Established Melbourne office market faces short term headwinds from Docklands and interstate departees: CBRE
By Alistair Walsh
Wednesday, 29 August 2012
The office market in Melbourne faces strong short term headwinds with the landmark projects in the Docklands precinct coming to market soon while major Melbourne tenants contemplate moving interstate, according to CBRE.
http://www.propertyobserver.com.au/news/established-melbourne-office-market-faces-short-term-headwinds-from-docklands-and-interstate-departees-cbre/2012082956286
Sunday, December 30, 2012
Friday, December 28, 2012
LNG Sabine Pass Terminal Contract Signed
http://www.marinelink.com/
LNG Sabine Pass Terminal Contract Signed
Press ReleaseThursday, December 27, 2012
Cheniere Energy Partners' subsidiary Sabine Pass Liquefaction signs a LNG sale and purchase agreement with Total Gas & Power North America.
LNG Sabine Pass Terminal Contract Signed
Press ReleaseThursday, December 27, 2012
Cheniere Energy Partners' subsidiary Sabine Pass Liquefaction signs a LNG sale and purchase agreement with Total Gas & Power North America.
Commercial property investment in London hits five-year high
COMMERCIAL PROPERTY INVESTMENT IN LONDON HITS FIVE-YEAR HIGH
27 Dec, 2012, London
- Investment volumes for 2012 reach £13.57 billion - an increase of 25 per cent on 2011
- Highest level of investment since 2007
- City investment increases by more than a third
http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Language=EN&repId=c57000007p&Country=GB
27 Dec, 2012, London
- Investment volumes for 2012 reach £13.57 billion - an increase of 25 per cent on 2011
- Highest level of investment since 2007
- City investment increases by more than a third
http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Language=EN&repId=c57000007p&Country=GB
Thursday, December 27, 2012
S. Korea: Industrial Production (Nov 2012)
S. Korea: Industrial Production (Nov 2012)
Mole Hau - Market Economics
Asian Instant Insight | 28 Dec 2012 04:22 |
South Korean industrial data surprised significantly to the upside in November. The export-orientated electronics and auto sectors led the move higher as other components were broadly flat. With a fall in working days in December due to the Presidential election and Christmas holidays likely to have pushed forward production, the next release is likely to see some payback. The inventories/shipment ratio is also high and business confidence below average, suggesting overall production will remain below trend levels in the near term. We continue to expect a 25bp rate cut in January, as concerns over the health of the domestic economy outweigh evidence of improving conditions abroad.
Mole Hau - Market Economics
Asian Instant Insight | 28 Dec 2012 04:22 |
South Korean industrial data surprised significantly to the upside in November. The export-orientated electronics and auto sectors led the move higher as other components were broadly flat. With a fall in working days in December due to the Presidential election and Christmas holidays likely to have pushed forward production, the next release is likely to see some payback. The inventories/shipment ratio is also high and business confidence below average, suggesting overall production will remain below trend levels in the near term. We continue to expect a 25bp rate cut in January, as concerns over the health of the domestic economy outweigh evidence of improving conditions abroad.
Friday, December 21, 2012
$800 Million Loan Sought on Worldwide Plaza
$800 Million Loan Sought on Worldwide Plaza
12/21/2012
The owner of one of New York’s largest office towers is shopping for an $800 million fixed-rate loan.
http://www.cmalert.com/headlines.php?hid=160163
12/21/2012
The owner of one of New York’s largest office towers is shopping for an $800 million fixed-rate loan.
http://www.cmalert.com/headlines.php?hid=160163
U.S. Oil Services & Drilling: 2013 Outlook: The Mega-Cycle Rolls On
U.S. Oil Services & Drilling: 2013 Outlook: The Mega-Cycle Rolls On
Read the full report »
The mega cycle for the oil services industry will continue in 2013, in our view, though it remains largely obscured by concerns over the "fiscal cliff" in the U.S., an unsteady recovery in China, the ongoing debt saga in Europe and depressed equity valuations globally. Despite the macro anxieties, the reason to own oil services stocks remains clear, in our view: the world is increasingly short energy, hydrocarbon prices are at attractive levels for investment and are likely to rise further, CAPEX on energy investments is growing and, as the bottleneck, the oil services companies are likely to capture the lion's share of the economic benefit of this unfolding trend. We remain bullish on the oil services, equipment and drilling companies and expect the group to significantly outperform the broader equity market over the next several years.
Read the full report »
The mega cycle for the oil services industry will continue in 2013, in our view, though it remains largely obscured by concerns over the "fiscal cliff" in the U.S., an unsteady recovery in China, the ongoing debt saga in Europe and depressed equity valuations globally. Despite the macro anxieties, the reason to own oil services stocks remains clear, in our view: the world is increasingly short energy, hydrocarbon prices are at attractive levels for investment and are likely to rise further, CAPEX on energy investments is growing and, as the bottleneck, the oil services companies are likely to capture the lion's share of the economic benefit of this unfolding trend. We remain bullish on the oil services, equipment and drilling companies and expect the group to significantly outperform the broader equity market over the next several years.
M.D. Anderson snags prime tract in Energy Corridor
Dec 21, 2012, 5:00am CST
M.D. Anderson snags prime tract in Energy Corridor
Shaina Zucker
Reporter-
Houston Business Journal
Alongside the bustling traffic on Interstate 10, an unscathed tract of land in the Energy Corridor has beckoned developers for more than four decades.
http://www.bizjournals.com/houston/print-edition/2012/12/21/md-anderson-snags-prime-tract-in.html
M.D. Anderson snags prime tract in Energy Corridor
Shaina Zucker
Reporter-
Houston Business Journal
Alongside the bustling traffic on Interstate 10, an unscathed tract of land in the Energy Corridor has beckoned developers for more than four decades.
http://www.bizjournals.com/houston/print-edition/2012/12/21/md-anderson-snags-prime-tract-in.html
Thursday, December 20, 2012
2013 U.S. High Yield Default Outlook
Fitchratings.com
2013 U.S. High Yield Default Outlook
Fitch Ratings projects that the U.S. high yield default rate will remain low in 2013. However, the rate needs to be viewed with caution as more of a lagging rather than leading indicator of credit conditions.
2013 U.S. High Yield Default Outlook
Fitch Ratings projects that the U.S. high yield default rate will remain low in 2013. However, the rate needs to be viewed with caution as more of a lagging rather than leading indicator of credit conditions.
Asia Insights: China: Mixed signals from leading indicators
Fixed Income | Asia Ex-Japan
21 December 2012
Asia Insights: China: Mixed signals from leading indicators
· Nomura's China leading indicator fell in November, but we expect it to pickup in December (Bloomberg ticker: NMEICLI).
· Our heatmap continues to improve, with 67% of indicators positive in November, up from a revised 65% in October.
· We expect growth momentum to continue to build, and maintain our above-consensus GDP forecasts for 4Q and Q1 2013.
21 December 2012
Asia Insights: China: Mixed signals from leading indicators
· Nomura's China leading indicator fell in November, but we expect it to pickup in December (Bloomberg ticker: NMEICLI).
· Our heatmap continues to improve, with 67% of indicators positive in November, up from a revised 65% in October.
· We expect growth momentum to continue to build, and maintain our above-consensus GDP forecasts for 4Q and Q1 2013.
In Race to Recover Peak Commercial Real Estate Values, Boston on Top, Followed by Manhattan
World Property Channel
In Race to Recover Peak Commercial Real Estate Values, Boston on Top, Followed by Manhattan
Posted by Hortense Leon 11/20/12 11:00 AM EST
Commercial real estate prices in Manhattan over the 12 months ending September 30th were up 16.3%, according to Moody's/RCA Commercial Property Price Indices (CPPI). What this means is that New York has joined the exclusive club of major metropolitan areas with the greatest price gains in that period, Boston being the only other market in that category.
In Race to Recover Peak Commercial Real Estate Values, Boston on Top, Followed by Manhattan
Posted by Hortense Leon 11/20/12 11:00 AM EST
Commercial real estate prices in Manhattan over the 12 months ending September 30th were up 16.3%, according to Moody's/RCA Commercial Property Price Indices (CPPI). What this means is that New York has joined the exclusive club of major metropolitan areas with the greatest price gains in that period, Boston being the only other market in that category.
Chile Central Bank Gives 'Yellow Card' to Real Estate Sector
World Property Channel
Chile Central Bank Gives 'Yellow Card' to Real Estate Sector
Posted by Darin Bifani 12/20/12 10:46 AM EST
Apart from the famous asado, one of the great Chilean national pastimes is soccer. Rather than one of the players on the famous Universidad de Chile or Colo-Colo teams, however, the most recent recipient of a yellow card was the Chilean real estate sector.
Chile Central Bank Gives 'Yellow Card' to Real Estate Sector
Posted by Darin Bifani 12/20/12 10:46 AM EST
Apart from the famous asado, one of the great Chilean national pastimes is soccer. Rather than one of the players on the famous Universidad de Chile or Colo-Colo teams, however, the most recent recipient of a yellow card was the Chilean real estate sector.
Wednesday, December 19, 2012
A Crucial Leading Indicator Of Commercial Real Estate Hits Its Best Level Since 2007
A Crucial Leading Indicator Of Commercial Real Estate Hits Its Best Level Since 2007
Dec. 19, 2012, 1:07 PM
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment.
From AIA: Architecture Billings Index Signaling Gains for Fourth Straight Month
Billings at architecture firms across the country continue to increase. As a leading economic indicator of construction activity, the Architecture Billings Index (ABI) reflects the approximate nine to twelve month lag time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the November ABI score was 53.2, up from the mark of 52.8 in October. This score reflects an increase in demand for design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 59.6, up slightly from the 59.4 mark of the previous month.
Dec. 19, 2012, 1:07 PM
Note: This index is a leading indicator primarily for new Commercial Real Estate (CRE) investment.
From AIA: Architecture Billings Index Signaling Gains for Fourth Straight Month
Billings at architecture firms across the country continue to increase. As a leading economic indicator of construction activity, the Architecture Billings Index (ABI) reflects the approximate nine to twelve month lag time between architecture billings and construction spending. The American Institute of Architects (AIA) reported the November ABI score was 53.2, up from the mark of 52.8 in October. This score reflects an increase in demand for design services (any score above 50 indicates an increase in billings). The new projects inquiry index was 59.6, up slightly from the 59.4 mark of the previous month.
PIMCO Cyclical Outlook for the U.S.: Will Washington’s Choices Foster or Frustrate Growth?
PIMCO Cyclical Outlook for the U.S.: Will Washington’s Choices Foster or Frustrate Growth?
· We expect U.S. growth in the range of 1.25% to 1.75% over the cyclical horizon, and housing will be an important component.
· We expect U.S. growth in the range of 1.25% to 1.75% over the cyclical horizon, and housing will be an important component.
PIMCO’s Cyclical Outlook for Asia: Awaiting the Policy Breakthrough
A new Economic Outlook Q&A with Tomoya Masanao, Robert Mead and Ramin Toloui is now available on pimco.com.
PIMCO’s Cyclical Outlook for Asia: Awaiting the Policy Breakthrough
· The cyclical economic outlook for 2013 is unusually dependent upon whether we see a structural policy breakthrough somewhere in the world.
PIMCO’s Cyclical Outlook for Asia: Awaiting the Policy Breakthrough
· The cyclical economic outlook for 2013 is unusually dependent upon whether we see a structural policy breakthrough somewhere in the world.
Turnaround Continues for CMBS Market in 2013, But Fiscal Cliff Bears Watching
World Property Channel
Turnaround Continues for CMBS Market in 2013, But Fiscal Cliff Bears Watching
Posted by Hortense Leon 12/19/12 8:59 AM EST
The commercial real estate market, and the U.S. CMBS market in particular, are likely to see steady improvement in the New Year, says Huxley Somerville, head of US CMBS at Fitch Ratings in New York. "A slow increase in volume is preferable; we would not like to see a 50% increase over 2012," he says. "A 15% to 20% increase would be much better. Otherwise, competition would lead to the erosion of underwriting standards."
Turnaround Continues for CMBS Market in 2013, But Fiscal Cliff Bears Watching
Posted by Hortense Leon 12/19/12 8:59 AM EST
The commercial real estate market, and the U.S. CMBS market in particular, are likely to see steady improvement in the New Year, says Huxley Somerville, head of US CMBS at Fitch Ratings in New York. "A slow increase in volume is preferable; we would not like to see a 50% increase over 2012," he says. "A 15% to 20% increase would be much better. Otherwise, competition would lead to the erosion of underwriting standards."
Tuesday, December 18, 2012
Is 2013 the Year of $50 Oil and $1,200 Gold?
http://www.cnbc.com/id/100323544
Is 2013 the Year of $50 Oil and $1,200 Gold?
Published: Tuesday, 18 Dec 2012 | 4:29 AM ET
By: Catherine Boyle
Staff Writer, CNBC.com
Drastic falls in the price of oil and gold, doubling of the yield in 30-year Treasurys and mass nationalizations in Japan's struggling electronics industry may be on the agenda next year.
Is 2013 the Year of $50 Oil and $1,200 Gold?
Published: Tuesday, 18 Dec 2012 | 4:29 AM ET
By: Catherine Boyle
Staff Writer, CNBC.com
Drastic falls in the price of oil and gold, doubling of the yield in 30-year Treasurys and mass nationalizations in Japan's struggling electronics industry may be on the agenda next year.
Monday, December 17, 2012
Chile: The monetary policy report will attract attention this week.
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 17 Dec 2012 06:00 |
Chile: The monetary policy report will attract attention this week.
CHILE
In a week with no economic data scheduled to be released, the monetary policy report (IPoM) will attract attention. The central bank is scheduled to unveil the IPoM on Tuesday. While the monetary authority has continued to signal lately that it remains comfortably on hold near term, the IPoM will be looked at closely for relevant information on the official views about the medium-term outlook for growth and inflation. In particular, potential changes to the official real GDP and CPI forecasts will attract attention. The official characterization of the recent moderation in the sequential pace of real GDP will be also worth reading, as well as trends for the current account result. Recall that several comments on the widening current account deficits have been made recently by authorities.
Daily Latam Spotlight | 17 Dec 2012 06:00 |
Chile: The monetary policy report will attract attention this week.
CHILE
In a week with no economic data scheduled to be released, the monetary policy report (IPoM) will attract attention. The central bank is scheduled to unveil the IPoM on Tuesday. While the monetary authority has continued to signal lately that it remains comfortably on hold near term, the IPoM will be looked at closely for relevant information on the official views about the medium-term outlook for growth and inflation. In particular, potential changes to the official real GDP and CPI forecasts will attract attention. The official characterization of the recent moderation in the sequential pace of real GDP will be also worth reading, as well as trends for the current account result. Recall that several comments on the widening current account deficits have been made recently by authorities.
Saturday, December 15, 2012
Buoyed by the rebounding auto sector, local industry is showing growth
COMMERCIAL REAL ESTATE
Buoyed by the rebounding auto sector, local industry is showing growth
By Norman DeBono, The London Free Press
Friday, December 14, 2012 6:53:11 EST PM
Led by the industrial sector, the commercial real estate market in the London area is showing encouraging signs.
Buoyed by the rebounding auto sector, local industry is showing growth
By Norman DeBono, The London Free Press
Friday, December 14, 2012 6:53:11 EST PM
Led by the industrial sector, the commercial real estate market in the London area is showing encouraging signs.
Friday, December 14, 2012
US Outlook 2013
US Outlook 2013
Bulent Baygun,Interest Rate Team - Rates
Desknotes US | 14 Dec 2012 15:29 |
Summary
We are facing a period of increased demand for high-quality paper, which should
keep funds flowing into Treasuries, agencies, mortgages and SSAs.
Bulent Baygun,Interest Rate Team - Rates
Desknotes US | 14 Dec 2012 15:29 |
Summary
We are facing a period of increased demand for high-quality paper, which should
keep funds flowing into Treasuries, agencies, mortgages and SSAs.
