Europe

German equities have outperformed their Euro Area peers on a year-to-date basis, with the gap widening since May. The MSCI Germany Index returned nearly 4.5 percentage points more than the MSCI Eurozone index over the latter period. Since the beginning of the…

According to BCA Research’s European Investment Strategy, the low rate of innovation in Europe is a major problem for the economy. Not only does it prevent Europe from standing at the technological frontier, but it also contributes to the low rate of…

The Norges Bank kept its policy rate unchanged at 4.5% at its September meeting and signaled low odds of policy easing before the first quarter of 2025. The inflation backdrop does not warrant easing policy. Although core CPI cooled to 3.2% y/y in August,…

Singapore is a small open economy sensitive to global trade dynamics. Its non-oil exports (NODX) are thus a good bellwether for global growth conditions. Overall exports, which are highly volatile on a month-on-month basis, decelerated at a…

UK headline CPI grew at a stable 2.2% y/y in August, though the core measure accelerated from 3.3% to 3.6%, in line with expectations. An 11.6% annual increase in airfare largely drove core CPI higher, while offsetting contributions from food and alcohol led…

  The ZEW survey of both German business expectations and current situation largely disappointed in September, decreasing by 15.6 points to 3.6 and by 7.2 points to -84.5, respectively. The ZEW survey of expectations for the broader Eurozone also fell…

Volkswagen’s CEO has been making the point that the market for European carmakers has been deteriorating. Earlier last week, he went on to make a rather pointed reference at Chinese EV manufacturers. He was quoted saying that, "The pie has become…