Svetovni pregled. Junij Aktualno poročilo o kapitalskih trgih na razvijajočih se trgih emreport. Stran 1 od 5
|
|
- Allen Porter
- 5 years ago
- Views:
Transcription
1 Stran 1 od 5 Svetovni pregled Presenetljiv padec donosov ameriških državnih obveznic je pomenil veter v jadra tudi za delnice in obveznice držav na pragu razvitosti Oslabitev konjunkture na večini razvijajočih se trgov se nadaljuje Novi močni pritoki sredstev v delnice in obveznice razvijajočih se trgov ostajajo do nadaljnjega bolj negotovi Maja so delniški trgi držav na pragu razvitosti po daljšem času ponovno odrezali nekoliko bolje kot delniški trgi razvitih držav. Indeks MSCI EM je zabeležil porast v višini skoraj 3 %, pri čemer so se posamezne države odrezale občutno boljše denimo Madžarska, Rusija, Indija ali Turčija. Močno povpraševanje je bilo tudi po obveznicah razvijajočih se trgov (EM), kar je vlagateljem prineslo močno rast vrednosti za okoli 3,1 % (vsakokrat v lokalni valuti). Nadaljnji in za mnoge presenetljiv padec donosov ameriških državnih obveznic je pomenil močno podporo tako za delnice kot za obveznice po vsem svetu. O razlogih za padec donosov se še sicer vedno le ugiba. Močna usmerjenost mnogih udeležencev trga prav na rastoče donose, ki je prisotna že dlje časa, je k slednjemu prav gotovo odločilno prispevala. K temu je treba pripisati še specifične dejavnike v določenih državah, ki so pospešili tečajev. V Indiji je kandidat opozicije, ki so ga favorizirali vlagatelji in gospodarstvo, dosegel na parlamentarnih volitvah udarno, domala neustavljivo zmago. Ruskemu delniškemu trgu pa so nasprotno dobro deli rahli signali umirjanja krize v Ukrajini ter ciljno usmerjen, velik posel na Kitajskem. V Turčiji pa so tečaje pospešila zlasti upanja glede znižanja obresti. Osnovna slika narodnih gospodarstev se je relativno malo spremenila. V naslednjih mesecih bo najverjetneje prevladal scenarij nadaljnje slabitve gospodarstva in občutno nižje dinamike rasti. Po nepričakovano šibkem prvem četrtletju se za ZDA sicer v naslednjih mesecih pričakuje splošna močnejša rast. Četudi se to uresniči, pa bo impulz za razvijajoče se trge najverjetneje povsem nepomemben. Svetovna banka je popravila (ponovno v zadnjih letih) svoje napovedi za gospodarsko rast v državah na pragu razvitosti navzdol in opozorila, da utegne imeti morebitno hujše zaostrovanje krize v Ukrajini jasne negativne posledice za svetovno gospodarstvo. Z izvolitvijo novega predsednika v Ukrajini konec maja so možnosti za umirjanje krize vendarle večje, toda visoke ostajajo tudi morebitne ovire. Z vidika pozicioniranja vlagateljev se zdi, da trenutno vlada določena pat pozicija. Na eni strani ponovno beležimo nekaj zadržanih prilivov delnic (in še močnejših obveznic) držav na pragu razvitosti. Na drugi strani so številni vlagatelji že pred dlje časa pozicionirali svoje naložbe in so jih tudi v času tečajnih izgub oz. ob nezadovoljivem razvoju vrednosti v zadnjih mesecih in letih tudi ohranili. Kapitulacije teh vlagateljev, kot se je lahko spomnimo iz let 1997/98 ali 2008/2009, doslej ni bilo. Dodatnih masivnih vlaganj te skupine vlagateljev trenutno ne gre pričakovati, kratkoročno usmerjeni vlagatelji pa bodo najverjetneje po večini počakali, dokler se v dinamiki rasti držav na pragu razvitosti ne oblikuje jasna sprememba trenda navzgor.