Global inflation outlook 2013
Global inflation outlook 2013
Azusa Kato,David Tinsley,Dominique Barbet,Gizem Kara,Jacqueline Rong,Jeremy Lawson,Marcelo Carvalho,Ryutaro Kono,Xingdong Chen - Market Economics
Economic Desknote Global | 14 Dec 2012 12:52 |
Summary
Global Outlook
We expect global inflation in 2013 to remain broadly unchanged from 2012, at around 3½%. Inflation rates will vary between regions and countries, though. Although inflation should remain stable around 2% in the higher-income economies, emerging and developing economies are likely to see inflation edge up slightly, to 5.4% from 5.2% in 2012. Among the advanced economies, US inflation is likely to remain broadly stable at around 2% in 2013, while in the eurozone, we expect inflation to slow to 1.6% in 2013 from 2.5% in 2012. Among the major emerging economies, Asia ex-Japan and Latin America should see inflation inch up next year. Most notably, our forecast for Brazil suggests that inflation is likely to be much more of a headache than people think.
Azusa Kato,David Tinsley,Dominique Barbet,Gizem Kara,Jacqueline Rong,Jeremy Lawson,Marcelo Carvalho,Ryutaro Kono,Xingdong Chen - Market Economics
Economic Desknote Global | 14 Dec 2012 12:52 |
Summary
Global Outlook
We expect global inflation in 2013 to remain broadly unchanged from 2012, at around 3½%. Inflation rates will vary between regions and countries, though. Although inflation should remain stable around 2% in the higher-income economies, emerging and developing economies are likely to see inflation edge up slightly, to 5.4% from 5.2% in 2012. Among the advanced economies, US inflation is likely to remain broadly stable at around 2% in 2013, while in the eurozone, we expect inflation to slow to 1.6% in 2013 from 2.5% in 2012. Among the major emerging economies, Asia ex-Japan and Latin America should see inflation inch up next year. Most notably, our forecast for Brazil suggests that inflation is likely to be much more of a headache than people think.
London office market: Good prospects from 2014
London office market: Good prospects from 2014
In its latest research paper, Henderson’s c. £12.4 billion Property business, examines prospects for the Central London office market. The report notes that City Fringe, West End and Midtown sub-markets have benefitted from strong take up by technology, media and telecommunications firms during an otherwise difficult year for the domestic economy. Core City take up has been dominated by lettings from the insurance sector with very subdued activity from banking. Underlying City take-up has been relatively stable over the last 12 months or so, at around 75% of the long run average. This sub-par level of activity is expected to persist while low confidence and volatility persists in the markets.
http://www.property-magazine.eu/london-office-market-good-prospects-from-2014-23396.html
In its latest research paper, Henderson’s c. £12.4 billion Property business, examines prospects for the Central London office market. The report notes that City Fringe, West End and Midtown sub-markets have benefitted from strong take up by technology, media and telecommunications firms during an otherwise difficult year for the domestic economy. Core City take up has been dominated by lettings from the insurance sector with very subdued activity from banking. Underlying City take-up has been relatively stable over the last 12 months or so, at around 75% of the long run average. This sub-par level of activity is expected to persist while low confidence and volatility persists in the markets.
http://www.property-magazine.eu/london-office-market-good-prospects-from-2014-23396.html
Thursday, December 13, 2012
Brazil: Retail sales – Moving up in a non-linear pace
Brazil: Retail sales – Moving up in a non-linear pace
Gustavo Arruda - Market Economics
Latam Macro Snapshot | 13 Dec 2012 13:52 |
October retail sales grew 0.9%m/m, slightly above consensus of +0.8m/m and better than the September reading of 0.3%. Within sectors, three of ten sectors contracted (apparel contracted for the third month in a row). Durable goods (the most credit-related component) gained 1.4%m/m or 13.0%y/y, while non-durable goods expanded 0.1%m/m or 6.7%y/y. Broad retail sales (including construction and vehicles sales) jumped 8%m/m in October from -8.7%m/m a month earlier, due to tax breaks on vehicles sales. Looking forward, we expect retail sales to decelerate in November due to an unusually extended holiday, but they should bounce back in December. Despite volatility in these releases, we believe the trend in retail sales will probably strengthen, on the back of monetary, fiscal and credit measures - all focused on spurring growth.
Gustavo Arruda - Market Economics
Latam Macro Snapshot | 13 Dec 2012 13:52 |
October retail sales grew 0.9%m/m, slightly above consensus of +0.8m/m and better than the September reading of 0.3%. Within sectors, three of ten sectors contracted (apparel contracted for the third month in a row). Durable goods (the most credit-related component) gained 1.4%m/m or 13.0%y/y, while non-durable goods expanded 0.1%m/m or 6.7%y/y. Broad retail sales (including construction and vehicles sales) jumped 8%m/m in October from -8.7%m/m a month earlier, due to tax breaks on vehicles sales. Looking forward, we expect retail sales to decelerate in November due to an unusually extended holiday, but they should bounce back in December. Despite volatility in these releases, we believe the trend in retail sales will probably strengthen, on the back of monetary, fiscal and credit measures - all focused on spurring growth.
Chile: BCCh remained on hold, as expected; all eyes on the IPoM next week
Chile: BCCh remained on hold, as expected; all eyes on the IPoM next week
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 13 Dec 2012 22:52 |
Chile’s central bank decided to keep the policy rate unchanged at 5% at today’s monetary policy meeting. The decision stood in line with both our forecast and the median estimate from the Bloomberg survey.
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 13 Dec 2012 22:52 |
Chile’s central bank decided to keep the policy rate unchanged at 5% at today’s monetary policy meeting. The decision stood in line with both our forecast and the median estimate from the Bloomberg survey.
CBD Office Buildings Outperforms Other Commercial Sectors in the U.S.
World Property Channel
EDITION MAIN PAGE | North America Commercial News
CBD Office Buildings Outperforms Other Commercial Sectors in the U.S.
Posted by Hortense Leon 12/13/12 10:40 AM EST
CBD office real estate prices in the US continue to out-shine other core commercial sectors, including suburban office, industrial and retail, according to Moody's/RCA Commercial Property Price Indices (CPPI) report for October, which includes data from August, September and October 2012 (the latest data available for the CPPI). This reflects strong institutional demand even as there was a 1.0% decline in core commercial overall as measured by the CPPI.
EDITION MAIN PAGE | North America Commercial News
CBD Office Buildings Outperforms Other Commercial Sectors in the U.S.
Posted by Hortense Leon 12/13/12 10:40 AM EST
CBD office real estate prices in the US continue to out-shine other core commercial sectors, including suburban office, industrial and retail, according to Moody's/RCA Commercial Property Price Indices (CPPI) report for October, which includes data from August, September and October 2012 (the latest data available for the CPPI). This reflects strong institutional demand even as there was a 1.0% decline in core commercial overall as measured by the CPPI.
Venezuela: President Chavez faces a tough recovery process.
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Venezuela: President Chavez faces a tough recovery process.
VENEZUELA
President Chavez faces a tough recovery process, Vice President Maduro said. Vice President Maduro said yesterday in a national address that while the president’s surgery was successful, it was also delicate and complex. As a result, President Chavez faces a difficult recovery process.
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Venezuela: President Chavez faces a tough recovery process.
VENEZUELA
President Chavez faces a tough recovery process, Vice President Maduro said. Vice President Maduro said yesterday in a national address that while the president’s surgery was successful, it was also delicate and complex. As a result, President Chavez faces a difficult recovery process.
Argentina: The group of interested non-parties in lawsuit in US courts gets larger.
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Argentina: The group of interested non-parties in lawsuit in US courts gets larger.
ARGENTINA
Another fund joins the group of interested non-parties to appeal the District Court orders adversely affecting Argentina. Fintech Advisory Inc. filed a brief before the Court of Appeals for the Second Circuit, thus joining the group of interested non-parties appealing Judge Griesa's ruling that lifted the stay in place and ordered Argentina to make a payment into an escrow account for the benefit of holdout creditors. Unless this payment was made, the Judge made it impossible for Argentina to continue servicing performing debt issued in the two 2005 and 2010 debt exchanges. The stay was later reinstated by the Appeals Court.
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Argentina: The group of interested non-parties in lawsuit in US courts gets larger.
ARGENTINA
Another fund joins the group of interested non-parties to appeal the District Court orders adversely affecting Argentina. Fintech Advisory Inc. filed a brief before the Court of Appeals for the Second Circuit, thus joining the group of interested non-parties appealing Judge Griesa's ruling that lifted the stay in place and ordered Argentina to make a payment into an escrow account for the benefit of holdout creditors. Unless this payment was made, the Judge made it impossible for Argentina to continue servicing performing debt issued in the two 2005 and 2010 debt exchanges. The stay was later reinstated by the Appeals Court.
Chile: The central bank is expected to remain on hold today.
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Chile: The central bank is expected to remain on hold today.
CHILE
The central bank is expected to remain on hold today. BCCh will have its monthly monetary policy meeting this afternoon. We forecast no changes, in line with trends throughout most of the year. The consensus agrees with this view.
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Chile: The central bank is expected to remain on hold today.
CHILE
The central bank is expected to remain on hold today. BCCh will have its monthly monetary policy meeting this afternoon. We forecast no changes, in line with trends throughout most of the year. The consensus agrees with this view.
Colombia: Imports rebound in October and reflect improved domestic demand.
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Colombia: Imports rebound in October and reflect improved domestic demand.
COLOMBIA
Imports rebounded in October. Imports increased to USD 5.2bn in October from USD 4.8bn in the year-ago period, reflecting a 7.8% y/y increase. Imports rose 8.6% in the first eight months of the year over the same period in 2011.
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Colombia: Imports rebound in October and reflect improved domestic demand.
COLOMBIA
Imports rebounded in October. Imports increased to USD 5.2bn in October from USD 4.8bn in the year-ago period, reflecting a 7.8% y/y increase. Imports rose 8.6% in the first eight months of the year over the same period in 2011.
Mexico: October IP data point to continued growth moderation into Q4.
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Mexico: October IP data point to continued growth moderation into Q4.
MEXICO
October IP data signal continued moderation in activity. Industrial production expanded 3.6% y/y in October, exceeding September’s 2.4% rise and coming in slightly better than the consensus expectation of 3.4% and our 3.0% projections. The manufacturing sector’s growth accelerated to 5.0% y/y from 1.9% y/y in October.
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Mexico: October IP data point to continued growth moderation into Q4.
MEXICO
October IP data signal continued moderation in activity. Industrial production expanded 3.6% y/y in October, exceeding September’s 2.4% rise and coming in slightly better than the consensus expectation of 3.4% and our 3.0% projections. The manufacturing sector’s growth accelerated to 5.0% y/y from 1.9% y/y in October.
Brazil: Today, retail sales will probably prove robust again
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Brazil: Today, retail sales will probably prove robust again.
BRAZIL
We expect real retail sales to increase 1.2% in monthly terms, judging by coincident indicators. This represents annual growth of 9.8% y/y. Broad retail sales, which includes vehicles and construction spending, will show robust growth in monthly and annual terms, due to tax breaks.
Daily Latam Spotlight | 13 Dec 2012 06:00 |
Brazil: Today, retail sales will probably prove robust again.
BRAZIL
We expect real retail sales to increase 1.2% in monthly terms, judging by coincident indicators. This represents annual growth of 9.8% y/y. Broad retail sales, which includes vehicles and construction spending, will show robust growth in monthly and annual terms, due to tax breaks.
PIMCO Cyclical Outlook: At Policy Crossroads
PIMCO Cyclical Outlook: At Policy Crossroads
Key Points:
· The global economy is in the midst of a cyclical slowdown driven by both economics and politics.
· The maturation of the global cyclical growth phase suggests we look to a handoff to more secular drivers of growth. But strong secular drivers remain elusive due to the continuation of New Normal headwinds.
· Policies are at important crossroads in every major economy. Developed countries are struggling to find the right fiscal and monetary policy mix between cyclical stimulus and secular normality, while developing economies’ export-led models face a multitude of pressures.
· 2013 will be the year of policy change, with policymakers in major economies challenged to enact structural changes that spur private sector growth before government-balance-sheet-led growth is exhausted.
Key Points:
· The global economy is in the midst of a cyclical slowdown driven by both economics and politics.
· The maturation of the global cyclical growth phase suggests we look to a handoff to more secular drivers of growth. But strong secular drivers remain elusive due to the continuation of New Normal headwinds.
· Policies are at important crossroads in every major economy. Developed countries are struggling to find the right fiscal and monetary policy mix between cyclical stimulus and secular normality, while developing economies’ export-led models face a multitude of pressures.
· 2013 will be the year of policy change, with policymakers in major economies challenged to enact structural changes that spur private sector growth before government-balance-sheet-led growth is exhausted.
US Shale Not a Threat to Stable EMEA Oil and Gas Outlook
13 Dec 2012 10:18 AM
US Shale Not a Threat to Stable EMEA Oil and Gas Outlook
Link to Fitch Ratings' Report: 2013 Outlook: EMEA Oil and Gas
Fitch Ratings-London-13 December 2012: Cheap US shale gas is not a material threat to the EMEA oil and gas sector in 2013, Fitch Ratings says. A lack of US export infrastructure, a political desire for the US to be self-sufficient in gas, and the prevalence of long-term oil-based gas supply contracts in Europe all suggest at worst modest downward pressure on European prices in the short to medium term.
US Shale Not a Threat to Stable EMEA Oil and Gas Outlook
Link to Fitch Ratings' Report: 2013 Outlook: EMEA Oil and Gas
Fitch Ratings-London-13 December 2012: Cheap US shale gas is not a material threat to the EMEA oil and gas sector in 2013, Fitch Ratings says. A lack of US export infrastructure, a political desire for the US to be self-sufficient in gas, and the prevalence of long-term oil-based gas supply contracts in Europe all suggest at worst modest downward pressure on European prices in the short to medium term.
Wednesday, December 12, 2012
Turkey: No surprises on c/a deficit
Turkey: No surprises on c/a deficit
At USD 1.96bn, current account deficit was slightly below the market consensus (USD 2.1bn) and our forecast (USD 2.0bn) in October. As a result, 12-month cumulative current account deficit declined to USD 53.1bn from USD 55.7bn in September. Similarly, 12-month cumulative non-energy current account deficit fell to USD 1.4bn, from USD 3.9bn. Net gold exports continued to support the narrowing in the current account deficit. 12-month cumulative net gold exports amounted to USD 5.2bn, from USD 3.7bn in September. Current account deficit, excluding gold and energy also continued to improve, partly reflecting the holiday effect in October.
At USD 1.96bn, current account deficit was slightly below the market consensus (USD 2.1bn) and our forecast (USD 2.0bn) in October. As a result, 12-month cumulative current account deficit declined to USD 53.1bn from USD 55.7bn in September. Similarly, 12-month cumulative non-energy current account deficit fell to USD 1.4bn, from USD 3.9bn. Net gold exports continued to support the narrowing in the current account deficit. 12-month cumulative net gold exports amounted to USD 5.2bn, from USD 3.7bn in September. Current account deficit, excluding gold and energy also continued to improve, partly reflecting the holiday effect in October.
Chile: Consumer confidence remained in optimistic territory in November
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 12 Dec 2012 06:00 |
Chile: Consumer confidence remained in optimistic territory in November.
CHILE
Consumer confidence remained in optimistic territory in November. Consumer confidence rose to 53.4 last month, according to Adimark. This is the sixth straight month with consumer sentiment readings above the 50 neutral level.
Daily Latam Spotlight | 12 Dec 2012 06:00 |
Chile: Consumer confidence remained in optimistic territory in November.
CHILE
Consumer confidence remained in optimistic territory in November. Consumer confidence rose to 53.4 last month, according to Adimark. This is the sixth straight month with consumer sentiment readings above the 50 neutral level.
Tuesday, December 11, 2012
U.S. Commercial, Multi-family Mortgage Debt Outstanding Increases for Fourth Consecutive Quarter
World Property Channel
U.S. Commercial, Multi-family Mortgage Debt Outstanding Increases for Fourth Consecutive Quarter
Posted by David Barley 12/11/12 1:10 PM EST
According to the Mortgage Bankers Association (MBA), the level of commercial/multifamily mortgage debt outstanding increased by $6.6 billion, or 0.3 percent, in the third quarter of 2012, as three of the four major investor groups increased their holdings.
