Malaysia – GST to boost full-year inflation

May 21, 2015 07:52 am UTC| Commentary

Malaysia will announce April inflation on 22 May. The headline CPI is expected to have risen by 2.1% y/y, versus 0.7% y/y in Q1. The acceleration in inflation is largely due to the implementation of the 6% goods and...

Germany – IFO index likely to maintain its upward trend

May 21, 2015 07:37 am UTC| Commentary

The German IFO business climate index is expected to increase to 109.0 in May from 108.6 in April, which was a 10-month high. The index has been on a clear upward trend since it reached a trough in October 2014. Lower oil...

Brazil – A bumpy road for fiscal adjustment, but in the right direction

May 21, 2015 07:34 am UTC| Commentary

Despite political noise, Brazils fiscal accounts are set to improve. The political debate surrounding measures to cut spending has intensified. Last week thelower house passed a watered-down version of a proposal to reduce...

China's HSBC manufacturing PMI improves slightly - appears to have bottomed out

May 21, 2015 07:21 am UTC| Commentary

In China the flash estimate for HSBC manufacturing PMI in May improved slightly to 49.1 (Consensus: 49.3, DBM: 48.7) from a final reading of 48.9 in April.The details were relatively strong with new orders improving to...

Poland's April data turn dovish

May 21, 2015 07:03 am UTC| Commentary

Polands real economy and inflation indicators surprised to the downside in April: industrial output growth was slower at 2.7% y/y (calendar-adjusted) vs. c.5%-6% average recorded in previous months, and the m/m reading...

Q2 real data shows trough for 2015

May 21, 2015 06:51 am UTC| Commentary

Q2 looks set to feel the largest (lagged) negative spillover effects from all the geo-political tension, with April Industrial Output providing the first indications at -4.5%YoY. While local food production "benefited"...

Will the BoJ signal more expansionary measures?

May 21, 2015 06:43 am UTC| Commentary

Tonights BoJ meeting promises to be an interesting affair. Consensus expectations are that the BoJ will continue with the current pace of QQE expansion (80 trn). However, looking at the recent behaviour of USD-JPY and...