2 Stran 2 od 5 Country focus Is the Chinese economy stabilising? China Growth in China appears to be stabilising. Exports recently showed some growth again, and the HSBC purchasing managers index managed a significant gain, after five straight declines. Nevertheless, the index is still lower than 50 and thus points to mild contraction. Last month, the markets worries about a collapse of the real estate market eased somewhat. The government appears to be taking a slightly softer line again, attempting to ensure a gradual cooling of this market. It remains to be seen whether this will be successful or not. During the month, the Chinese equity markets pushed ahead with a recovery, but then faltered again in the wake of disappointing economic data. Mainland shares (A-shares) only lost a bit on the whole, while the H-shares traded predominantly by non-residents in Hong Kong saw sharper declines and fell by around 3 %. Absolute majority for the BJP in the newly elected Indian parliament triggers a surge on the Indian financial markets Brazil: football bonanza and economic crisis India The parliamentary elections in India resulted in the widely anticipated victory for opposition candidate Modi from the Hindu-nationalist BJP party, who is seen as being pro-business and interested in reforms. The extent of his election win, however, surprised almost all the observers. The BJP clinched an absolute majority of the seats in the lower house, an unusual result in recent Indian history, which has typically been dominated by mottled alliances and more or less stable coalition governments composed of several different parties. Consequently, Modi may have a relatively free hand for undertaking reforms of all kinds, without having to take much consideration of the numerous regional parties. Whether and how he will use this leeway remains to be seen. In any case, the financial markets reacted euphorically, with the equity indices shooting to new record highs and closing the month with a gain of around 8 %. Economically, however, India s situation still does not look as great as one might think based on the financial market s reaction. For the first time in the last 10 years, industrial production probably contracted during the past 2013/2014 fiscal year. Moving forward, it will thus be very important what steps the new government takes and whether or not it can achieve lasting success with them. Brazil Brazil continues to find itself in a very difficult set of conditions, marked by weakening economic activity and high inflation. A recession next year is looking more and more likely. In terms of domestic political conditions, just a few months before the upcoming elections, President Rousseff is under considerable pressure. The World Cup will probably not trigger the burst of popularity that was hoped for; indeed, on the contrary, many groups in Brazilian society see it as what may be the last big chance to articulate their interests and demands. Public investment activity remains too low on the whole, in particular in important areas such as infrastructure and education. The billions spent on new or more modern football stadiums could have certainly be spent or invested more wisely. Because even though the World Cup will undoubtedly provide economic impetus for certain sectors and regions, this momentum will most likely turn out to be unsustainable and inadequate. Consequently, there is an increasing risk that the President may be voted out in October. In recent weeks, this new political outlook has
3 Stran 3 od 5 provided strong momentum on the stock market. The fact that this rally was mostly speculative in nature was demonstrated at the end of the month, when the Bovespa index finally conceded all of the advances from May in the span of just a few hours. Ultimately, the market closed with a small decline of 0.8 % compared to the previous month. Some easing of the Ukraine crisis and a breakthrough with a massive gas contract with China resulted in strong gains for the Russian currency, bonds and stocks Rises for equity and bond markets in Turkey prices surge thanks to a surprising interest rate cut by the central bank Russia Tensions in the Ukraine crisis are now apparently easing somewhat. At the end of May, the Ukrainian presidential election resulted in a clear victory for billionaire Petro Poroshenko. Russia accepted the result and now at least has a well-defined partner in Kiev in the negotiations about unpaid gas bills and future gas prices. On the other hand, the eastern and southern parts of Ukraine are witnessing increasingly bloody fighting and the political division of Ukraine is growing deeper rather than declining. Despite all of this, Russian bonds profited from the mild deescalation of the situation, and the rouble was the strongest currency in the region in May. This comes as a welcome development for the central bank, in light of the high rate of inflation which is currently running at 7.3 % yoy. There were two rate hikes (from 5.5 % to the current level of 7.5 %) in March and April to support the rouble, and these hikes will probably not be reversed even though the central bank would no doubt like to lower rates in light of the sluggish economy. Russia recently concluded a contract with China worth some USD 400 bn for gas deliveries running until 2020 and construction of the necessary pipelines; this may pave the