U.S. Commercial, Multi-family Mortgage Debt Outstanding Increases for Fourth Consecutive Quarter
Posted by David Barley 12/11/12 1:10 PM EST
According to the Mortgage Bankers Association (MBA), the level of commercial/multifamily mortgage debt outstanding increased by $6.6 billion, or 0.3 percent, in the third quarter of 2012, as three of the four major investor groups increased their holdings.
Eco Analysis - More evidence of China in early-cycle expansion
Eco Analysis - More evidence of China in early-cycle expansion
■ Strong fiscal revenue growth
China's fiscal revenue growth rebounded further to 21.9%yoy in November from 13.7%yoy in October, the fastest pace since August 2011. More importantly, tax revenues grew 21.1%yoy, compared with 12.5%yoy in the previous month and 9%yoy during the first ten months. Value-added tax, which contributes one-quarter of total tax revenues, recovered quite strongly and grew 16.2%yoy in November (vs. 9.2%yoy in October), consistent with the improving trend in industrial and retail sales. The strength of fiscal revenue is another piece of evidence that the Chinese economy is recovering.
■ Strong fiscal revenue growth
China's fiscal revenue growth rebounded further to 21.9%yoy in November from 13.7%yoy in October, the fastest pace since August 2011. More importantly, tax revenues grew 21.1%yoy, compared with 12.5%yoy in the previous month and 9%yoy during the first ten months. Value-added tax, which contributes one-quarter of total tax revenues, recovered quite strongly and grew 16.2%yoy in November (vs. 9.2%yoy in October), consistent with the improving trend in industrial and retail sales. The strength of fiscal revenue is another piece of evidence that the Chinese economy is recovering.
Monday, December 10, 2012
Chile: The central bank is expected to remain on hold this week
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 10 Dec 2012 06:00 |
Chile: The central bank is expected to remain on hold this week.
CHILE
The central bank is expected to remain on hold this week. BCCh will have its monthly monetary policy meeting on Thursday. We expect no changes, in line with trends throughout most of the year. The consensus agrees with this view.
Daily Latam Spotlight | 10 Dec 2012 06:00 |
Chile: The central bank is expected to remain on hold this week.
CHILE
The central bank is expected to remain on hold this week. BCCh will have its monthly monetary policy meeting on Thursday. We expect no changes, in line with trends throughout most of the year. The consensus agrees with this view.
Turkey: GDP Surprises on the Downside
Turkey: GDP Surprises on the Downside
At 1.6% y/y, Q3 GDP growth was weaker than the expectations (2.6% y/y) and our forecast (3.2% y/y). On a seasonally adjusted basis GDP grew by 0.2% q/q in Q3, broadly in line with our expectation. The downward surprise in the headline growth number was mostly on the back of weaker-than-expected private investment and exports. The contribution of private sector investment was -2.2pp to growth. The expansion in exports slowed down to 11.9% y/y in Q3 from 20.9% y/y in Q2, still the contribution of foreign demand was 3.4pp. Consumption of households subtracted 0.4pp from growth whereas public sector spending contributed 0.8pp to growth. At the same time, Q1 GDP growth was revised to 3.4% from 3.3%, and Q2 GDP growth to 3% from 2.9%.
At 1.6% y/y, Q3 GDP growth was weaker than the expectations (2.6% y/y) and our forecast (3.2% y/y). On a seasonally adjusted basis GDP grew by 0.2% q/q in Q3, broadly in line with our expectation. The downward surprise in the headline growth number was mostly on the back of weaker-than-expected private investment and exports. The contribution of private sector investment was -2.2pp to growth. The expansion in exports slowed down to 11.9% y/y in Q3 from 20.9% y/y in Q2, still the contribution of foreign demand was 3.4pp. Consumption of households subtracted 0.4pp from growth whereas public sector spending contributed 0.8pp to growth. At the same time, Q1 GDP growth was revised to 3.4% from 3.3%, and Q2 GDP growth to 3% from 2.9%.
Colombia Weekly
Colombia Weekly
Economics/FX/Interest Rate Teams,Rodrigo Fuenmayor,William Pereira - FX/Rates
Colombia Weekly | 10 Dec 2012 16:12 |
Summary
The minutes show the BanRep’s resolve to remain on hold for a while.
The minutes of November’s meeting (when the bank cut its policy rate by 25bp) appear very similar to the minutes of the October meeting (when the board remained on hold). Both sets of minutes are broadly neutral, in our view.
Economics/FX/Interest Rate Teams,Rodrigo Fuenmayor,William Pereira - FX/Rates
Colombia Weekly | 10 Dec 2012 16:12 |
Summary
The minutes show the BanRep’s resolve to remain on hold for a while.
The minutes of November’s meeting (when the bank cut its policy rate by 25bp) appear very similar to the minutes of the October meeting (when the board remained on hold). Both sets of minutes are broadly neutral, in our view.
Eco Analysis - Disappointing data across Asia: CH trade, AU home loans, JP in recession (K. Baader, W. Yao, K. Katahira)
Eco Analysis - Disappointing data across Asia: CH trade, AU home loans, JP in recession (K. Baader, W. Yao, K. Katahira)
■ Disappointing China's trade data reflected structural weakness in both external and domestic demand.
Contrary to the activity data released over the weekend, China's trade growth in November disappointed, with exports growing 2.9%yoy (Cons. 9%, SG 7%, Previous 11.9%) and imports flat yoy (Cons. 2%, SG 0%, Previous 2.4%). As a result of weak exports, the trade surplus also came in smaller than expected at USD19.6bn (Cons. & SG, USD26.8bn), down from USD32bn in October.
■ Disappointing China's trade data reflected structural weakness in both external and domestic demand.
Contrary to the activity data released over the weekend, China's trade growth in November disappointed, with exports growing 2.9%yoy (Cons. 9%, SG 7%, Previous 11.9%) and imports flat yoy (Cons. 2%, SG 0%, Previous 2.4%). As a result of weak exports, the trade surplus also came in smaller than expected at USD19.6bn (Cons. & SG, USD26.8bn), down from USD32bn in October.
Asia Insights: China: Exports slowed but domestic demand remains stron
Fixed Income | Asia Ex-Japan
10 December 2012
Asia Insights: China: Exports slowed but domestic demand remains strong
·China’s export growth slowed more than expected in November to 2.9% y-o-y from 11.6% in October.
·Import growth slowed to 0.0% y-o-y from 2.4%, but import growth for domestic consumption picked up.
·We expect the growth recovery to remain on track, as it is mainly driven by domestic demand.
10 December 2012
Asia Insights: China: Exports slowed but domestic demand remains strong
·China’s export growth slowed more than expected in November to 2.9% y-o-y from 11.6% in October.
·Import growth slowed to 0.0% y-o-y from 2.4%, but import growth for domestic consumption picked up.
·We expect the growth recovery to remain on track, as it is mainly driven by domestic demand.
Sunday, December 9, 2012
First Insights: China: Trade slows but the growth recovery remains on track
First Insights: China: Trade slows but the growth recovery remains on track
Export growth slowed to 2.9% y-o-y in November from 11.6% in October (Consensus 9%, Nomura 7%), while import growth slowed to 0% from 2.4% (Consensus 2.0%, Nomura 0%).
Export growth slowed to 2.9% y-o-y in November from 11.6% in October (Consensus 9%, Nomura 7%), while import growth slowed to 0% from 2.4% (Consensus 2.0%, Nomura 0%).
Turkey: Still in a sweet spot
Commerzbank Corporates & Markets
Emerging Markets
https://research.commerzbank.com
Turkey: Still in a sweet spot
Following our October visit, we wrote that the Turkish economy had entered a sweet spot – that slower growth and low commodity prices were having a materially positive impact on Turkey’s current account and inflation imbalances. Last month, current account and inflation data improved further. Meanwhile, Fitch upgraded Turkey to investment grade – the only such upgrade in the region since Lehman. Moody’s holds a positive outlook. Understandably, foreign capital is piling in.
Analyst:
Tatha Ghose
Emerging Markets
https://research.commerzbank.com
Turkey: Still in a sweet spot
Following our October visit, we wrote that the Turkish economy had entered a sweet spot – that slower growth and low commodity prices were having a materially positive impact on Turkey’s current account and inflation imbalances. Last month, current account and inflation data improved further. Meanwhile, Fitch upgraded Turkey to investment grade – the only such upgrade in the region since Lehman. Moody’s holds a positive outlook. Understandably, foreign capital is piling in.
Analyst:
Tatha Ghose
Eco Analysis - The Chinese economy is undoubtedly heating up (W. Yao)
Eco Analysis - The Chinese economy is undoubtedly heating up (W. Yao)
■ Inflation advanced but less than expected
China's consumer price inflation came in slightly below expectations at 2.0%yoy in November (Cons. & SG 2.1%), up from 1.7%yoy in October. The 0.4ppt increase was a result of a 1.2pp increase in food inflation to 3.0%yoy. Within the non-food components, housing inflation moved up marginally to 2.6%yoy from 2.5%yoy, while other categories unexpectedly softened to 1.2%yoy from 1.4%yoy, according to our calculation.
■ Inflation advanced but less than expected
China's consumer price inflation came in slightly below expectations at 2.0%yoy in November (Cons. & SG 2.1%), up from 1.7%yoy in October. The 0.4ppt increase was a result of a 1.2pp increase in food inflation to 3.0%yoy. Within the non-food components, housing inflation moved up marginally to 2.6%yoy from 2.5%yoy, while other categories unexpectedly softened to 1.2%yoy from 1.4%yoy, according to our calculation.
Saturday, December 8, 2012
Eco Analysis - US Employment Report: Surprisingly Good (B. Jones)
Eco Analysis - US Employment Report: Surprisingly Good (B. Jones)
■ Nonfarm job growth eclipsed all projections for a second straight month in November
The Bureau of Labor Statistics (BLS) reported that nonfarm payrolls expanded by 146K in November, following a revised 138K rise in October (was 171K) and 132K increase in September (was 148K). Last month's print exceeded both our (122K) and the median Street (85K) expectations. Indeed, for the second month in a row, the front-month job gain eclipsed all published economist projections.
■ Nonfarm job growth eclipsed all projections for a second straight month in November
The Bureau of Labor Statistics (BLS) reported that nonfarm payrolls expanded by 146K in November, following a revised 138K rise in October (was 171K) and 132K increase in September (was 148K). Last month's print exceeded both our (122K) and the median Street (85K) expectations. Indeed, for the second month in a row, the front-month job gain eclipsed all published economist projections.
Friday, December 7, 2012
Eco Analysis - Energy prices to put upward pressure on French inflation in December and January (M. Martinez)
Eco Analysis - Energy prices to put upward pressure on French inflation in December and January (M. Martinez)
Energy prices to put upward pressure on French inflation in December and January
French inflation gauges have been slowing down since the beginning of the year. After another drop in annual rates in November, we expect this trend to break in January, owing mainly to an increase in energy and food prices. Indeed, energy prices have been constrained by the government over past months, but are likely to catch up in December and January. We expect FRCPIxt to rise by 1.75% yoy in the first two months of 2013.
■ Excise duties on gasoline prices to rise progressively
Following up on a promise made by François Hollande during his presidential campaign, excise duties on fuels (TICPE) were temporary reduced by €3ct per litre between 29 August and 30 November. At the same time, gasoline retailers matched the price cut, leading to an average reduction of €6ct per litre. Last week, the government announced that the return to normal TICPE excise duties will occur in four stages, beginning with a €1ct hike on 1 December, followed by €½ct on 11 December, €½ct on 21 December and lastly €1ct on 11 January. We expect gasoline prices to gradually increase by €6ct during this period. The cumulated impact on headline inflation in December and January is estimated at 20-25bp.
■ Gas prices to rise by 3.0% on 1 January.
Gas tariffs are administered by the government in France. Household tariffs increased by 2% in October, as the government apparently ignored the recommendation of the French energy regulator (Commission de regulation de l'énergie, CRE) which estimated that prices should be increased by 6.1%. As a result, ANODE, the French gas suppliers association, took the French government to court, and subsequently, on 29 November, the Conseil d'Etat (Counsel of State) which hears cases against decisions made by the government, ruled in favour of ANODE. On 10 December, the government is to announce the official hike, which is to take effect on 1 January. We expect the hike to be close to 3.0% which translates into a 3bp hike in headline inflation.
■ Food prices to grow in line with average seasonality
We expect food prices to increase by 1.0% over the next three months (November to January), thereby adding 15bp to the headline figures, representing the average observed over the last 10 winters (from November to January). In actual fact, food prices grew at a slower pace (0.6%) between November 2011 and January 2012. However, we believe the summer surge in global agricultural prices is likely to have exerted upward pressure.
■ French inflation to slow down in 2013 and accelerate in 2014
On a different note, household and motor insurance tariffs are set to increase by 2.0-3.0bp in January (adding 3bp to headline figures). Assuming an average seasonal profile for other core prices, we expect French inflation (FRCPIxt) to print at 1.75% yoy in January. Looking ahead, we expect French HICP inflation to grow at 1.9% yoy in 2013 and 2.4% yoy in 2014. As part of our central scenario, we take into account the VAT hike in January 2014 (see PM Ayrault sends positive signals on competitiveness). Note that our monthly inflation forecasts are available on Bloomberg (function SXEI).
MARTINEZ Michel
Energy prices to put upward pressure on French inflation in December and January
French inflation gauges have been slowing down since the beginning of the year. After another drop in annual rates in November, we expect this trend to break in January, owing mainly to an increase in energy and food prices. Indeed, energy prices have been constrained by the government over past months, but are likely to catch up in December and January. We expect FRCPIxt to rise by 1.75% yoy in the first two months of 2013.
■ Excise duties on gasoline prices to rise progressively
Following up on a promise made by François Hollande during his presidential campaign, excise duties on fuels (TICPE) were temporary reduced by €3ct per litre between 29 August and 30 November. At the same time, gasoline retailers matched the price cut, leading to an average reduction of €6ct per litre. Last week, the government announced that the return to normal TICPE excise duties will occur in four stages, beginning with a €1ct hike on 1 December, followed by €½ct on 11 December, €½ct on 21 December and lastly €1ct on 11 January. We expect gasoline prices to gradually increase by €6ct during this period. The cumulated impact on headline inflation in December and January is estimated at 20-25bp.
■ Gas prices to rise by 3.0% on 1 January.
Gas tariffs are administered by the government in France. Household tariffs increased by 2% in October, as the government apparently ignored the recommendation of the French energy regulator (Commission de regulation de l'énergie, CRE) which estimated that prices should be increased by 6.1%. As a result, ANODE, the French gas suppliers association, took the French government to court, and subsequently, on 29 November, the Conseil d'Etat (Counsel of State) which hears cases against decisions made by the government, ruled in favour of ANODE. On 10 December, the government is to announce the official hike, which is to take effect on 1 January. We expect the hike to be close to 3.0% which translates into a 3bp hike in headline inflation.
■ Food prices to grow in line with average seasonality
We expect food prices to increase by 1.0% over the next three months (November to January), thereby adding 15bp to the headline figures, representing the average observed over the last 10 winters (from November to January). In actual fact, food prices grew at a slower pace (0.6%) between November 2011 and January 2012. However, we believe the summer surge in global agricultural prices is likely to have exerted upward pressure.
■ French inflation to slow down in 2013 and accelerate in 2014
On a different note, household and motor insurance tariffs are set to increase by 2.0-3.0bp in January (adding 3bp to headline figures). Assuming an average seasonal profile for other core prices, we expect French inflation (FRCPIxt) to print at 1.75% yoy in January. Looking ahead, we expect French HICP inflation to grow at 1.9% yoy in 2013 and 2.4% yoy in 2014. As part of our central scenario, we take into account the VAT hike in January 2014 (see PM Ayrault sends positive signals on competitiveness). Note that our monthly inflation forecasts are available on Bloomberg (function SXEI).
