Market Overview

Despite uncertainty over the new government’s reform programme, the markets and investors reacted positively to the political changes of the past few months. The same cannot be said for the...

USD 32 billion by the end of August, USD 38 billion lower than a year before. In order to stem the bleeding from this fund, the government made two debt issues, one in May the other in September, for...

Two years after taking power, the Narendra Modi government managed to pass a unified VAT bill. Even though it will take a few years to feel the positive effects of this reform, the bill is a major...

The slowdown in China's economic growth has paused since the second quarter of 2016 thanks to stimulus policy measures. The stabilisation in industrial production growth, the upturn in the real estate...

The DPP’s victory in the presidential and general elections last January rode on a wave of dissatisfaction with the poor economic performances of recent years, even though growth is expected to...

The vote in favour of the draft constitution proposed by the military junta, in power since May 2014, is not good news. It does not resolve any of the political or social conflicts, while...

Culminating a series of (geo) political shocks over the past three years, the aborted military coup of 15 July triggered a spontaneous outpouring of national support for President Erdogan. Yet the...

Squeezed by the reduction in European transfers, investment growth is slowing. Consumption, in contrast, is holding up well, bolstered by public spending, which is paving the way for a soft landing....

Growth resilient, but imbalances soarWith the hydrocarbon sector generating more than 95% of exports and about 60% of government revenue, the Algerian economy has been hard hit. Even so, it continues...

A deceptive rebound The rebound in Q2 real GDP growth (+3.3% q/q saar, vs. -1.2% q/q saar in Q1) is likely to be short lived since the South African economy still lacks a powerful growth engine. On...

A downgrade is unlikely Anyway, a toolbox is ready So much power in the pencil of a rating agency… The credit rating agency DBRS will release its decision this evening on Portugal’s...

Unsurprisingly, the ECB maintained the monetary status quo at its October meetingMario Draghi restated the commitment to preserving the substantial amount of monetary accommodation needed to secure...

The Austrian economy is currently experiencing a modest upswing, supported by lower energy prices and income tax reform. Growth is expected to decelerate in 2017, because of reduced fiscal...

Canada – Retail sales fell 0.1% in August, disappointing consensus which was looking for an increase of 0.3%. The prior month was revised down to -0.2% (from -0.1%). In August, sales declined in...