way for Russia to orient itself more strongly to Asia. The contract was concluded after 10-years of negotiations and covers a period of 30 years. It will likely strengthen Russia s position vis-à-vis the West, especially since Russia also wants to cooperate much more closely in military issues and this may be followed up by more contracts on economic cooperation. Another significant aspect is that the countries decided not to use USD as the settlement currency. Russia has clearly signalled that this may be a model for future contracts with other countries, such as Iran or Japan. Following China, Russia is also thus taking the first important steps towards ending the previously undisputed domination of petro-dollars in the global economy. The stock market reacted to all these developments with a strong rebound. The MICEX gained around 10 % in May and is now well higher than the level from early March when Russia s military intervened on the Crimean peninsula. While some valuations are very attractive from a long-term perspective, a thorough recovery for the stock market can probably only be expected if the conflict between Russia and the West and is resolved and/or there is a strong pick-up in economic activity. Turkey Turkish bonds continued their good performance of recent months and posted gains again in May. The massive rate hikes by the Turkish central bank at the start of year successfully stabilised the lira and resulted in strong appreciation in recent months. Another important point was the positive development of the current account balance in Q1 2014, as the deficit compared to Q shrank by almost one half. On the other hand, the sharp decline in lending and the significant increase in lending rates since the beginning of the year will hamper economic growth, which has been showing signs of slowing down anyway. The central bank took these developments as arguments to reverse part of the rate hikes from the start of the year
4 Stran 4 od 5 and lowered the key policy rate by 0.5 % to the current level of 9.5 % (although the rate corridor was not changed). This move came despite the still very high rate of inflation, which is running at +9.7 % yoy and was thus a bit of a surprise. Both the bond market and the stock market surged higher on hopes that the central bank may push forward with further rate reductions. Turkish LCY bonds were able to overcome the negative tendencies from the beginning of the year and are now roughly at the levels from November of the previous year, when political tensions related to charges of corruption against the government started. The Turkish stock market advanced about 7 %, building on its gains from the previous months. In Poland, most of the economic signals were positive again Poland In Poland, most of the economic signals were positive again last month. Quite robust demand from external markets suggests that there will be sustained growth in industrial production. Retail sales are also growing and increases in real wages are supportive as well. The purchasing managers index points to more positive developments in the months ahead. At the same time, dynamics are fading somewhat, probably due to the simmering crisis in Ukraine. Inflation remains very low (+0.3 % yoy). As anticipated, the central bank left interest rates steady in early May and the situation will probably remain unchanged in the months ahead. Polish bonds were stronger again in May and the zloty appreciated during this positive phase for the markets. The stock market hardly showed any change in May, ending the period with a mild loss of 0.4 %. Czech economy continues to recover Czech Republic The latest economic data continue to indicate a recovery in the Czech economy, thanks in particular to stronger foreign trade. Industrial production is picking up vigorously, and overall domestic economic activity is improving. Support is also beginning to come from retail sales now. The Czech koruna remained broadly unchanged in May, whereas Czech bond yields followed the underlying trend in German Bunds and strengthened. In order to counter the possible threat of deflation, the Czech central bank confirmed its intention to weaken the koruna versus the euro until next year at least, if the exchange rate falls below EUR/CZK 27. The stock market in Prague closed May with a small gain of around 1.7 % mom. Hungarian GDP growth surprises on the upside further rate cuts by the central bank Hungary Domestic demand in Hungary is now beginning to show signs reviving after years of weakness. There is also more and more support from foreign trade, as is the case in the other CEE countries too. GDP expanded at a rate of +3.5 % yoy in Q1 2014, beating analysts expectations. The latest rate of inflation came in slightly negative, at -0.1 % yoy, surprising both market participants and the central bank. At the end of May, the central bank cut the key rate by another 0.1 %, bringing it to 2.4 %. Early in the year, Hungarian bonds and the forint were still very weak in regional terms, but were then able to recover in recent months. In light of the historically low level of interest rates in Hungary, however, many market participants remain cautious. The Hungarian stock market posted a strong gain of more than 10 % in May, with almost all of this stemming from the performance of the bank OTP, which is weighted very strongly in the index.
