Turkey: The narrowing in the current account deficit has neared to an end
At USD 4.5bn, November's current account deficit was lower than the market consensus and our forecast (USD 4.8bn). Consequently, 12-month cumulative current account deficit declined to USD 51.9bn, from USD 52.8bn in October. Non-energy current account balance on a 12-month cumulative basis turned into a surplus of USD 0.4bn, from a deficit of USD 0.8bn in October. 12-month cumulative net gold exports increased to USD 5.6bn, from USD 5.2bn in October, and continued to contribute to the narrowing in the current account deficit.
Sunday, January 13, 2013
Friday, January 11, 2013
Chile: The government will announce measures to make exports more competitive.
11 January 2013
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 11 Jan 2013 06:00 |
Chile: The government will announce measures to make exports more competitive.
CHILE
Government will announce measures to make exports more competitive. Finance Minister Felipe Larrain affirmed that next week the government will unveil competitive measures. According to Larrain, the upcoming measures are not necessarily on the exchange rate.
Florencia Vazquez,Gustavo Arruda,Marcelo Carvalho,Nader Nazmi - Market Economics
Daily Latam Spotlight | 11 Jan 2013 06:00 |
Chile: The government will announce measures to make exports more competitive.
CHILE
Government will announce measures to make exports more competitive. Finance Minister Felipe Larrain affirmed that next week the government will unveil competitive measures. According to Larrain, the upcoming measures are not necessarily on the exchange rate.
Lowest vacancy rate on the German office market in 10 years
Lowest vacancy rate on the German office market in 10 years
Andreas Trumpp
Overall take-up above average thanks to strong fourth quarter
January 10, 2013, Munich – In Q4 2012, office tenants were once again ready to do business and hit the market with a year-end spurt generating take-up of around 2.77 million m² in six German office markets: Berlin, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart. Andreas Trumpp, Head of Research at Colliers International, Germany, says, “Although we experienced a decline of around 9 percent from 2011, it was to be expected considering the above-average number of major deals we recorded that year. At the end of the day, we even managed to somewhat exceed our expectations for 2012.” Results for the last office leasing year were up by around 126,000 m² from the ten-year average of 2.64 million m². In addition, a considerable portion of the drop in sales can be attributed to the fact that owner-occupier take-up decreased by half.
http://www.colliers.com/en-gb/frankfurt/insights/market-news/20130109_german-office-market_q42012
Andreas Trumpp
Overall take-up above average thanks to strong fourth quarter
January 10, 2013, Munich – In Q4 2012, office tenants were once again ready to do business and hit the market with a year-end spurt generating take-up of around 2.77 million m² in six German office markets: Berlin, Düsseldorf, Frankfurt am Main, Hamburg, Munich and Stuttgart. Andreas Trumpp, Head of Research at Colliers International, Germany, says, “Although we experienced a decline of around 9 percent from 2011, it was to be expected considering the above-average number of major deals we recorded that year. At the end of the day, we even managed to somewhat exceed our expectations for 2012.” Results for the last office leasing year were up by around 126,000 m² from the ten-year average of 2.64 million m². In addition, a considerable portion of the drop in sales can be attributed to the fact that owner-occupier take-up decreased by half.
http://www.colliers.com/en-gb/frankfurt/insights/market-news/20130109_german-office-market_q42012
Thursday, January 10, 2013
Exceptional 4Q pushes Global Commercial Real Estate Investment Volumes to $436B in 2012
Exceptional 4Q pushes Global Commercial Real Estate Investment Volumes to $436B in 2012
Jones Lang LaSalle preliminary numbers show U.S. fiscal cliff tax concerns and pent-up demand lifted 4Q volumes to end the year ahead of 2011
● Preliminary global volumes beat forecasts to end 2012 at $436 billion, a slight increase over 2011’s $435 billion and a 36 percent increase over 2010.
Jones Lang LaSalle preliminary numbers show U.S. fiscal cliff tax concerns and pent-up demand lifted 4Q volumes to end the year ahead of 2011
● Preliminary global volumes beat forecasts to end 2012 at $436 billion, a slight increase over 2011’s $435 billion and a 36 percent increase over 2010.
Brazil: Inflation finishes 2012 above target
Brazil: Inflation finishes 2012 above target
Gustavo Arruda - Market Economics
Latam Macro Snapshot | 10 Jan 2013 14:34 |
IPCA inflation ended 2012 at 5.84%, and we see more upward pressure going forward. The annual reading was above the 4.5% official target centre, although still below the target tolerance ceiling of 6.5%. In the annual comparison, inflation will continue to increase in the coming months, in our view. We fear it may breach the inflation target ceiling of 6.5% already during the first half of the year.
Gustavo Arruda - Market Economics
Latam Macro Snapshot | 10 Jan 2013 14:34 |
IPCA inflation ended 2012 at 5.84%, and we see more upward pressure going forward. The annual reading was above the 4.5% official target centre, although still below the target tolerance ceiling of 6.5%. In the annual comparison, inflation will continue to increase in the coming months, in our view. We fear it may breach the inflation target ceiling of 6.5% already during the first half of the year.
