Below is a list of our Eurozone Publications for the last 6 months. If you are looking for reports older than 6 months please email firstname.lastname@example.org, or contact your account rep
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- Eurozone house prices are rising at their fastest pace since before the global financial crisis..
- ...Indicative signs point to further upside ahead, supporting consumer spending...
- ...But the virus remains a threat in the near term, weighing on consumer confidence.
- Lending growth has accelerated in the EZ, thanks to a pick-up in lending to firms...
- ...This is positive for the outlook for EZ investment, but will the new virus wave nip it in the bud?
- The decline in the ESI suggests GDP growth took a leg down in Q4; it will drop further in December.
- B.1.1.529 could be a grim game-changer in the pandemic, but it is too soon to say.
- The slowdown in real M1 growth indicates that the composite EZ PMI will fall to 53 in Q1.
- French consumer sentiment data indicate that unemployment is now below 7%.
- The Q4 survey data in France have been robust so far, pointing to solid underlying GDP growth…
- …But the return of the virus threatens new restrictions, putting Christmas festivities in question.
- We're reducing our forecast for Q4 quarteron-quarter GDP growth, by 0.6pp, to 0.6%.
In one line: First signs the new virus wave is weighing on activity.
In one line: Solid, but also old news given the recent surge in virus cases.
In one line: New virus wave is weighing on sentiment.
- Switzerland's economy probably grew by 2% q/q in Q3, taking output back above its pre-virus level.
- Q3 is old news; growth is now slowing and the risks to the outlook are rising as virus cases surge.
- The SNB won't stay happy with CHF 1.05 per euro for much longer.
- EZ Labour demand has surged and the supply-side labour market recovery has also been impressive...
- ...But in Italy the participation rate remains below its pre-virus level, trailing that in Spain.
- We expect the jobless rate in both to fall over the coming quarters, but Italy will underperform.
- EZ consumers' spending rose solidly in Q2 and Q3, boosted by services, and growth should stay robust.
- The level of excess savings was 2.5-to-3.0% of GDP as of Q2; this could boost spending through 2022...
- ...But if the savings rate stays elevated, and consum- ers sit on their cash pile, spending will disappoint.
- Spain's GDP breakdown suggests that consumers' spending fell in Q3; it almost surely didn't.
- An upward revision to consumption will offset down-ward revisions to net trade and manufacturing.
- We think revisions will show that GDP rose by 2.5% in Q3, 0.5pp quicker than first estimated.
- Rising rate expectations are at odds with the ECB's forward guidance; we expect a push-back today.
- We still think the PEPP will end in March, but don't look for a clear signal today either way.
- Mixed consumer confidence data in the core, and a slowdown in headline EZ money supply growth.
An unexpected setback; the plunge in “savings capacity” looks like an outlier.
In one line: Sentiment is still rising, but consumers are worried about rising prices.
- The composite PMIs are still consistent with robust GDP growth, but risks are stacked to the downside.
- If the PMIs are right, demand is now falling to match fixed supply; that means slower GDP growth.
- We look for another soft IFO today, but next week's consumer sentiment data should be more resilient.
- A four-week Covid lockdown in Latvia is a warning shot across the bow for the EZ…
- …But we're sticking to our view that hospitalisations will remain contained, even as cases rise.
- Early survey data for October hint at robust economic activity at the start of Q4.
- In one line: Still-consistent with solid growth in spending.
- Inflation in Switzerland likely has peaked, keeping it lower than the headline HICP in the EZ...
- ...Currency effects will soon be a drag on headline inflation, to the SNB's dismay...
- ...Meanwhile, rising natural gas prices are no worry for the Swiss, and wage pressures are limited.
- Inflation in the Eurozone rose further in September, but we are cautiously confident that this is the peak.
- Core inflation will remain high in Q4, then fall in Q1, but then rebound quickly; this could unsettle bonds.
- Ignore the negative messages from the monthly consumption data; spending jumped in Q3.