5 Stran 5 od 5 Imprint Publisher and copyright owner: Zentrale Raiffeisenwerbung, 1030 Vienna, Am Stadtpark 9 Published and prepared by: Raiffeisen Kapitalanlage-Gesellschaft m.b.h., Schwarzenbergplatz 3, 1010 Vienna For more information, please visit us at: This document was prepared and edited by Raiffeisen Kapitalanlage-Gesellschaft m.b.h., Vienna, Schwarzenbergplatz 3, 1010 Vienna, Austria ( Raiffeisen Capital Management or Raiffeisen KAG ). Despite careful research, the statements contained herein are intended as non-binding information for our customers and are based on the knowledge of the staff responsible for preparing these materials as of the time of preparation. They are subject to change by Raiffeisen KAG at any time without further notice. Raiffeisen KAG assumes no liability whatsoever in relation to this document, in particular with regard to the timeliness or completeness of the information presented and the sources of information, or in respect of the accuracy of the forecasts presented herein. Similarly, forecasts or simulations of earlier performance presented in this document do not provide a reliable indication of future performance. This document is neither an offer, nor a recommendation to buy or sell, nor an investment analysis. It is not intended for use in lieu of individual investment advice or other consultation. If you are interested in a specific product, along with your bank advisor, we will be happy to provide you with the prospectus prior to purchase. All specific investments should be made following a consultation and discussion, and after having reviewed the prospectus. We expressly draw attention to the fact that transactions in securities may involve significant risks. Reproduction of the information or data, in particular the use of texts, text sections or graphic material from this document requires the prior written consent of Raiffeisen KAG. Information pursuant to 25 of the Austrian Media Act can be found at Impressum. Editorial deadline:9 June 2014
Svetovni pregled. Julij Aktualno poročilo o kapitalskih trgih na razvijajočih se trgih emreport. Stran 1 od 5
Stran 1 od 5 Svetovni pregled Delnice in obveznice držav na pragu razvitosti še naprej v porastu Rast dobička podjetij razvijajočih se trgov utegne še naprej ostati šibka Nacionalne banke razvijajočih
More informationHAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues
HAS GROWTH PEAKED? 2018 growth forecasts revised upwards as broad-based recovery continues Regional Economic Prospects May 2018 Stronger growth momentum: Growth in Q3 2017 was the strongest since Q3 2011
More informationMacroeconomic Outlook and Challenges for the CEE Region. Luboš Komárek CFO Executive Summit Prague, 29 th April 2015
Macroeconomic Outlook and Challenges for the CEE Region Luboš Komárek CFO Executive Summit Prague, 29 th April 2015 Outline I. Mapping out the current situation and economic forecast United States Euro
More informationCONFIDENCE IN THE GLOBAL ECONOMY PREVAILS DESPITE UNCERTAINTIES
CONFIDENCE IN THE GLOBAL ECONOMY PREVAILS DESPITE UNCERTAINTIES MARKET INSIGHT BUSINESS SWEDEN, DECEMBER 15 2016 CONFIDENCE IN THE GLOBAL ECONOMY PREVAILS DESPITE UNCERTAINTIES The world economy continues
More informationMark Allen. The Financial Crisis and Emerging Europe: What Happened and What s Next? Senior IMF Resident Representative for Central and Eastern Europe
