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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.
Thursday, December 13, 2012
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.
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