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The global central bank community has been wrong on inflation. Euro zone inflation rose to a new record high last month, defying expectations for a big drop and piling pressure on the European Central Bank to finally admit that price growth is not as temporary and benign as it has lon...
The stock market has been like a rocket ship over the last three years, advancing +90% as measured by the S&P 500 index, and +136% for the NASDAQ. The recent stock market volatility is reinforcing the idea that the Federal Reserve’s more aggressive stance regarding hiking i...
A first look at Eurozone developments in January provides a more up-to-date picture, indicating that the growth slowdown is continuing. The flash PMI reports indicate that average selling prices in the Eurozone were advancing at a record pace in January. There was considerable var...
Inflation and supply chain headwinds are expected to ease as the year progresses. And reopening trade will present select opportunities. Transitory inflation is lasting longer than anticipated, but we believe that inflation will moderate through 2022. 2022 will be a year of change...
The eurozone economy is being dealt yet another blow from COVID-19, with rising infection levels dampening growth in the service sector in particular to result in a disappointing end to 2021. By country, growth stalled in Germany due to the first drop in new orders for goods and servi...
Not all Net Zero targets are created equal. Depending on historical and current carbon emissions, some are more ambitious than others. On average, we find that the current Net Zero targets will, if met, collectively deliver a global temperature rise of 2.1°C, well above the 1.5...
House price growth in the eurozone is at its highest since 2006 as housing markets were supported by a limited impact of the pandemic on household finances, rising savings, historically low-interest rates, favorable financing conditions, and changing preferences. The improved macropru...
The past week has been dominated by Omicron news as we all try to piece together the limited information we have and determine what it all means for the coming months. The RBA and BoC both hold meetings next week and will likely be armed with little more information than OPEC+ had on ...
A strong headline PMI reading masked just how tough business conditions are for manufacturers at the moment. A record rise in inventories meanwhile reflected increased efforts by manufacturers to build safety stocks, in turn driven by fears of ongoing shortages of inputs in coming mon...
In France inflation rose in November, reaching its highest level since 2008, and this increase is expected to continue in the coming months, which may impact household consumption. The rise in inflation was due to an acceleration in energy and manufactured goods prices, but also in se...