qoq in Q3
Sep 24, 2015 05:33 am UTC| Commentary
In September, Germanys Ifo business climate index is likely to have declined 0.4 pts to 107.9. As before, the expectations component was expected to have been more affected by market turbulence and uncertainty over China,...
Sep 24, 2015 05:27 am UTC| Commentary
The Canadian dollar continues to be buffeted by trends in global commodity prices and market risk sentiment. The commodity currency has fallen by over 12% against the USD year-to-date and slid below 75 cents (USD/CAD 1.33)...
Steel prices key for AUD in Q4
Sep 24, 2015 05:20 am UTC| Commentary
As the dust settles from the Feds "dovish hold", market attention turns back to China, especially in the context of its influence on the AUD. Steel prices always seemed to provide the best metric of Chinas underlying...