Chile: Q1 Growth Disappoints
Nader Nazmi - Market Economics
Latam Macro Snapshot | 20 May 2013 16:29 |
GDP growth came in 4.1% y/y in Q1, weaker than the consensus estimate of 4.5% and our own projection of 4.4%. On a quarterly basis, growth posted 0.50% q/q (sa) higher in Q1, in line with our 0.45 q/q call but weaker than 1.0% q/q consensus projection (Chart 1).
Monday, May 20, 2013
Friday, May 17, 2013
3 Foreign Companies Invest in U.S. Project to Export Liquid Gas
MERGERS & ACQUISITIONS MAY 17, 2013, 2:36 PM
3 Foreign Companies Invest in U.S. Project to Export Liquid Gas
BY STANLEY REED
In a sign that the United States shale gas boom is making global waves, two Japanese conglomerates and a big French energy player signed agreements on Friday to invest up to $7 billion in a liquefied natural gas project in Louisiana.
http://dealbook.nytimes.com/2013/05/17/3-foreign-companies-invest-in-u-s-project-to-export-liquid-gas/
3 Foreign Companies Invest in U.S. Project to Export Liquid Gas
BY STANLEY REED
In a sign that the United States shale gas boom is making global waves, two Japanese conglomerates and a big French energy player signed agreements on Friday to invest up to $7 billion in a liquefied natural gas project in Louisiana.
http://dealbook.nytimes.com/2013/05/17/3-foreign-companies-invest-in-u-s-project-to-export-liquid-gas/
London office market 'reborn'
London office market 'reborn'
Thursday 16 May 2013
Construction activity in the capital running at three times the level of three years ago, with 9.7 million sq ft of office space under construction.
http://www.deloitte.com/view/en_GB/uk/news/news-in-focus/e72971f2eacae310VgnVCM2000003356f70aRCRD.htm
Thursday 16 May 2013
Construction activity in the capital running at three times the level of three years ago, with 9.7 million sq ft of office space under construction.
http://www.deloitte.com/view/en_GB/uk/news/news-in-focus/e72971f2eacae310VgnVCM2000003356f70aRCRD.htm
Tuesday, May 14, 2013
RPT-Fitch: Strong Refinancing Activity in German Multifamily Housing Market
RPT-Fitch: Strong Refinancing Activity in German Multifamily Housing Market
Tue May 14, 2013 3:40am EDT
http://www.reuters.com/article/2013/05/14/fitch-strong-refinancing-activity-in-ger-idUSFit65614820130514
May 14 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings says in a new report that refinancing activity has been strong in the German multifamily (MFH) CMBS transactions, but balloon risk still remains.
Tue May 14, 2013 3:40am EDT
http://www.reuters.com/article/2013/05/14/fitch-strong-refinancing-activity-in-ger-idUSFit65614820130514
May 14 (Reuters) - (The following statement was released by the rating agency)
Fitch Ratings says in a new report that refinancing activity has been strong in the German multifamily (MFH) CMBS transactions, but balloon risk still remains.
Monday, May 13, 2013
Peru: Deteriorating terms of trade and trade balance in Q1
Peru: Deteriorating terms of trade and trade balance in Q1
Nader Nazmi, Oscar Munoz - Market Economics
Latam Macro Snapshot | 13 May 2013 20:37 |
The trade balance shifted to a deficit of USD 29mn in Q1 from a surplus of USD 1.5bn in Q4. On a 12-month accumulated basis, Peru’s trade surplus narrowed to USD 3.4bn in March from USD 10.8bn a year ago.
Nader Nazmi, Oscar Munoz - Market Economics
Latam Macro Snapshot | 13 May 2013 20:37 |
The trade balance shifted to a deficit of USD 29mn in Q1 from a surplus of USD 1.5bn in Q4. On a 12-month accumulated basis, Peru’s trade surplus narrowed to USD 3.4bn in March from USD 10.8bn a year ago.
Wednesday, May 8, 2013
Why are Chinese copper imports falling?
May 8, 2013
Metal Detector Update
Why are Chinese copper imports falling?
Max Layton, Roger Yuan, Jeffrey Currie
Lower Chinese copper imports do not equal weak consumption
Chinese unwrought copper imports for April fell by 7% mom, and dropped 21% yoy over the same period, implying a 20-25kt mom fall in refined copper imports in April, to c.195-200kt. The mom fall reflects China’s ability to draw on domestic SHFE and Chinese bonded copper stocks accumulated in 2012, as well as lower Chilean exports owing to the port strike in late March/early April. Owing primarily to the large Chinese stock draws, the early indications are that Chinese apparent demand rose significantly in April, following a small pick-up in March (apparent demand equals refined production plus net imports minus estimated stock change). This estimated pick-up in apparent demand is line with strong semi-fabricated output growth in 1Q13 and industry anecdotes of a further pick-up in demand in April.