Mexico: Growth decelerated into Q4
Mexico: Growth decelerated into Q4
Nader Nazmi - Market Economics
Latam Macro Snapshot | 10 Jan 2013 16:20 |
Mexico’s monthly GDP proxy (IGAE) expanded 0.2% m/m (sa), slightly weaker than our 0.3% m/m forecast. On an annual basis, growth accelerated from 1.2% y/y in September to 4.3% y/y in October.
Nader Nazmi - Market Economics
Latam Macro Snapshot | 10 Jan 2013 16:20 |
Mexico’s monthly GDP proxy (IGAE) expanded 0.2% m/m (sa), slightly weaker than our 0.3% m/m forecast. On an annual basis, growth accelerated from 1.2% y/y in September to 4.3% y/y in October.
Chile: Monthly survey of economists will be the highlight.
CHILE
Yesterday, the survey of financial market participants showed few changes. The only change in the report was the 12 months inflation, which edged up to 3.0% from 2.9% in the last report.
Yesterday, the survey of financial market participants showed few changes. The only change in the report was the 12 months inflation, which edged up to 3.0% from 2.9% in the last report.
Wednesday, January 9, 2013
Working for the Man
Working for the Man
Julia Coronado - Market Economics
US Daily Spotlight | 10 Jan 2013 00:15 |
The corporate earnings season got off to a positive start on Wednesday, with Alcoa beating market expectations in Q4 and raising its 2013 outlook. The company cited an improving Chinese economy and its own cost-cutting measures and productivity gains. A number of equity analysts are fairly bullish on the prospects for US corporations, although this is an outlook increasingly tied to the global outlook, with sometimes minimal positive spillovers to, or dependency on, the US economy.
Julia Coronado - Market Economics
US Daily Spotlight | 10 Jan 2013 00:15 |
The corporate earnings season got off to a positive start on Wednesday, with Alcoa beating market expectations in Q4 and raising its 2013 outlook. The company cited an improving Chinese economy and its own cost-cutting measures and productivity gains. A number of equity analysts are fairly bullish on the prospects for US corporations, although this is an outlook increasingly tied to the global outlook, with sometimes minimal positive spillovers to, or dependency on, the US economy.
Berlin Office Space Market Makes Record Result
BERLIN OFFICE SPACE MARKET MAKES RECORD RESULT
9 Jan, 2013, Frankfurt
• Vacancy rate falls further
• Prime rent on upward trajectory
The Berlin office space market has charted a record result for the second year in succession. Last year's very strong showing of 685,000 sqm of total rented office space was eclipsed in 2012 with a floor space turnover of 693,000 sqm. The rental volume for 2012 is therefore 47% above the average for the last ten years. In the second and third quarters in particular, Berlin companies proved very active in terms of leasing. Floor space turnover stood at an above-average 190,000 sqm over the two summer quarters. A solid result was achieved at the end of the year too, however, with a quarterly turnover of 173,000 sqm.
http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Country=DE&Language=EN&repId=c57000015p
9 Jan, 2013, Frankfurt
• Vacancy rate falls further
• Prime rent on upward trajectory
The Berlin office space market has charted a record result for the second year in succession. Last year's very strong showing of 685,000 sqm of total rented office space was eclipsed in 2012 with a floor space turnover of 693,000 sqm. The rental volume for 2012 is therefore 47% above the average for the last ten years. In the second and third quarters in particular, Berlin companies proved very active in terms of leasing. Floor space turnover stood at an above-average 190,000 sqm over the two summer quarters. A solid result was achieved at the end of the year too, however, with a quarterly turnover of 173,000 sqm.
http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?Country=DE&Language=EN&repId=c57000015p
Tuesday, January 8, 2013
US LNG EXPORT PROJECTS—2 (Conclusion): Projected financial performance supports
http://www.ogj.com/articles/print/volume-111/issue-1/transportation/us-lng-export-projects-2-conclusion-projected.html
US LNG EXPORT PROJECTS—2 (Conclusion): Projected financial performance supports building at least a few
01/07/2013
John Paisie
JEA Consulting Group
Toledo, Ohio
The projected financial performance of proposed US LNG export plants supports the building and commissioning of at least a few of them. The proposed plants, however, face large risks. Potential supply-demand shifts in both the US and destination markets could result in price shifts much greater than the 10% used in this article's sensitivity analysis.
US LNG EXPORT PROJECTS—2 (Conclusion): Projected financial performance supports building at least a few
01/07/2013
John Paisie
JEA Consulting Group
Toledo, Ohio
The projected financial performance of proposed US LNG export plants supports the building and commissioning of at least a few of them. The proposed plants, however, face large risks. Potential supply-demand shifts in both the US and destination markets could result in price shifts much greater than the 10% used in this article's sensitivity analysis.
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