MARTINEZ Michel
Ukraine: S&P downgraded Ukraine's rating by one notch to B (negative outlook)
Ukraine: S&P downgraded Ukraine's rating by one notch to B (negative outlook)
Today S&P downgraded Ukraine's rating by one notch to B (negative outlook). Previously this week, the country's rating was downgraded by Moody's. The main concern is clear: the country is scheduled to redeem USD7.2bn in 2013 while sources of refinancing are still uncertain. We reiterate our call that the new deal with the IMF is essential for financial and economic stability in the short term. We expect more efforts of the government to reach a compromise with the fund. However, the mission visit has been recently postponed to the beginning of 2013 when the new government is supposed to be formed. We maintain our call on economic recession in the coming quarters and hryvnya deval to UAH9 per $ in the near future.
Today S&P downgraded Ukraine's rating by one notch to B (negative outlook). Previously this week, the country's rating was downgraded by Moody's. The main concern is clear: the country is scheduled to redeem USD7.2bn in 2013 while sources of refinancing are still uncertain. We reiterate our call that the new deal with the IMF is essential for financial and economic stability in the short term. We expect more efforts of the government to reach a compromise with the fund. However, the mission visit has been recently postponed to the beginning of 2013 when the new government is supposed to be formed. We maintain our call on economic recession in the coming quarters and hryvnya deval to UAH9 per $ in the near future.
U.S. Commercial, Multifamily Mortgage Delinquency Rates Dip in 3Q
World Property Channel
U.S. Commercial, Multifamily Mortgage Delinquency Rates Dip in 3Q
Posted by David Barley 12/07/12 8:00 AM EST
According to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report, delinquency rates decreased for commercial and multifamily mortgage loans in the third quarter.
U.S. Commercial, Multifamily Mortgage Delinquency Rates Dip in 3Q
Posted by David Barley 12/07/12 8:00 AM EST
According to the Mortgage Bankers Association's (MBA) Commercial/Multifamily Delinquency Report, delinquency rates decreased for commercial and multifamily mortgage loans in the third quarter.
Chile: We expect consumer prices to have inched down modestly in November
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 07 Dec 2012 06:00 |
Chile: We expect consumer prices to have inched down modestly in November.
CHILE
We expect modest deflation in November. The report will be unveiled today. After an upside surprise in October, consumer price inflation is expected to have dived into negative terrain in November. The m/m decline is estimated to be modest, though. We look for a negative print smaller than 0.1% in absolute terms. If the forecast materializes, the y/y inflation rate would have declined to 2.5% last month. The median estimate from the Bloomberg survey expects consumer prices to have remained unchanged last month. The consensus y/y rate expectation is 2.6%.
Daily Latam Spotlight | 07 Dec 2012 06:00 |
Chile: We expect consumer prices to have inched down modestly in November.
CHILE
We expect modest deflation in November. The report will be unveiled today. After an upside surprise in October, consumer price inflation is expected to have dived into negative terrain in November. The m/m decline is estimated to be modest, though. We look for a negative print smaller than 0.1% in absolute terms. If the forecast materializes, the y/y inflation rate would have declined to 2.5% last month. The median estimate from the Bloomberg survey expects consumer prices to have remained unchanged last month. The consensus y/y rate expectation is 2.6%.
Thursday, December 6, 2012
Eco Analysis - Australia: Big trade deficit, but also better exports (K Baader)
Eco Analysis - Australia: Big trade deficit, but also better exports (K Baader)
Australia's October trade figures added another piece of evidence that intra-Asian trade - and arguably global trade - is picking up. Export values rose for the first time in five months, albeit by a mere 0.4% mom, but that is a respectable performance considering that, according to the RBA measure, commodity prices were down 2.2% in October. The rise owed much to a jump in exports to China, which surged 20% mom (but caution, not seasonally adjusted), lifting the annual rate to -11% from -25%. This supports the notion that de-stocking in China has come to an end. Meanwhile, imports into Australia surged, led by capital goods, indicating that strong investment activity extended into Q4.
Australia's October trade figures added another piece of evidence that intra-Asian trade - and arguably global trade - is picking up. Export values rose for the first time in five months, albeit by a mere 0.4% mom, but that is a respectable performance considering that, according to the RBA measure, commodity prices were down 2.2% in October. The rise owed much to a jump in exports to China, which surged 20% mom (but caution, not seasonally adjusted), lifting the annual rate to -11% from -25%. This supports the notion that de-stocking in China has come to an end. Meanwhile, imports into Australia surged, led by capital goods, indicating that strong investment activity extended into Q4.
Top 10 Investor Questions For 2013: Global Real Estate
Top 10 Investor Questions For 2013: Global Real Estate
05-Dec-2012
How does the prospect of a slow U.S. economic recovery affect Standard & Poor's Ratings Services' views on the credit quality of REITs and homebuilders in this market?How does Standard & Poor's account for divergent economic trends in its financial performance forecasts for real estate companies in the Asia-Pacific region? What implications does the prevailing weak macroeconomic environment in Europe have for real estate ratings? What are Standard & Poor's views on the funding outlook for the U.S. real estate sector? What are the most notable debt capital market developments for real estate in the Asia-Pacific region? What are funding conditions like for real estate in Europe? What is your credit outlook for the main property sectors in the U.S.? What is your credit outlook for the main property sectors in Asia-Pacific? What is your credit outlook for Europe's retail and office property sectors?What are the likely prospects for M&A activity in the real estate sector across the three major regions? The global real estate sector is set to finish the year 2012 on a cautiously positive note. Capital real estate values have broadly remained stable, rated real estate investment trusts (REITs) are on track in terms of leasing activity, and most rated developers are seeing improved profitability. The funding environment for rated real estate has improved significantly since 2010-2011, and investor appetite for real estate debt is growing. We're also seeing real estate companies shift toward debt issuance and nonbank funding rather than bank debt--a trend that we believe will continue into 2013. We believe credit quality among our rated portfolio of real estate companies should remain stable into 2013. This is because our base-case operating scenarios for rated estate companies balance macroeconomic headwinds with firms' well-diversified, high quality portfolios.
S&P: Top 10 Investor Questions For 2013: Global Real Estate
05-Dec-2012
How does the prospect of a slow U.S. economic recovery affect Standard & Poor's Ratings Services' views on the credit quality of REITs and homebuilders in this market?How does Standard & Poor's account for divergent economic trends in its financial performance forecasts for real estate companies in the Asia-Pacific region? What implications does the prevailing weak macroeconomic environment in Europe have for real estate ratings? What are Standard & Poor's views on the funding outlook for the U.S. real estate sector? What are the most notable debt capital market developments for real estate in the Asia-Pacific region? What are funding conditions like for real estate in Europe? What is your credit outlook for the main property sectors in the U.S.? What is your credit outlook for the main property sectors in Asia-Pacific? What is your credit outlook for Europe's retail and office property sectors?What are the likely prospects for M&A activity in the real estate sector across the three major regions? The global real estate sector is set to finish the year 2012 on a cautiously positive note. Capital real estate values have broadly remained stable, rated real estate investment trusts (REITs) are on track in terms of leasing activity, and most rated developers are seeing improved profitability. The funding environment for rated real estate has improved significantly since 2010-2011, and investor appetite for real estate debt is growing. We're also seeing real estate companies shift toward debt issuance and nonbank funding rather than bank debt--a trend that we believe will continue into 2013. We believe credit quality among our rated portfolio of real estate companies should remain stable into 2013. This is because our base-case operating scenarios for rated estate companies balance macroeconomic headwinds with firms' well-diversified, high quality portfolios.
S&P: Top 10 Investor Questions For 2013: Global Real Estate
New $15 Billion Hudson Yards Project Breaks Ground on Manhattan's West Side
World Property Channel
New $15 Billion Hudson Yards Project Breaks Ground on Manhattan's West Side
Posted by Hortense Leon 12/06/12 8:15 AM EST
A city within a city was launched on Tuesday of this week, when ground was broken for the first building in the approximately $15 billion mixed-use Hudson Yards development on the west side of Manhattan.
New $15 Billion Hudson Yards Project Breaks Ground on Manhattan's West Side
Posted by Hortense Leon 12/06/12 8:15 AM EST
A city within a city was launched on Tuesday of this week, when ground was broken for the first building in the approximately $15 billion mixed-use Hudson Yards development on the west side of Manhattan.
Chile: Growth cooled down further on a sequential basis in early Q4
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 06 Dec 2012 06:00 |
Chile: Growth cooled down further on a sequential basis in early Q4.
CHILE
Growth cooled down further on a sequential basis in early Q4. The monthly proxy for real GDP, Imacec, was reported to have advanced a robust 6.7% y/y in October. This reading stood slightly ahead of our forecast and the median estimate from the Bloomberg survey (both: 6.2% y/y). On a three-month moving average basis, growth accelerated slightly to an above-potential 6.0% y/y.
Daily Latam Spotlight | 06 Dec 2012 06:00 |
Chile: Growth cooled down further on a sequential basis in early Q4.
CHILE
Growth cooled down further on a sequential basis in early Q4. The monthly proxy for real GDP, Imacec, was reported to have advanced a robust 6.7% y/y in October. This reading stood slightly ahead of our forecast and the median estimate from the Bloomberg survey (both: 6.2% y/y). On a three-month moving average basis, growth accelerated slightly to an above-potential 6.0% y/y.
Wednesday, December 5, 2012
U.S. Multi-Family Sector's Vacancy Rates Expected to Rise in 2013
World Property Channel
U.S. Multi-Family Sector's Vacancy Rates Expected to Rise in 2013
Posted by Hortense Leon 12/05/12 8:18 PM EST
Although the U.S. multi-housing vacancy rate is expected to go up in 2013, it will remain near the historic average.
U.S. Multi-Family Sector's Vacancy Rates Expected to Rise in 2013
Posted by Hortense Leon 12/05/12 8:18 PM EST
Although the U.S. multi-housing vacancy rate is expected to go up in 2013, it will remain near the historic average.
Tesco US Exit Would End Losses, Allow UK Turnaround Focus
Fitchratings.com
05 Dec 2012 11:35 AM
Tesco US Exit Would End Losses, Allow UK Turnaround Focus
Fitch Ratings-London-05 December 2012: A withdrawal from the US would benefit Tesco's financial profile by halting several more years of operating losses and would allow the retailer to focus on addressing more pressing issues in its home market, Fitch Ratings says. Early expectations for growth from the US business quickly proved over-optimistic, especially as it was launched just before the economic downturn. Still a withdrawal would leave the group's European and Asian operations as the only source of international diversification.
05 Dec 2012 11:35 AM
Tesco US Exit Would End Losses, Allow UK Turnaround Focus
Fitch Ratings-London-05 December 2012: A withdrawal from the US would benefit Tesco's financial profile by halting several more years of operating losses and would allow the retailer to focus on addressing more pressing issues in its home market, Fitch Ratings says. Early expectations for growth from the US business quickly proved over-optimistic, especially as it was launched just before the economic downturn. Still a withdrawal would leave the group's European and Asian operations as the only source of international diversification.
A Boom in Houston Is Led by the Energy Industry
A Boom in Houston Is Led by the Energy Industry
Office buildings under construction in the Woodlands Town Center. The taller one is for Anadarko Petroleum.
By MATT HUDGINS
Published: December 4, 2012
HOUSTON — Even first-time visitors here can tell that the city is growing rapidly. Construction cranes overhang office and apartment sites all along the Katy Freeway, a stretch of Interstate 10 that connects a string of booming submarkets west of the 610 Loop. This expanse includes the Westchase neighborhood and the Energy Corridor, home to an expanding cluster of energy companies.
http://www.nytimes.com/2012/12/05/realestate/commercial/houstons-boom-is-led-by-the-energy-industry.html
Office buildings under construction in the Woodlands Town Center. The taller one is for Anadarko Petroleum.
By MATT HUDGINS
Published: December 4, 2012
HOUSTON — Even first-time visitors here can tell that the city is growing rapidly. Construction cranes overhang office and apartment sites all along the Katy Freeway, a stretch of Interstate 10 that connects a string of booming submarkets west of the 610 Loop. This expanse includes the Westchase neighborhood and the Energy Corridor, home to an expanding cluster of energy companies.
http://www.nytimes.com/2012/12/05/realestate/commercial/houstons-boom-is-led-by-the-energy-industry.html
Tuesday, December 4, 2012
US LNG EXPORT PROJECTS—1: Three-point system compares US LNG export projects
http://www.ogj.com/articles/print/vol-110/issue-12/transportation/us-lng-export-projects-1-three-point.html
US LNG EXPORT PROJECTS—1: Three-point system compares US LNG export projects
12/03/2012
John E. Paisie
JEA Consulting Group
Toledo, Ohio
Evaluating potential US LNG export terminals on the basis of their development plan, financial health, and development timeline allows a sorting of the various projects by their likelihood of completion.
US LNG EXPORT PROJECTS—1: Three-point system compares US LNG export projects
12/03/2012
John E. Paisie
JEA Consulting Group
Toledo, Ohio
Evaluating potential US LNG export terminals on the basis of their development plan, financial health, and development timeline allows a sorting of the various projects by their likelihood of completion.
Colombia Weekly
Colombia Weekly
Rodrigo Fuenmayor, William Pereira, Economics/FX/Interest Rate Teams - FX / Rates
Colombia Weekly | 04 Dec 2012 12:21 |
Summary
Strengthening labour market. The unemployment rate (urban areas) declined to 10.2% in October from 10.7% in the month before. This was better than the consensus expectation of 10.5%. The national unemployment rate was 8.9%. The strengthening of the labour market and continued availability of credit, albeit at a reduced pace, bode well for domestic consumption and demand.
Rodrigo Fuenmayor, William Pereira, Economics/FX/Interest Rate Teams - FX / Rates
Colombia Weekly | 04 Dec 2012 12:21 |
Summary
Strengthening labour market. The unemployment rate (urban areas) declined to 10.2% in October from 10.7% in the month before. This was better than the consensus expectation of 10.5%. The national unemployment rate was 8.9%. The strengthening of the labour market and continued availability of credit, albeit at a reduced pace, bode well for domestic consumption and demand.
Colombia: Record-low popularity for President Santos
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 04 Dec 2012 06:00 |
Colombia: Record-low popularity for President Santos
COLOMBIA
Colombian President Santos’ support falls sharply. President Santos’s approval rating fell 15pp in one month to a record low of 45% in November. This was likely driven by a court ruling in favour of Nicaragua and against Colombia in a dispute over territorial waters in the Caribbean Sea. Last month, the International Court of Justice in the Hague ordered Colombia to give sovereignty of some territorial waters to Nicaragua. This order reduces Colombia's maritime borders in the Caribbean Sea and has prompted Colombia to withdraw from the International Court of Justice.
Daily Latam Spotlight | 04 Dec 2012 06:00 |
Colombia: Record-low popularity for President Santos
COLOMBIA
Colombian President Santos’ support falls sharply. President Santos’s approval rating fell 15pp in one month to a record low of 45% in November. This was likely driven by a court ruling in favour of Nicaragua and against Colombia in a dispute over territorial waters in the Caribbean Sea. Last month, the International Court of Justice in the Hague ordered Colombia to give sovereignty of some territorial waters to Nicaragua. This order reduces Colombia's maritime borders in the Caribbean Sea and has prompted Colombia to withdraw from the International Court of Justice.
Mexico: IMEF survey results reflect continued upbeat business sentiment
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 04 Dec 2012 06:00 |
Mexico: IMEF survey results reflect continued upbeat business sentiment
MEXICO
PMIs continue well inside the expansion zone. At 53.8 each, the IMEF manufacturing and non-manufacturing indicators both remained in the expansion territory in November. Four of the five IMEF manufacturing components (new orders, production, employment and inventory) were decidedly in the expansion territory. The inventory segment was the only sub-50 component (47.1). The new orders and production components of the non-manufacturing IMEF showed continued strength, with readings of 57.6 and 56.7, respectively.
Daily Latam Spotlight | 04 Dec 2012 06:00 |
Mexico: IMEF survey results reflect continued upbeat business sentiment
MEXICO
PMIs continue well inside the expansion zone. At 53.8 each, the IMEF manufacturing and non-manufacturing indicators both remained in the expansion territory in November. Four of the five IMEF manufacturing components (new orders, production, employment and inventory) were decidedly in the expansion territory. The inventory segment was the only sub-50 component (47.1). The new orders and production components of the non-manufacturing IMEF showed continued strength, with readings of 57.6 and 56.7, respectively.