Metal Detector Update
Why are Chinese copper imports falling?
Max Layton, Roger Yuan, Jeffrey Currie
Lower Chinese copper imports do not equal weak consumption
Chinese unwrought copper imports for April fell by 7% mom, and dropped 21% yoy over the same period, implying a 20-25kt mom fall in refined copper imports in April, to c.195-200kt. The mom fall reflects China’s ability to draw on domestic SHFE and Chinese bonded copper stocks accumulated in 2012, as well as lower Chilean exports owing to the port strike in late March/early April. Owing primarily to the large Chinese stock draws, the early indications are that Chinese apparent demand rose significantly in April, following a small pick-up in March (apparent demand equals refined production plus net imports minus estimated stock change). This estimated pick-up in apparent demand is line with strong semi-fabricated output growth in 1Q13 and industry anecdotes of a further pick-up in demand in April.
Chile: Deeper Deflation than Expected
Nader Nazmi - Market Economics
Latam Macro Snapshot | 08 May 2013 14:04 |
Consumer prices declined 0.5% m/m in April. The monthly decline exceeded the 0.1% m/m drop that the consensus and we had anticipated. The main difference was a 2.0% m/m decline in transportation prices, which subtracted 0.4pp from headline inflation. The decline in transportation prices was driven by a 13.2% m/m drop in bus fares due to holiday-related factors.
Canadian Cool Down
Canadian Cool Down
Bricklin Dwyer - Market Economics
US Daily Spotlight | 09 May 2013 00:20 |
The housing market in Canada continues to be the most significant risk facing the economy. While the economy is closely tied to both US economic (mostly autos and housing) growth and global commodity prices, the Canadian consumer has been the driving force behind economic growth, making up over 54% of GDP. In spite of the lacklustre 0.7% q/q saar and 0.6% rates of GDP growth in Q3 and Q4 last year, personal consumption expenditures contributed 1.5pp to growth each quarter and kept the economy expanding. Despite this persistent strength in consumption, growth in disposable income and residential investment has slowed substantially – pointing to vulnerability in consumer demand.
Bricklin Dwyer - Market Economics
US Daily Spotlight | 09 May 2013 00:20 |
The housing market in Canada continues to be the most significant risk facing the economy. While the economy is closely tied to both US economic (mostly autos and housing) growth and global commodity prices, the Canadian consumer has been the driving force behind economic growth, making up over 54% of GDP. In spite of the lacklustre 0.7% q/q saar and 0.6% rates of GDP growth in Q3 and Q4 last year, personal consumption expenditures contributed 1.5pp to growth each quarter and kept the economy expanding. Despite this persistent strength in consumption, growth in disposable income and residential investment has slowed substantially – pointing to vulnerability in consumer demand.
Tuesday, May 7, 2013
Germany: Good order figures with one blemish
Commerzbank Corporates & Markets
Economic Research
https://research.commerzbank.com
Economic Briefing
Germany: Good order figures with one blemish
Germany’s industrial orders surprised on the positive side in March by rising 2.2% on the previous month. Consequently, the basis trend in orders is slightly upwards again. The one flaw in these otherwise good figures is the sharp fall of domestic core capital goods orders, which could indicate a lower willingness to invest again.
Economic Research
https://research.commerzbank.com
Economic Briefing
Germany: Good order figures with one blemish
Germany’s industrial orders surprised on the positive side in March by rising 2.2% on the previous month. Consequently, the basis trend in orders is slightly upwards again. The one flaw in these otherwise good figures is the sharp fall of domestic core capital goods orders, which could indicate a lower willingness to invest again.
Melbourne office slump set to continue
Melbourne office slump set to continue
Published:06 May 2013 Author:Claire Chaffey Source:Property Week
The Melbourne office market is set to get worse before it gets better, potentially setting off market panic, according to the latest BIS Shrapnel report.
http://www.propertyoz.com.au/Article/NewsDetail.aspx?p=16&id=7590
Published:06 May 2013 Author:Claire Chaffey Source:Property Week
The Melbourne office market is set to get worse before it gets better, potentially setting off market panic, according to the latest BIS Shrapnel report.
http://www.propertyoz.com.au/Article/NewsDetail.aspx?p=16&id=7590
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