Rugby euphoria sees uplift in U.K. Q4 15 private consumption

Oct 23, 2015 04:13 am UTC| Commentary Economy

U.K. retail sales growth (in volumes) accelerated to 1.9% m/m in September, far exceeding both our and consensus forecasts, while the August numbers were revised downward by 0.6pp. Barclays notes, the ONS press release...

Social reforms to improve safety net and promote inclusive growth in China

Oct 23, 2015 01:47 am UTC| Commentary Economy

Despite steady improvements during the 12FYP, Chinas social spending as a percentage of GDP is still relatively low compared with OECD members and even with other BRICs. During the 13FYP, the government is expected to...

Norwegian economy growth slowed further in Q2 15

Oct 21, 2015 22:35 pm UTC| Commentary Economy

As expected, growth in the Norwegian economy slowed further in Q2 15, and the short-term outlook is even weaker. The decline in oil investment is now hitting oil-related industries hard, and we are beginning to see signs...

Russia's consumer demand remains soft spot

Oct 21, 2015 11:12 am UTC| Commentary Economy

In keeping with the baseline assumption, the lower spending on durable consumer goods in Russia declined further in September (-10.9% yoy vs. -8.3% yoy in August). However, its effect on retail sales was far stronger...

Russian consumer turmoil continues

Oct 21, 2015 05:30 am UTC| Commentary Economy

The dip in Russias fixed investments and industrial production was less (-5.6% y/y and -3.7% y/y, respectively) than expected while the demand side continues to disappoint on the back of the purchase power crash. As...

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...