Brazil: Industrial production will rebound in October
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 04 Dec 2012 06:00 |
Brazil: Industrial production will rebound in October
BRAZIL
Today, industrial production (IP) will rebound, according to coincident data, including energy consumption, car output, heavy vehicle traffic on toll roads and paperboard sales. A month earlier, an unusually few number of working days led to a soft IP number in seasonally adjusted terms.
Daily Latam Spotlight | 04 Dec 2012 06:00 |
Brazil: Industrial production will rebound in October
BRAZIL
Today, industrial production (IP) will rebound, according to coincident data, including energy consumption, car output, heavy vehicle traffic on toll roads and paperboard sales. A month earlier, an unusually few number of working days led to a soft IP number in seasonally adjusted terms.
Monday, December 3, 2012
Turkey: Food-Driven Disinflation
Turkey: Food-Driven Disinflation
At 0.38% m/m, November's CPI inflation was significantly lower than market consensus and our expectation (0.9%), mostly due to a 0.12% m/m decline in food prices. Contrary to the global food price increases during the first half of the year, domestic food prices followed a subdued trend this year, resulting in a food inflation of 2.3% from January to November. The average January-November food inflation during 2007-2011 was 10%. Accordingly, annual CPI inflation declined to 6.4% in November from 7.8% in October.
At 0.38% m/m, November's CPI inflation was significantly lower than market consensus and our expectation (0.9%), mostly due to a 0.12% m/m decline in food prices. Contrary to the global food price increases during the first half of the year, domestic food prices followed a subdued trend this year, resulting in a food inflation of 2.3% from January to November. The average January-November food inflation during 2007-2011 was 10%. Accordingly, annual CPI inflation declined to 6.4% in November from 7.8% in October.
Ukraine: the government resignation - and substantial reshuffle ahead
Ukraine: the government resignation - and substantial reshuffle ahead
In Ukraine, the president accepted the resignation of PM Azarov, which means resignation of his cabinet. This event was very expected and following to the parliamentary elections. However, now we expect quite substantial reshuffle of the cabinet and new figures to be recruited to the government. First of all, it was widely announced that the ministers who were elected to the Rada are planning to work there. This implicitly means that politically charismatic ministers such as Vice PM Sergei Tigipko, the minister of justice Alexander Lavrinovich, minister of economy Petr Poroshenko, minister of emergency Victor Baloga, minister of transportation Boris Kolesnikov, minister of regions Anatoly Blyznyuk and minister of sport Dmitry Tabachnik are likely to become a new parlament deputies.
In Ukraine, the president accepted the resignation of PM Azarov, which means resignation of his cabinet. This event was very expected and following to the parliamentary elections. However, now we expect quite substantial reshuffle of the cabinet and new figures to be recruited to the government. First of all, it was widely announced that the ministers who were elected to the Rada are planning to work there. This implicitly means that politically charismatic ministers such as Vice PM Sergei Tigipko, the minister of justice Alexander Lavrinovich, minister of economy Petr Poroshenko, minister of emergency Victor Baloga, minister of transportation Boris Kolesnikov, minister of regions Anatoly Blyznyuk and minister of sport Dmitry Tabachnik are likely to become a new parlament deputies.
Peru: The central bank to remain on hold again this week
Peru: The central bank to remain on hold again this week
PERU
The long pause to continue this week. The central bank (BCRP) has kept the policy rate unchanged for 18 consecutive months. We expect this to continue this week and into next year.
PERU
The long pause to continue this week. The central bank (BCRP) has kept the policy rate unchanged for 18 consecutive months. We expect this to continue this week and into next year.
Chile: Busy week ahead. Strong activity and modest deflation expected
Chile: Busy week ahead. Strong activity and modest deflation expected.
CHILE
A busy week ahead; strong activity (October) and modest deflation (November) expected. The calendar starts on Wednesday with the release of the October economic activity report. The forecast shows expectations for a strong reading based on available evidence on different economic sectors. Thus, we expect the monthly real GDP proxy to have advanced 6.2% y/y in October. We also look for a modest expansion in sequential terms. The median estimate from the Bloomberg survey, meanwhile, looks for a flat monthly reading and a slightly lower 6.0% y/y gain.
CHILE
A busy week ahead; strong activity (October) and modest deflation (November) expected. The calendar starts on Wednesday with the release of the October economic activity report. The forecast shows expectations for a strong reading based on available evidence on different economic sectors. Thus, we expect the monthly real GDP proxy to have advanced 6.2% y/y in October. We also look for a modest expansion in sequential terms. The median estimate from the Bloomberg survey, meanwhile, looks for a flat monthly reading and a slightly lower 6.0% y/y gain.
Asia Insights: China: The PMI continued to improve in November
Fixed Income | Asia Ex-Japan
NOMURA
02 December 2012
Asia Insights: China: The PMI continued to improve in November
·China’s official PMI rose further to 50.6 in November from 50.2 in October, lower than the consensus forecast of 50.8.
·Both the new orders and the production sub-indices continued to improve.
·This lends further support to our view of a strong economic rebound in Q4.
NOMURA
02 December 2012
Asia Insights: China: The PMI continued to improve in November
·China’s official PMI rose further to 50.6 in November from 50.2 in October, lower than the consensus forecast of 50.8.
·Both the new orders and the production sub-indices continued to improve.
·This lends further support to our view of a strong economic rebound in Q4.
Sunday, December 2, 2012
Fiscal Cliff Takeaways From the Sunday News Shows
Mohamed A. El-Erian.CEO and co-CIO, PIMCO
Fiscal Cliff Takeaways From the Sunday News Shows
Posted: 12/02/2012 2:56 pm
Television networks devoted much of their Sunday news shows to the fiscal cliff -- and rightly so -- reflecting the urgency and importance of the topic.
Fiscal Cliff Takeaways From the Sunday News Shows
Posted: 12/02/2012 2:56 pm
Television networks devoted much of their Sunday news shows to the fiscal cliff -- and rightly so -- reflecting the urgency and importance of the topic.
Friday, November 30, 2012
Turkey: Trade deficit surprised to the downside
Turkey: Trade deficit surprised to the downside
At USD 5.5bn, October’s foreign trade deficit was lower than the market expectations (USD 8.2bn) and our forecast (USD 7.4bn) mostly due to lower-than-expected imports. October’s fiscal data was implying an increase in imports. Nevertheless, on a seasonally adjusted basis, imports contracted by 4.1% m/m in October. Exports increased by 0.7% m/m. As a result, 12-month cumulative trade deficit declined from USD 87.7bn in September to USD 85.2bn in October. Similarly, non-energy trade deficit contracted by USD 2.2bn to USD 33.2bn in October.
At USD 5.5bn, October’s foreign trade deficit was lower than the market expectations (USD 8.2bn) and our forecast (USD 7.4bn) mostly due to lower-than-expected imports. October’s fiscal data was implying an increase in imports. Nevertheless, on a seasonally adjusted basis, imports contracted by 4.1% m/m in October. Exports increased by 0.7% m/m. As a result, 12-month cumulative trade deficit declined from USD 87.7bn in September to USD 85.2bn in October. Similarly, non-energy trade deficit contracted by USD 2.2bn to USD 33.2bn in October.
Thursday, November 29, 2012
Chile: Manufacturing beat expectations in October; robust GDP reading expected next week
Chile: Manufacturing beat expectations in October; robust GDP reading expected next week
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 29 Nov 2012 14:32 | 46 Kb
Manufacturing production advanced a whopping 9.1% y/y in October, following a 5.6% y/y plunge in September. A strong performance was expected thanks to the fact that October this year had three additional working days, but actual IP growth stood above our already optimistic forecast and the median estimate from the Bloomberg survey (5.0% and 3.0% y/y, respectively).
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 29 Nov 2012 14:32 | 46 Kb
Manufacturing production advanced a whopping 9.1% y/y in October, following a 5.6% y/y plunge in September. A strong performance was expected thanks to the fact that October this year had three additional working days, but actual IP growth stood above our already optimistic forecast and the median estimate from the Bloomberg survey (5.0% and 3.0% y/y, respectively).
Wednesday, November 28, 2012
Chile: Neutral minutes with a catch
Chile: Neutral minutes with a catch
Nader Nazmi - Market Economics
Latam Macro Snapshot | 28 Nov 2012 16:32 |
We read the minutes of the 13 November monetary policy meeting as broadly neutral regarding the short-term outlook, ruling out any changes in the policy rate over the next several months. Although inflation is not an issue at present, the minutes show some concern about latent price pressures given the economy’s strong momentum.
Nader Nazmi - Market Economics
Latam Macro Snapshot | 28 Nov 2012 16:32 |
We read the minutes of the 13 November monetary policy meeting as broadly neutral regarding the short-term outlook, ruling out any changes in the policy rate over the next several months. Although inflation is not an issue at present, the minutes show some concern about latent price pressures given the economy’s strong momentum.
Tuesday, November 27, 2012
The WMI Top 10 Hotel & Resort Operators in Europe: Company Guide
The WMI Top 10 Hotel & Resort Operators in Europe: Company Guide
Published: November 2012 | Region: Europe | 252 pages | World Market Intelligence
Synopsis
- "The WMI Top 10 Hotel & Resort Operators in Europe: Company Guide" is a crucial resource for anyone looking to gain information on the top companies in the Travel and Tourism industry in Europe. Detailed company profile and SWOT analysis information is provided for all the leading companies who are ranked in order by total annual revenues generated
http://www.researchandmarkets.com/research/f2tj8c/the_wmi_top_10
Published: November 2012 | Region: Europe | 252 pages | World Market Intelligence
Synopsis
- "The WMI Top 10 Hotel & Resort Operators in Europe: Company Guide" is a crucial resource for anyone looking to gain information on the top companies in the Travel and Tourism industry in Europe. Detailed company profile and SWOT analysis information is provided for all the leading companies who are ranked in order by total annual revenues generated
http://www.researchandmarkets.com/research/f2tj8c/the_wmi_top_10
Stocks dead, bonds deader till 2022: Pimco
http://articles.marketwatch.com/2012-11-27/commentary/35368213_1_el-erian-new-bull-money-managers
Stocks dead, bonds deader till 2022: Pimco
Paul B. Farrell
Commentary: Gross, El-Erian warn of very slow growth ahead
November 27, 2012 | Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — Big money managers are warning investors. They’re now citing the Bible: “Seven lean years.” No recovery till 2016. That was Jeremy Grantham back a few years ago. His GMO firm manages $104 billion.
Stocks dead, bonds deader till 2022: Pimco
Paul B. Farrell
Commentary: Gross, El-Erian warn of very slow growth ahead
November 27, 2012 | Paul B. Farrell, MarketWatch
SAN LUIS OBISPO, Calif. (MarketWatch) — Big money managers are warning investors. They’re now citing the Bible: “Seven lean years.” No recovery till 2016. That was Jeremy Grantham back a few years ago. His GMO firm manages $104 billion.
Many U.S. Office Markets to Improve in 2013, Accelerating in 2014
World Property Channel
Many U.S. Office Markets to Improve in 2013, Accelerating in 2014
Posted by Hortense Leon 11/27/12 8:00 AM EST
The office vacancy rate will continue to decline in 2013 and more so in 2014, according to the CBRE Group. The rate will fall to 14.9% next year and 13.8% in 2014, according to the commercial real estate brokerage firm.
Many U.S. Office Markets to Improve in 2013, Accelerating in 2014
Posted by Hortense Leon 11/27/12 8:00 AM EST
The office vacancy rate will continue to decline in 2013 and more so in 2014, according to the CBRE Group. The rate will fall to 14.9% next year and 13.8% in 2014, according to the commercial real estate brokerage firm.
Peru, Chile and Mexico are Societe Generale's favourites for LatAm investments
http://www.investmenteurope.net/
Peru, Chile and Mexico are Societe Generale's favourites for LatAm investments
By: Chiara Albanese
27 Nov 2012
Despite the global slowdown, favorable domestic conditions have supported the growth of Latin America's most open economies, such as Peru, Chile and Mexico, and forecasts suggest strong capital inflows for 2013 which will fuel credit growth, according to Societe Generale.
Peru, Chile and Mexico are Societe Generale's favourites for LatAm investments
By: Chiara Albanese
27 Nov 2012
Despite the global slowdown, favorable domestic conditions have supported the growth of Latin America's most open economies, such as Peru, Chile and Mexico, and forecasts suggest strong capital inflows for 2013 which will fuel credit growth, according to Societe Generale.
Monday, November 26, 2012
Chile: Strong October partial activity data expected this week.
Chile: Strong October partial activity data expected this week.
CHILE
Strong October partial activity data expected this week. Activity report will be released on Thursday. We expect the pace of manufacturing production to have swung back into positive terrain in October. Our forecast is for a 5.0% y/y expansion, after a 5.6% y/y plunge in September. We look for a moderate expansion in sequential terms.
CHILE
Strong October partial activity data expected this week. Activity report will be released on Thursday. We expect the pace of manufacturing production to have swung back into positive terrain in October. Our forecast is for a 5.0% y/y expansion, after a 5.6% y/y plunge in September. We look for a moderate expansion in sequential terms.
U.S. Commercial Property Sector Enjoying Rising Rents as Vacancies Slowly Decline, Says NAR
U.S. Commercial Property Sector Enjoying Rising Rents as Vacancies Slowly Decline, Says NAR
Posted by Michael Gerrity 11/26/12 11:33 AM EST
According to the National Association of Realtors (NAR) quarterly commercial real estate forecast, most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market.
Posted by Michael Gerrity 11/26/12 11:33 AM EST
According to the National Association of Realtors (NAR) quarterly commercial real estate forecast, most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market.
CMBS Issuance Expected to Increase by 50% in 2013
World Property Channel
CMBS Issuance Expected to Increase by 50% in 2013
Posted by Hortense Leon 11/26/12 10:08 AM EST
While there are a number of challenges that will face the US economy in 2013, good news is forecast for the CMBS market in the new year. According to a November 21th report issued by Deutsche Bank, the non-agency issuance volume of CMBS will increase by 50% to approximately $60 billion. That would be the highest total volume of CMBS issuance since the financial meltdown.
CMBS Issuance Expected to Increase by 50% in 2013
Posted by Hortense Leon 11/26/12 10:08 AM EST
While there are a number of challenges that will face the US economy in 2013, good news is forecast for the CMBS market in the new year. According to a November 21th report issued by Deutsche Bank, the non-agency issuance volume of CMBS will increase by 50% to approximately $60 billion. That would be the highest total volume of CMBS issuance since the financial meltdown.
Friday, November 23, 2012
Daily Latam Spotlight: CHILE
Florencia Vazquez, Marcelo Carvalho, Nader Nazmi, Gustavo Arruda - Market Economics
Daily Latam Spotlight | 23 Nov 2012 10:59 |
CHILE
The Chilean executive is facing more and more obstacles in the ongoing budget debate in Congress. Finance Minister Felipe Larrain expressed concern after the opposition introduced several changes it wants to make to the 2013 budget in the lower chamber of parliament. Specifically, it has rejected items in areas of education, health, labour and mining.
Daily Latam Spotlight | 23 Nov 2012 10:59 |
CHILE
The Chilean executive is facing more and more obstacles in the ongoing budget debate in Congress. Finance Minister Felipe Larrain expressed concern after the opposition introduced several changes it wants to make to the 2013 budget in the lower chamber of parliament. Specifically, it has rejected items in areas of education, health, labour and mining.
Wednesday, November 21, 2012
Turkey: Moody's remains on hold and upbeat
Turkey: Moody's remains on hold and upbeat
Moody's is holding its 6th Annual Turkey Credit Risk Conference in Istanbul today. In the morning session of the meeting, Turkey analyst Sarah Carlson made a presentation on "Sovereign risk in Europe: Turkey and the Euro Area." Recall that, Moody's maintained Turkey's sovereign rating unchanged at Ba1 and kept the positive outlook yesterday.
Moody's is holding its 6th Annual Turkey Credit Risk Conference in Istanbul today. In the morning session of the meeting, Turkey analyst Sarah Carlson made a presentation on "Sovereign risk in Europe: Turkey and the Euro Area." Recall that, Moody's maintained Turkey's sovereign rating unchanged at Ba1 and kept the positive outlook yesterday.
Worldwide Plaza Confirms Recapitalization Plans
Worldwide Plaza Confirms Recapitalization Plans
By Karsten Strauss 11/21/12 1:37pm
Worldwide Plaza will definitely look to recapitalize, following several months of lingering on the auction block. Sellers, George Comfort & Sons and RCG Longview, had purchased the building – located at 825 Eighth Avenue – in 2009 for just under $600 million.
http://commercialobserver.com/2012/11/worldwide-plaza-confirms-refinance-plans/
By Karsten Strauss 11/21/12 1:37pm
http://commercialobserver.com/2012/11/worldwide-plaza-confirms-refinance-plans/
Turkey: The CBRT acts cautious but signals a policy rate cut
Turkey: The CBRT acts cautious but signals a policy rate cut
The CBRT kept its one-week repo rate (the policy rate) and o/n borrowing rate unchanged at 5.75% and 5.00%, respectively. The o/n lending rates, on the other hand, were cut by 50bp. Consequently, o/n lending rate to primary dealers was reduced to 8.5%, whereas o/n lending rate to the rest of the market was cut to 9.00%. Following Governor Başçı’s verbal intervention last week, market’s and our expectations leaned towards a rate cut on the o/n borrowing rate. Hence, CBRT acted more cautious relative to expectations. At the same time, the bank made a conditional commitment to reduce its policy rate and o/n borrowing rate by stating that “If deemed necessary for financial stability, a measured cut may be considered in the policy rate and the overnight borrowing rate in the forthcoming period”. Hence, should the CBRT decide to reduce the lower bound of the interest rate corridor, this would likely to be accompanied with a cut in the policy rate as well. The reserve option coefficients (ROC) for FX were raised by 0.1 points for tranches above 40%, whereas ROCs for gold were increased by 0.2 points for all tranches. The CBRT kept the repo auction limits unchanged at TRY 0.5-6.5bn for one-week repo and a maximum of TRY 4bn for one-month repo.
The CBRT kept its one-week repo rate (the policy rate) and o/n borrowing rate unchanged at 5.75% and 5.00%, respectively. The o/n lending rates, on the other hand, were cut by 50bp. Consequently, o/n lending rate to primary dealers was reduced to 8.5%, whereas o/n lending rate to the rest of the market was cut to 9.00%. Following Governor Başçı’s verbal intervention last week, market’s and our expectations leaned towards a rate cut on the o/n borrowing rate. Hence, CBRT acted more cautious relative to expectations. At the same time, the bank made a conditional commitment to reduce its policy rate and o/n borrowing rate by stating that “If deemed necessary for financial stability, a measured cut may be considered in the policy rate and the overnight borrowing rate in the forthcoming period”. Hence, should the CBRT decide to reduce the lower bound of the interest rate corridor, this would likely to be accompanied with a cut in the policy rate as well. The reserve option coefficients (ROC) for FX were raised by 0.1 points for tranches above 40%, whereas ROCs for gold were increased by 0.2 points for all tranches. The CBRT kept the repo auction limits unchanged at TRY 0.5-6.5bn for one-week repo and a maximum of TRY 4bn for one-month repo.
Chile: Consumer confidence slid in October, but stayed above the 50 neutral level.
Chile: Consumer confidence slid in October, but stayed above the 50 neutral level.
CHILE
Consumer confidence declined in October, but remained above the 50 neutral level. Consumer confidence slid 1.7% m/m to stand at 52.7 in October. Thus, last month was the fifth straight month of results above the 50 neutral level.
CHILE
Consumer confidence declined in October, but remained above the 50 neutral level. Consumer confidence slid 1.7% m/m to stand at 52.7 in October. Thus, last month was the fifth straight month of results above the 50 neutral level.
2013 Outlook Commodities Review: European Gas and LNG
2013 Outlook
Commodities Review
European Gas and LNG
Thierry Bros
Key points
■ On 8 October, the second 27.5 bcm/y Nord Stream line was launched, bringing the facility’s total capacity to 55 bcm/y (the first line was opened in November 2011). The pipeline is designed to bring greater stability to the supply of Russian gas to Europe by reducing dependence on transit countries, with which Russia has repeatedly faced serious issues over gas prices.
Commodities Review
European Gas and LNG
Thierry Bros
Key points
■ On 8 October, the second 27.5 bcm/y Nord Stream line was launched, bringing the facility’s total capacity to 55 bcm/y (the first line was opened in November 2011). The pipeline is designed to bring greater stability to the supply of Russian gas to Europe by reducing dependence on transit countries, with which Russia has repeatedly faced serious issues over gas prices.
2013 Outlook Commodities Review: US Natural Gas
2013 Outlook
Commodities Review
US Natural Gas
Laurent Key
Key points
■ The US natural gas forward curve is, in our opinion, well priced for the start of the winter but too expensive from March to the rest of 2013. Cal 13 price forecast is $3.52/MMbtu, 40 cents below the current curve.
Commodities Review
US Natural Gas
Laurent Key
Key points
■ The US natural gas forward curve is, in our opinion, well priced for the start of the winter but too expensive from March to the rest of 2013. Cal 13 price forecast is $3.52/MMbtu, 40 cents below the current curve.
2013 Outlook Commodities Review: Oil
2013 Outlook
Commodities Review
Oil
Michael Wittner
Key points
■ The outlook for oil market fundamentals is neutral through 2013. With another year of sluggish economic growth expected, global demand growth is forecast at 0.8 Mb/d next year, driven by emerging markets east of Suez.
Commodities Review
Oil
Michael Wittner
Key points
■ The outlook for oil market fundamentals is neutral through 2013. With another year of sluggish economic growth expected, global demand growth is forecast at 0.8 Mb/d next year, driven by emerging markets east of Suez.
2013 Outlook Commodities Review: Copper
2013 Outlook
Commodities Review
Copper
Robin Bhar
Key points
■ At current levels, around $7,600/t, we anticipate limited downside risk as fundamentally the copper market remains tight; there is scope for prices to rise given a belief that the Chinese economy has bottomed and a rebound is expected over the coming months.
Commodities Review
Copper
Robin Bhar
Key points
■ At current levels, around $7,600/t, we anticipate limited downside risk as fundamentally the copper market remains tight; there is scope for prices to rise given a belief that the Chinese economy has bottomed and a rebound is expected over the coming months.
Tuesday, November 20, 2012
Blackstone buys troubled shopping centre after years in limbo
http://www.theaustralian.com.au/business/property/blackstone-buys-troubled-mall/story-fn9656lz-1226519908536
Blackstone buys troubled shopping centre after years in limbo
PRIVATE equity giant Blackstone has waded deeper into Australian real estate, paying $341 million for the Top Ryde City shopping centre in Sydney, a source has confirmed.
Blackstone buys troubled shopping centre after years in limbo
PRIVATE equity giant Blackstone has waded deeper into Australian real estate, paying $341 million for the Top Ryde City shopping centre in Sydney, a source has confirmed.
Brazil: Consensus revised down growth for next year
Florencia Vazquez, Marcelo Carvalho, Nader Nazmi, Gustavo Arruda - Market Economics
Daily Latam Spotlight | 20 Nov 2012 06:00 |
Brazil: Consensus revised down growth for next year.
BRAZIL
Local markets will be closed today due to a local holiday.
Consensus expects less growth ahead. Consensus has revised down 2012 growth to 1.52% from 1.54% in the prior week. For 2013, consensus anticipates growth below 4.0% next year (at 3.96% from 4.0%). We continue to believe that Brazil’s economy will continue to accelerate in the coming quarters, and partial data for October reinforce our view. We expect growth above 5.0% next year, thanks to monetary, fiscal and credit measures in place to spur growth.
Daily Latam Spotlight | 20 Nov 2012 06:00 |
Brazil: Consensus revised down growth for next year.
BRAZIL
Local markets will be closed today due to a local holiday.
Consensus expects less growth ahead. Consensus has revised down 2012 growth to 1.52% from 1.54% in the prior week. For 2013, consensus anticipates growth below 4.0% next year (at 3.96% from 4.0%). We continue to believe that Brazil’s economy will continue to accelerate in the coming quarters, and partial data for October reinforce our view. We expect growth above 5.0% next year, thanks to monetary, fiscal and credit measures in place to spur growth.
Monday, November 19, 2012
Chile: More moderate growth in Q3, but still above potential
Chile: More moderate growth in Q3, but still above potential
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 19 Nov 2012 16:33 |
Real GDP in Chile was reported to have advanced 5.7% y/y in Q3 2012. The y/y pace of advance stood slightly ahead of the median estimate from the Bloomberg survey and a bit below our forecast (5.4% and 6.2%, respectively). In sequential terms, the economy expanded at a 5.7% q/q (saar) pace, having moderated from Q2’s unsustainable 8.3% pace (revised up from a previous 7%), but still slightly above potential (Chart 1).
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 19 Nov 2012 16:33 |
Real GDP in Chile was reported to have advanced 5.7% y/y in Q3 2012. The y/y pace of advance stood slightly ahead of the median estimate from the Bloomberg survey and a bit below our forecast (5.4% and 6.2%, respectively). In sequential terms, the economy expanded at a 5.7% q/q (saar) pace, having moderated from Q2’s unsustainable 8.3% pace (revised up from a previous 7%), but still slightly above potential (Chart 1).
Worldwide Plaza may be off the block
Worldwide Plaza may be off the block
With bids lagging the $1.5 billion target price, the owners of the 59-story West Side office tower are said to be thinking about holding off and settling for a re-fi now.
BY DANIEL GEIGER
NOVEMBER 19, 2012 1:37 P.M.
The owners of Worldwide Plaza have begun considering a refinancing of their 1.9 million square foot tower, rather than the sale they had been pursuing, several sources say.
http://www.crainsnewyork.com/article/20121119/REAL_ESTATE/121119923
With bids lagging the $1.5 billion target price, the owners of the 59-story West Side office tower are said to be thinking about holding off and settling for a re-fi now.
BY DANIEL GEIGER
NOVEMBER 19, 2012 1:37 P.M.
The owners of Worldwide Plaza have begun considering a refinancing of their 1.9 million square foot tower, rather than the sale they had been pursuing, several sources say.
http://www.crainsnewyork.com/article/20121119/REAL_ESTATE/121119923
Sunday, November 18, 2012
Global Economic Outlook - Anchor themes - Exiting Uncertainty
November 19, 2012
http://www.sgresearch.com
The muddle-through policy setting has been an additional headwind to debt deleveraging, with the resulting uncertainty delaying consumption, investment and hiring decisions.
Why Can’t We Be Friends?
Why Can’t We Be Friends?
Julia Coronado - Market Economics
US Daily Spotlight | 19 Nov 2012 00:15 |
Last week ended on a hopeful note as Democratic and Republican Congressional leaders met at the White House with President Obama and emerged from their meeting promising they would reach a fiscal compromise “before Christmas”. There is still much political wood to be chopped to reach agreement, and it is certain to be a bumpy road. Nevertheless, we feel reasonably confident that the parameters of a deal are well within sight, and the political incentives on both sides are for a smooth outcome.
Julia Coronado - Market Economics
US Daily Spotlight | 19 Nov 2012 00:15 |
Last week ended on a hopeful note as Democratic and Republican Congressional leaders met at the White House with President Obama and emerged from their meeting promising they would reach a fiscal compromise “before Christmas”. There is still much political wood to be chopped to reach agreement, and it is certain to be a bumpy road. Nevertheless, we feel reasonably confident that the parameters of a deal are well within sight, and the political incentives on both sides are for a smooth outcome.
Friday, November 16, 2012
Chile Copper Mining Industry At a Turning Point -BHP Executive
http://www.4-traders.com/
Chile Copper Mining Industry At a Turning Point -BHP Executive
11/16/2012| 10:07am US/Eastern
SANTIAGO, Chile--The Chilean copper mining industry, which accounts for a third of the world's copper, is at a turning point as ore grades are retreating and bigger capital expenditures are needed to maintain production levels, a BHP Billiton Ltd. executive said Friday.
Chile Copper Mining Industry At a Turning Point -BHP Executive
11/16/2012| 10:07am US/Eastern
SANTIAGO, Chile--The Chilean copper mining industry, which accounts for a third of the world's copper, is at a turning point as ore grades are retreating and bigger capital expenditures are needed to maintain production levels, a BHP Billiton Ltd. executive said Friday.
Thursday, November 15, 2012
Turkey: Rebalancing is losing pace
Turkey: Rebalancing is losing pace
At USD 2.7bn, current account deficit was below the market consensus and our forecast (USD 3.0bn) in September. As a result, 12-month cumulative c/a deficit declined to USD 55.8bn from USD 59.5bn in August. Similarly, 12-month cumulative non-energy c/a deficit fell to USD 4.0bn, from USD 7.7bn. Net gold exports continued to support the narrowing in the current account deficit. 12-month cumulative net gold exports amounted to USD 3.7bn, from USD 1.4bn in August.
At USD 2.7bn, current account deficit was below the market consensus and our forecast (USD 3.0bn) in September. As a result, 12-month cumulative c/a deficit declined to USD 55.8bn from USD 59.5bn in August. Similarly, 12-month cumulative non-energy c/a deficit fell to USD 4.0bn, from USD 7.7bn. Net gold exports continued to support the narrowing in the current account deficit. 12-month cumulative net gold exports amounted to USD 3.7bn, from USD 1.4bn in August.
Demand For Luxury Goods Drives Rental Growth
DEMAND FOR LUXURY GOODS DRIVES RENTAL GROWTH
14 Nov, 2012, London
http://www.cushwake.com/cwglobal/jsp/newsLanding.jsp?Language=EN&featuredNewsItemId=c60500007p&Country=GB&pageStart=26
14 Nov, 2012, London
http://www.cushwake.com/cwglobal/jsp/newsLanding.jsp?Language=EN&featuredNewsItemId=c60500007p&Country=GB&pageStart=26
Best Metals Forecaster Smirk Sees China Recovering: Commodities
Best Metals Forecaster Smirk Sees China Recovering: Commodities
By Phoebe Sedgman and Chanyaporn Chanjaroen
Industrial metals will rally through the middle of next year as the economy strengthens in China, the biggest user of everything from aluminum to zinc, according to the most accurate price forecaster tracked by Bloomberg.
Justin Smirk of Westpac Banking Corp. in Sydney beat as many as 25 others in predicting metals for two consecutive quarters on a rolling two-year basis, data compiled by Bloomberg Rankings show. He expects copper, nickel and zinc to gain through June and forecasts a 21 percent rise in aluminum.
By Phoebe Sedgman and Chanyaporn Chanjaroen
Industrial metals will rally through the middle of next year as the economy strengthens in China, the biggest user of everything from aluminum to zinc, according to the most accurate price forecaster tracked by Bloomberg.
Justin Smirk of Westpac Banking Corp. in Sydney beat as many as 25 others in predicting metals for two consecutive quarters on a rolling two-year basis, data compiled by Bloomberg Rankings show. He expects copper, nickel and zinc to gain through June and forecasts a 21 percent rise in aluminum.
Wednesday, November 14, 2012
South Africa: Retail sales growth healthy but slowing to 4.3% y/y in Sept from 6.7% in Aug
South Africa: Retail sales growth healthy but slowing to 4.3% y/y in Sept from 6.7% in Aug
Retail sales growth slowed in Sept to 4.3% y/y, after recording annual growth rates of 6.7% and 2.9% in Aug and July respectively. The growth slowdown may be partly attributed to the transport strikes of Sept, which likely disrupted retail sales during the month. In addition, retail sales may have been constrained by a pickup in retail inflation, coupled with slower growth in household disposable income (see charts). Retail inflation has recently risen from 3.9% y/y in August to 4.5% in September, while growth in household disposable income appears to be trending downward, equalling 3.7% y/y in Q2 2012 versus growth of 5.6% for the same period in 2011.
Retail sales growth slowed in Sept to 4.3% y/y, after recording annual growth rates of 6.7% and 2.9% in Aug and July respectively. The growth slowdown may be partly attributed to the transport strikes of Sept, which likely disrupted retail sales during the month. In addition, retail sales may have been constrained by a pickup in retail inflation, coupled with slower growth in household disposable income (see charts). Retail inflation has recently risen from 3.9% y/y in August to 4.5% in September, while growth in household disposable income appears to be trending downward, equalling 3.7% y/y in Q2 2012 versus growth of 5.6% for the same period in 2011.
Mexico: Labour Reform Is Approved
Mexico: Labour Reform Is Approved
Nader Nazmi - Market Economics
Latam Macro Snapshot | 14 Nov 2012 16:32 |
Late last night the Senate passed a labour reform bill that had already been approved by the Chamber of Deputies. This bill will soon be signed into law by the outgoing President Felipe Calderon, ending years of failed efforts to reform Mexico’s labour market.
Nader Nazmi - Market Economics
Latam Macro Snapshot | 14 Nov 2012 16:32 |
Late last night the Senate passed a labour reform bill that had already been approved by the Chamber of Deputies. This bill will soon be signed into law by the outgoing President Felipe Calderon, ending years of failed efforts to reform Mexico’s labour market.
Colombia Weekly
Colombia Weekly
Central bank publishes neutral minutes. Notwithstanding concerns about soft Q3 growth, the Colombian central bank board is confident that robust growth is continuing in H2 thanks to strong domestic demand, according to the minutes of the 26 October board meeting, released on Friday.
Central bank publishes neutral minutes. Notwithstanding concerns about soft Q3 growth, the Colombian central bank board is confident that robust growth is continuing in H2 thanks to strong domestic demand, according to the minutes of the 26 October board meeting, released on Friday.
Chile: BCCh stood on hold, as expected; neutral bias remained in place
Chile: BCCh stood on hold, as expected; neutral bias remained in place
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 13 Nov 2012 22:00 |
Chile’s central bank kept the policy rate unchanged at 5.0% at today’s monetary policy meeting. The decision stood in line with both our forecast and the median estimate from the Bloomberg survey.
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 13 Nov 2012 22:00 |
Chile’s central bank kept the policy rate unchanged at 5.0% at today’s monetary policy meeting. The decision stood in line with both our forecast and the median estimate from the Bloomberg survey.
Foreclosed Homes Purchased by Colony Capital to be turned into Rental Properties
Foreclosed Homes Purchased by Colony Capital to be turned into Rental Properties
November 13, 2012
Colony Capital, a private real-estate investment firm, won an auction for 970 single family homes from mortgage giant Fannie Mae in a deal that cost the company $176 million. The properties are located in California, Arizona and Nevada, three states that have been hit particularly hard by the housing crisis that first began in 2008.
http://pacificbanc.wordpress.com/2012/11/13/foreclosed-homes-purchased-by-colony-capital-to-be-turned-into-rental-properties/
November 13, 2012
Colony Capital, a private real-estate investment firm, won an auction for 970 single family homes from mortgage giant Fannie Mae in a deal that cost the company $176 million. The properties are located in California, Arizona and Nevada, three states that have been hit particularly hard by the housing crisis that first began in 2008.
http://pacificbanc.wordpress.com/2012/11/13/foreclosed-homes-purchased-by-colony-capital-to-be-turned-into-rental-properties/
Tuesday, November 13, 2012
U.S. Oil Output to Overtake Saudi Arabia’s by 2020
http://www.bloomberg.com/news/2012-11-12/u-s-to-overtake-saudi-arabia-s-oil-production-by-2020-iea-says.html
U.S. Oil Output to Overtake Saudi Arabia’s by 2020
By Lananh Nguyen
U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.
U.S. Oil Output to Overtake Saudi Arabia’s by 2020
By Lananh Nguyen
U.S. oil output is poised to surpass Saudi Arabia’s in the next decade, making the world’s biggest fuel consumer almost self-reliant and putting it on track to become a net exporter, the International Energy Agency said.
Major improvements in copper concentrate supply forecast
Major improvements in copper concentrate supply forecast
In the first eight months of 2012, its Y-o-Y imports of refined copper rose 57.7% to 2.39 mt and of concentrate 14.1% to 4.6 mt
Kunal Bose / Nov 13, 2012, 00:31 IST
India’s two standalone smelters without mine linkages, belonging to Hindalco Industries and Sterlite Industries, have reasons to be happy, with the International Copper Study Group (ICSG) saying the world could see supply surplus of copper concentrate in 2013. That would mark the end of over a decade-long tightness in availability of the mineral for smelting into metal. Principally, on the back of copper mines expansion in Chile and the Oyu Tolgoi copper-gold mine coming on stream, concentrate supply next year, according to ICSG, will see a 6.4 per cent rise.
In the first eight months of 2012, its Y-o-Y imports of refined copper rose 57.7% to 2.39 mt and of concentrate 14.1% to 4.6 mt
Kunal Bose / Nov 13, 2012, 00:31 IST
India’s two standalone smelters without mine linkages, belonging to Hindalco Industries and Sterlite Industries, have reasons to be happy, with the International Copper Study Group (ICSG) saying the world could see supply surplus of copper concentrate in 2013. That would mark the end of over a decade-long tightness in availability of the mineral for smelting into metal. Principally, on the back of copper mines expansion in Chile and the Oyu Tolgoi copper-gold mine coming on stream, concentrate supply next year, according to ICSG, will see a 6.4 per cent rise.
Monday, November 12, 2012
Chile Cochilco Raises 2012 Copper Price View to $3.61 a Pound
Chile Cochilco Raises 2012 Copper Price View to $3.61 a Pound
Published November 12, 2012
Dow Jones Newswires
Chilean state copper commission Cochilco raised its 2012 copper-price outlook to an average of $3.61 a pound, from a previous outlook of $3.52/lb.
Published November 12, 2012
Dow Jones Newswires
Chilean state copper commission Cochilco raised its 2012 copper-price outlook to an average of $3.61 a pound, from a previous outlook of $3.52/lb.
Global Copper Production Under Stress
Global Copper Production Under Stress
Richard (Rick) Mills
Ahead of the Herd
Capital inputs account for about half the total costs in mining production - the average for the economy as a whole is 21 per cent. Obviously many of the costs, once incurred, cannot be recovered by sale or transfer of the fixed assets.
Richard (Rick) Mills
Ahead of the Herd
As a general rule, the most successful man in life is the man who has the best information
Capital inputs account for about half the total costs in mining production - the average for the economy as a whole is 21 per cent. Obviously many of the costs, once incurred, cannot be recovered by sale or transfer of the fixed assets.
Sunday, November 11, 2012
Update On Copper Mining In Chile
**Update On Copper Mining In Chile**
Sunday, 11 November, 2012
By: Charles Kubach, Mine-Engineer.Com
Copper mining costs are being reported ranging from around $2/pound to a high of $3.20 per pound. As China's economy cools to a 5% growth rate, they require fewer resources, such as steel and copper, so the demand weakens, but if American and European economies ever recover, copper will again rise to the $4 per pound level. The trick is to still be in business when that happens, and keeping mines profitable and costs in line is how a mining company will do that. By utilizing process efficiencies, convincing the government to not tax and fee the industry into oblivion, and keeping mine costs in line with projected income will determine if Chile's copper thrives or moves on to another continent.
Sunday, 11 November, 2012
By: Charles Kubach, Mine-Engineer.Com
Copper mining costs are being reported ranging from around $2/pound to a high of $3.20 per pound. As China's economy cools to a 5% growth rate, they require fewer resources, such as steel and copper, so the demand weakens, but if American and European economies ever recover, copper will again rise to the $4 per pound level. The trick is to still be in business when that happens, and keeping mines profitable and costs in line is how a mining company will do that. By utilizing process efficiencies, convincing the government to not tax and fee the industry into oblivion, and keeping mine costs in line with projected income will determine if Chile's copper thrives or moves on to another continent.
Russia: the CBR left rates unchanged in Nov as expected
Russia: the CBR left rates unchanged in Nov as expected
In Russia, the CBR made decision to leave all key rates (depo, repo and refi) unchanged in November. This decision has been highly expected as CPI inflation slowed to 6.5%y/y in October, providing the CBR time for manoeuvre. However, we generally see October's relief in food price pressure as temporary and expect a new round of food inflation soon, resulting in a new acceleration of CPI inflation. This makes monetary tightening likely. We expect the CBR to hike rates by 25bp in Dec and see refi rate at 8.5% by 2012-end (flat in 2013). The decision is planned to in the first ten days of Dec (presumably, 7 Dec 2012).
In Russia, the CBR made decision to leave all key rates (depo, repo and refi) unchanged in November. This decision has been highly expected as CPI inflation slowed to 6.5%y/y in October, providing the CBR time for manoeuvre. However, we generally see October's relief in food price pressure as temporary and expect a new round of food inflation soon, resulting in a new acceleration of CPI inflation. This makes monetary tightening likely. We expect the CBR to hike rates by 25bp in Dec and see refi rate at 8.5% by 2012-end (flat in 2013). The decision is planned to in the first ten days of Dec (presumably, 7 Dec 2012).
Mexico: Banxico’s Minutes – Limits to Patience
Mexico: Banxico’s Minutes – Limits to Patience
Nader Nazmi - Market Economics
Latam Macro Snapshot | 09 Nov 2012 16:45 |
Worried about inflation for now.
According to the minutes from the 26 October meeting of the Monetary Policy Committee (MPC), the board sees elevated risks to inflation near term. While it judges supply shocks as the main cause of high inflation, it is mindful of second-round effects. It is worried that price pressures, albeit temporary, will contaminate inflation expectations, result in wage hikes that exceed the inflation target and spill over to core inflation. This is especially a concern given that the output gap has closed (and is likely positive) and inflation has been stuck above the 4.0% Banxico implicit tolerance ceiling for five months.
Nader Nazmi - Market Economics
Latam Macro Snapshot | 09 Nov 2012 16:45 |
Worried about inflation for now.
According to the minutes from the 26 October meeting of the Monetary Policy Committee (MPC), the board sees elevated risks to inflation near term. While it judges supply shocks as the main cause of high inflation, it is mindful of second-round effects. It is worried that price pressures, albeit temporary, will contaminate inflation expectations, result in wage hikes that exceed the inflation target and spill over to core inflation. This is especially a concern given that the output gap has closed (and is likely positive) and inflation has been stuck above the 4.0% Banxico implicit tolerance ceiling for five months.
Brazil: The Hunt for Red October
Brazil: The Week Ahead - The Hunt for Red October
Marcelo Carvalho - Market Economics
Brazil: The Week Ahead | 09 Nov 2012 16:30 |
You may have seen the film. The 1990 movie “The Hunt for Red October” is a thriller adapted from the Tom Clancy novel of the same name. In the story, Red October is the name of the new Soviet submarine that sonars are unable to detect. Sean Connery plays the commanding officer of the boat. Currently in Brazil, bearish forecasters seem to be hunting for a red October on growth data.
Marcelo Carvalho - Market Economics
Brazil: The Week Ahead | 09 Nov 2012 16:30 |
You may have seen the film. The 1990 movie “The Hunt for Red October” is a thriller adapted from the Tom Clancy novel of the same name. In the story, Red October is the name of the new Soviet submarine that sonars are unable to detect. Sean Connery plays the commanding officer of the boat. Currently in Brazil, bearish forecasters seem to be hunting for a red October on growth data.
China: Chinese export growth improved further (W. Yao)
Eco Analysis - Chinese export growth improved further (W. Yao)
China's export growth surprised on the upside again, but imports remained sluggish.
China's export growth rose further to +11.6%yoy in October from +9.9%yoy in September, beating expectations (Cons. +10%; SG +9%) for a second month. There were two more workdays last month than that in October 2011, which contributed to the headline improvement. But, even if excluding this factor, exports still hold up reasonably well. Export growth to the US and the European Union improved to +9%yoy and -8.1%yoy in October from +5.5yoy and -10.7%yoy in the previous month, previously. As in September, emerging Asia outperformed the most, with exports to ASEAN economies rising 44%yoy. However, we remain cautious on the export outlook, amid weak order figures, especially those from the Canton fair (-9%yoy).
China's export growth surprised on the upside again, but imports remained sluggish.
China's export growth rose further to +11.6%yoy in October from +9.9%yoy in September, beating expectations (Cons. +10%; SG +9%) for a second month. There were two more workdays last month than that in October 2011, which contributed to the headline improvement. But, even if excluding this factor, exports still hold up reasonably well. Export growth to the US and the European Union improved to +9%yoy and -8.1%yoy in October from +5.5yoy and -10.7%yoy in the previous month, previously. As in September, emerging Asia outperformed the most, with exports to ASEAN economies rising 44%yoy. However, we remain cautious on the export outlook, amid weak order figures, especially those from the Canton fair (-9%yoy).
Saturday, November 10, 2012
Frankfurt Turns Offices to Homes as Excesses Lift Vacancy
Bloomberg News
Frankfurt Turns Offices to Homes as Excesses Lift Vacancy
By Dalia Fahmy on November 09, 2012
Vijay Vankadari, who has renovated Frankfurt apartment buildings for more than a decade, used a cheap and plentiful resource for his latest residential project in the city: old office buildings that businesses won’t touch.
http://www.businessweek.com/news/2012-11-08/frankfurt-turns-offices-to-homes-as-excesses-lift-vacancy
Frankfurt Turns Offices to Homes as Excesses Lift Vacancy
By Dalia Fahmy on November 09, 2012
Vijay Vankadari, who has renovated Frankfurt apartment buildings for more than a decade, used a cheap and plentiful resource for his latest residential project in the city: old office buildings that businesses won’t touch.
http://www.businessweek.com/news/2012-11-08/frankfurt-turns-offices-to-homes-as-excesses-lift-vacancy
Friday, November 9, 2012
China: CPI and PPI (Oct 2012)
China: CPI and PPI (Oct 2012)
Xingdong Chen - Market Economics
Asian Instant Insight | 09 Nov 2012 03:43 |
CPI eased to a 33-month low of 1.7% y/y and PPI deflation improved to -2.8% y/y. We believe both CPI and PPI have bottomed. But through the year end, CPI would stay mild and PPI continue to be negative. However, policymakers have concerns over inflation next year on the back of economic recovery and monetary easing in developed nations. The need and odd of another cut in interest rate is diminishing along with economic rebound in Q4. Nevertheless, we still expect authorities to maintain the accommodative policy stance to protect the green shoots by ensuring adequate market liquidity and enhancing transmission of monetary policy.
Xingdong Chen - Market Economics
Asian Instant Insight | 09 Nov 2012 03:43 |
CPI eased to a 33-month low of 1.7% y/y and PPI deflation improved to -2.8% y/y. We believe both CPI and PPI have bottomed. But through the year end, CPI would stay mild and PPI continue to be negative. However, policymakers have concerns over inflation next year on the back of economic recovery and monetary easing in developed nations. The need and odd of another cut in interest rate is diminishing along with economic rebound in Q4. Nevertheless, we still expect authorities to maintain the accommodative policy stance to protect the green shoots by ensuring adequate market liquidity and enhancing transmission of monetary policy.
Thursday, November 8, 2012
Turkey: Industrial production increased sharply in September
Turkey: Industrial production increased sharply in September
At 6.2% y/y, September's industrial production index beat the market consensus (2%) and our more optimistic forecast (3.4%). On a seasonally adjusted basis, industrial production increased by 3.9% m/m, following a 2% m/m decline in August, which waspartly due to the Ramadan effect. As a result, in Q3, industrial production increased by 0.9% q/q. Should IP remain flat till the year end, this would translate into a 1.9% q/q increase in Q4.
At 6.2% y/y, September's industrial production index beat the market consensus (2%) and our more optimistic forecast (3.4%). On a seasonally adjusted basis, industrial production increased by 3.9% m/m, following a 2% m/m decline in August, which waspartly due to the Ramadan effect. As a result, in Q3, industrial production increased by 0.9% q/q. Should IP remain flat till the year end, this would translate into a 1.9% q/q increase in Q4.
Chile: CPI inflation surprised to the upside in October lifted by food prices
Chile: CPI inflation surprised to the upside in October lifted by food prices
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 08 Nov 2012 21:14 |
Consumer prices were reported to have advanced 0.6% m/m in October, a result that stood visibly ahead of both our forecast and the median estimate from the Bloomberg survey (both: 0.3% m/m). The annual inflation rate accelerated to 2.9% last month, but remained slightly below the 3% official target.
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 08 Nov 2012 21:14 |
Consumer prices were reported to have advanced 0.6% m/m in October, a result that stood visibly ahead of both our forecast and the median estimate from the Bloomberg survey (both: 0.3% m/m). The annual inflation rate accelerated to 2.9% last month, but remained slightly below the 3% official target.
Mexico: Inflation Downtrend Has Begun
Mexico: Inflation Downtrend Has Begun
Nader Nazmi - Market Economics
Latam Macro Snapshot | 08 Nov 2012 15:52 |
Annual inflation fell from 4.77% in September to 4.60% in October (BNP Paribas: 4.64%). This is supportive of our view that inflation peaked in September and will fall towards our end-year 2012 projection of 4.04% in Q4 due to a more favourable base effect as well as lower food inflation.
Nader Nazmi - Market Economics
Latam Macro Snapshot | 08 Nov 2012 15:52 |
Annual inflation fell from 4.77% in September to 4.60% in October (BNP Paribas: 4.64%). This is supportive of our view that inflation peaked in September and will fall towards our end-year 2012 projection of 4.04% in Q4 due to a more favourable base effect as well as lower food inflation.
Australia: Labour Market (Oct 2012)
Australia: Labour Market (Oct 2012)
Dominic Bryant - Market Economics
Asian Instant Insight | 08 Nov 2012 02:54 |
Employment surprised to the upside somewhat in October, for a second consecutive month. Full-time employment drove the increase. However, other indicators of labour market health are weak at present. In particular, the trend in hours worked is soft. Typically this is consistent with significant domestic demand weakness, which we expect to show through in the Q3 and Q4 GDP numbers. Therefore, we continue to expect a 25bp RBA rate cut in December.
Dominic Bryant - Market Economics
Asian Instant Insight | 08 Nov 2012 02:54 |
Employment surprised to the upside somewhat in October, for a second consecutive month. Full-time employment drove the increase. However, other indicators of labour market health are weak at present. In particular, the trend in hours worked is soft. Typically this is consistent with significant domestic demand weakness, which we expect to show through in the Q3 and Q4 GDP numbers. Therefore, we continue to expect a 25bp RBA rate cut in December.
Starwood Capital joins rivals in Europe's property loans market
Starwood Capital joins rivals in Europe's property loans market
By: Chiara Albanese
07 Nov 2012
US real estate firm Starwood Capital Group has launched Starwood European Finance Company, a European real estate finance platform aiming at taking advantage of financing opportunities arising from the retrenching in bank lending in this space.
http://www.investmenteurope.net/investment-europe/news/2223167/starwood-capital-joins-rivals-in-europes-property-loans-market
By: Chiara Albanese
07 Nov 2012
US real estate firm Starwood Capital Group has launched Starwood European Finance Company, a European real estate finance platform aiming at taking advantage of financing opportunities arising from the retrenching in bank lending in this space.
http://www.investmenteurope.net/investment-europe/news/2223167/starwood-capital-joins-rivals-in-europes-property-loans-market
Wednesday, November 7, 2012
Yelp signs Pacific Telephone Building lease to 2021
http://www.sfgate.com/business/article/Yelp-signs-Pacific-Telephone-Building-lease-to-3547416.php#media-32360
Yelp signs Pacific Telephone Building lease to 2021
Updated 12:46 pm, Wednesday, November 7, 2012
Yelp has given San Francisco a five-star rating, committing itself to stay in its hometown through at least 2021.
Yelp signs Pacific Telephone Building lease to 2021
Updated 12:46 pm, Wednesday, November 7, 2012
Yelp has given San Francisco a five-star rating, committing itself to stay in its hometown through at least 2021.
Output up 72.4% at Chile’s Escondida copper mine
http://www.mining.com/
Output up 72.4% at Chile’s Escondida copper mine
Cecilia Jamasmie | November 7, 2012
Production at Chile's Escondida, the world's largest copper mine, was up 72.4% in the third quarter compared with the same period of 2011, said the country’s copper commission on Wednesday.
Output up 72.4% at Chile’s Escondida copper mine
Cecilia Jamasmie | November 7, 2012
Production at Chile's Escondida, the world's largest copper mine, was up 72.4% in the third quarter compared with the same period of 2011, said the country’s copper commission on Wednesday.
Monday, November 5, 2012
Chile: 2012 GDP forecast revised up on surprisingly strong Q3 performance
Chile: 2012 GDP forecast revised up on surprisingly strong Q3 performance
BNP PARIBAS
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 05 Nov 2012 14:39 |
The monthly proxy for real GDP advanced a strong 4.6% y/y in September. The reading stood modestly ahead of our forecast and visibly above the median estimate from the Bloomberg survey (4.2% and 3.2% y/y, respectively).
BNP PARIBAS
Florencia Vazquez - Market Economics
Latam Macro Snapshot | 05 Nov 2012 14:39 |
The monthly proxy for real GDP advanced a strong 4.6% y/y in September. The reading stood modestly ahead of our forecast and visibly above the median estimate from the Bloomberg survey (4.2% and 3.2% y/y, respectively).
Sunday, November 4, 2012
Copper Mining in Chile - Overview
http://www.mbendi.com/indy/ming/cppr/sa/cl/p0005.htm
Copper Mining in Chile - Overview
Overview
Chile is the world’s largest copper producer, producing 5 390 thousand metric tons in 2010 as opposed to 5 520 in 2009. Chile has approximately 24% of the world’s known copper reserves.
Copper Mining in Chile - Overview
Overview
Chile is the world’s largest copper producer, producing 5 390 thousand metric tons in 2010 as opposed to 5 520 in 2009. Chile has approximately 24% of the world’s known copper reserves.
Mining Companies in Chile
http://www.mapsofworld.com/chile/economy/mining-companies.html
Mining Companies in Chile
Mining companies in Chile are important contributors to the economy and the export of copper and various other metals in their raw and processed form.
Mining Companies of Chile are thus looking to bringing down the cost and increasing profits in a phase where the prices of processed copper have almost doubled. The Chilean Mining Companies are using the latest state of the art technology and cost cutting managerial practices and to this end are employing people with newly gathered skill sets and training. This in turn gives a tremendous boost to the economy by generating employment opportunities. So in seeking more profits mining companies at Chile are actually working towards the betterment of the economy.
Mining Companies in Chile
Mining companies in Chile are important contributors to the economy and the export of copper and various other metals in their raw and processed form.
Mining Companies of Chile are thus looking to bringing down the cost and increasing profits in a phase where the prices of processed copper have almost doubled. The Chilean Mining Companies are using the latest state of the art technology and cost cutting managerial practices and to this end are employing people with newly gathered skill sets and training. This in turn gives a tremendous boost to the economy by generating employment opportunities. So in seeking more profits mining companies at Chile are actually working towards the betterment of the economy.
Blog Tour London: Design Centre Chelsea Harbour
Blog Tour London: Design Centre Chelsea Harbour
Saturday, November 03, 2012 | Category: Bed and Bath, Design Bloggers, Events, Shops and Showrooms
http://materialgirlsblog.com/losangeles/2012/11/03/blog-tour-london-design-centre-chelsea-harbour/
As part of Blog Tour London, we visited the Design Centre Chelsea Harbour in London. During our visit, we were hosted by two sponsors: Samuel Heath and Victoria + Albert. Samuel Heath specilizes in both classic and contemporaty bath fittings and Victoria + Albert produces the most amazing volcanic baths and sink basins. Here’s a highlight from our visit to both showrooms!
The entrance to the Samuel Heath showroom at the Design Centre Chelsea Harbour.
Sleek modern bath fittings on display.
Chic bath accessories in black.
My somewhat iconic (& personal fave) pic of fellow bloggers and blog tour members: Igor of Happy Interior Blog and Will of Bright.Bazaar blog “modeling” for the Samuel Heath showroom.
Just across the way is the entrance to the Victoria + Albert showroom.
Once again, I enlisted Igor & Will to jump in the bath together…
And they weren’t shy about it!
Beautiful sink basins on display at the Victoria + Albert showroom.
And another!
Inside the light filled atrium of the Design Centre Chelsea Harbour.
In conjunction with the London Design Festival, many events were also taking place, including major UK design magazines showcasing at the design centre.
Land Rover UK provided transporation to and from the design centre to other major events.
Just outside the Design Centre Chelea Harbour is a courtyard with the Vaughan showroom.
And there is indeed a Chelsea Harbour!
Thank you to Samuel Heath and Victoria + Albert for hosting us!
{Photos by Jill Seidner Interior Design}
http://materialgirlsblog.com/losangeles/2012/11/03/blog-tour-london-design-centre-chelsea-harbour/
Saturday, November 03, 2012 | Category: Bed and Bath, Design Bloggers, Events, Shops and Showrooms
http://materialgirlsblog.com/losangeles/2012/11/03/blog-tour-london-design-centre-chelsea-harbour/
As part of Blog Tour London, we visited the Design Centre Chelsea Harbour in London. During our visit, we were hosted by two sponsors: Samuel Heath and Victoria + Albert. Samuel Heath specilizes in both classic and contemporaty bath fittings and Victoria + Albert produces the most amazing volcanic baths and sink basins. Here’s a highlight from our visit to both showrooms!
The entrance to the Samuel Heath showroom at the Design Centre Chelsea Harbour.
Sleek modern bath fittings on display.
Chic bath accessories in black.
My somewhat iconic (& personal fave) pic of fellow bloggers and blog tour members: Igor of Happy Interior Blog and Will of Bright.Bazaar blog “modeling” for the Samuel Heath showroom.
Just across the way is the entrance to the Victoria + Albert showroom.
Once again, I enlisted Igor & Will to jump in the bath together…
And they weren’t shy about it!
Beautiful sink basins on display at the Victoria + Albert showroom.
And another!
Inside the light filled atrium of the Design Centre Chelsea Harbour.
In conjunction with the London Design Festival, many events were also taking place, including major UK design magazines showcasing at the design centre.
Land Rover UK provided transporation to and from the design centre to other major events.
Just outside the Design Centre Chelea Harbour is a courtyard with the Vaughan showroom.
And there is indeed a Chelsea Harbour!
Thank you to Samuel Heath and Victoria + Albert for hosting us!
{Photos by Jill Seidner Interior Design}
http://materialgirlsblog.com/losangeles/2012/11/03/blog-tour-london-design-centre-chelsea-harbour/
Wednesday, October 31, 2012
Antofagasta plc : Chile Antofagasta CEO Predicts 2013 Copper Prices Similar to Those in 2012
http://www.4-traders.com/
Antofagasta plc : Chile Antofagasta CEO Predicts 2013 Copper Prices Similar to Those in 2012
10/31/2012| 07:46am US/Eastern
SANTIAGO, Chile--Copper prices will likely remain relatively steady into the first half of 2013, the chief executive of Chilean copper miner Antofagasta PLC (ANTO.LN) said Wednesday.
Antofagasta plc : Chile Antofagasta CEO Predicts 2013 Copper Prices Similar to Those in 2012
10/31/2012| 07:46am US/Eastern
SANTIAGO, Chile--Copper prices will likely remain relatively steady into the first half of 2013, the chief executive of Chilean copper miner Antofagasta PLC (ANTO.LN) said Wednesday.
Friday, October 26, 2012
Winters’ boutique adds to talent pool
http://www.efinancialnews.com/story/2012-10-26/winters-boutique-renshaw-bay-adds-to-talent-pool?ea9c8a2de0ee111045601ab04d673622
Winters’ boutique adds to talent pool
Giles Turner
26 Oct 2012
Renshaw Bay, the investment boutique led by former JP Morgan banker Bill Winters, has made two more hires. The firm now has 16 registered employees – up from seven at the start of the year.
Winters’ boutique adds to talent pool
Giles Turner
26 Oct 2012
Renshaw Bay, the investment boutique led by former JP Morgan banker Bill Winters, has made two more hires. The firm now has 16 registered employees – up from seven at the start of the year.
Thursday, October 25, 2012
Copper Price Forecast: Where Is This Supply Deficit?
http://seekingalpha.com/article/950061-copper-price-forecast-where-is-this-supply-deficit
Copper Price Forecast: Where Is This Supply Deficit?
October 25, 2012 | includes: COPX, CU, JJC
By Stuart Burns
Copper has been characterized for the last couple of years as, at best, a market in balance and about to tip into deficit.
Copper Price Forecast: Where Is This Supply Deficit?
October 25, 2012 | includes: COPX, CU, JJC
By Stuart Burns
Copper has been characterized for the last couple of years as, at best, a market in balance and about to tip into deficit.
Tuesday, October 16, 2012
PREI raises $805 million from institutional investors for its U.S. debt fund Firm expands global initiative in commercial real estate finance
16 October 2012
PREI raises $805 million from institutional investors for its U.S. debt fund
Firm expands global initiative in commercial real estate finance
MADISON, N.J., October 16, 2012 - Prudential Real Estate Investors announced today that it has secured $805 million of discretionary capital for its Prudential U.S. Real Estate Debt Fund, bringing to more than $1.6 billion the amount PREI has raised so far from investors for its global debt strategy. PREI® is the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU).
PREI raises $805 million from institutional investors for its U.S. debt fund
Firm expands global initiative in commercial real estate finance
MADISON, N.J., October 16, 2012 - Prudential Real Estate Investors announced today that it has secured $805 million of discretionary capital for its Prudential U.S. Real Estate Debt Fund, bringing to more than $1.6 billion the amount PREI has raised so far from investors for its global debt strategy. PREI® is the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU).
Friday, October 12, 2012
World's biggest copper mine to make inroads underground
http://www.mining.com/
World's biggest copper mine to make inroads underground
Marc Howe | October 12, 2012
The Chuquicamata mine in Chile – the world's largest open cut copper mine, will commence underground operations after nearly a century of open-cut production.
World's biggest copper mine to make inroads underground
Marc Howe | October 12, 2012
Thursday, October 11, 2012
Developers eye Crossrail boom
Developers eye Crossrail boom
11 October, 2011 | By Jack Sidders
The development boom due to be ushered in by the £14.8 billion Crossrail project is gathering pace this week as plans for a 500,000 sq ft scheme around Tottenham Court Road are due to be submitted.
http://www.cnplus.co.uk/developers-eye-crossrail-boom/8620983.article 2013-07-15
11 October, 2011 | By Jack Sidders
The development boom due to be ushered in by the £14.8 billion Crossrail project is gathering pace this week as plans for a 500,000 sq ft scheme around Tottenham Court Road are due to be submitted.
http://www.cnplus.co.uk/developers-eye-crossrail-boom/8620983.article 2013-07-15
Wednesday, October 10, 2012
With solid quarterly results, the Frankfurt office space market heads toward the end of the year
With solid quarterly results, the Frankfurt office space market heads toward the end of the year
9 Oct, 2012, Frankfurt
• 342,000 sqm of office space leased by the end of September
• Top lease rates stable
• Vacancies continue light fall
http://www.cushwake.com/
9 Oct, 2012, Frankfurt
• 342,000 sqm of office space leased by the end of September
• Top lease rates stable
• Vacancies continue light fall
http://www.cushwake.com/
Tuesday, October 9, 2012
Being Gutsy Is Bringing Some Glory
COMMERCIAL REAL ESTATE
October 9, 2012, 8:12 p.m. ET
Being Gutsy Is Bringing Some Glory
Smaller Firms That Bought Commercial Property During Downturn See Profits
By ELIOT BROWN
The expected sale of a hulking, brick office tower in Midtown Manhattan is on track to net its seller the largest dollar profit to date on any single property that was purchased during the financial downturn.
http://online.wsj.com/article/SB10000872396390443294904578046812154313132.html
October 9, 2012, 8:12 p.m. ET
Being Gutsy Is Bringing Some Glory
Smaller Firms That Bought Commercial Property During Downturn See Profits
By ELIOT BROWN
The expected sale of a hulking, brick office tower in Midtown Manhattan is on track to net its seller the largest dollar profit to date on any single property that was purchased during the financial downturn.
http://online.wsj.com/article/SB10000872396390443294904578046812154313132.html
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