The Financial Crisis and Emerging Europe: What Happened and What s Next? Seminar with Romanian Trade Unions Bucharest, November 2, 21 Mark Allen Senior IMF Resident Representative for Central and Eastern
More informationRegional Economic Context and Economic Trends in Ukraine
Regional Economic Context and Economic Trends in Ukraine Konstantine Kintsurashvili June 2017 ECONOMIC PROSPECTS: EBRD REGION 2 Growth in the EBRD region is to pick up in 2017 and 2018 In 2017-18, EBRD
More informationHungarian-Ukrainian economic relations
Zsuzsa Ludvig Hungarian-Ukrainian economic relations While due to the poor availability of statistics on regional or county level it is rather difficult to analyse direct economic links between bordering
More informationGavekalDragonomics. March The Long Hangover. China and the world after the commodity boom. Arthur Kroeber
GavekalDragonomics March 2015 The Long Hangover China and the world after the commodity boom Arthur Kroeber Part I: The global context The commodity boom is over Collapse of oil price is permanent: expect
More informationFrench Election Result: Macron Wins, But Can He Deliver?
French Election Result: Macron Wins, But Can He Deliver? May 8, 2017 by Philippe Brugere-Trelat, David Zahn, Dylan Ball, Emilie Esposito, Uwe Zoellner of Franklin Templeton Investments New President Will
More informationEuropean Tourism Trends & Prospects Executive Summary
1 European Tourism Trends & Prospects Executive Summary Turkey Iceland Montenegro Serbia Slovenia Malta Cyprus Finland Croatia Latvia Netherlands Belgium Portugal Poland Romania Czech Rep Bulgaria Spain
More informationThe Impact of the Global Economic Crisis on Central and Eastern Europe. Mark Allen
The Impact of the Global Economic Crisis on Central and Eastern Europe Fourth Central European CEMS Conference Warsaw, February 25, 211 Mark Allen Senior IMF Resident Representative for Central and Eastern
More informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 1ST QUARTER 2018 RESULTS CONTENTS Global Highlights Asia-Pacific Africa and
More informationRecent developments. Note: This section is prepared by Lei Sandy Ye. Research assistance is provided by Julia Roseman. 1
Growth in the Middle East and North Africa (MENA) region is projected to pick up to 3 percent in 2018 from 1.6 percent in 2017 as oil exporters ease fiscal adjustments amid firming oil prices. The region
More informationEIBTM 2014 TRENDS WATCH REPORT
EIBTM 2014 TRENDS WATCH REPORT ROB DAVIDSON WWW.MICEKNOWLEDGE.COM Knowledge Programme sponsored by Organised by The EIBTM and IBTM trademarks are owned and protected by Elsevier Properties SA and Reed
More informationNavigating Choppy Waters
Navigating Choppy Waters Transportation Legislative Outlook Jim Wiesemeyer, Senior VP Informa Economics, Inc. LEGISLATIVE OUTLOOK: Mostly On Hold Elections: Very few bills will get passed Impact of Supreme
More informationPolicy Challenges for Armenia in the context of Recent Global and Regional Shocks
Policy Challenges for Armenia in the context of Recent Global and Regional Shocks Teresa Daban Sanchez IMF Resident Representative to Armenia November, 215 Outline Global Environment Outlook of the CCA
More informationMarket Briefing: Trade-Weighted Dollar
Market Briefing: Trade-Weighted Dollar February 12, 2018 Dr. Edward Yardeni 516-972-7683 eyardeni@ Debbie Johnson 4-664-1333 djohnson@ Mali Quintana 4-664-1333 aquintana@ Please visit our sites at blog.
More informationBelgium s foreign trade
Belgium s FIRST 9 months Belgium s BELGIAN FOREIGN TRADE AFTER THE FIRST 9 MONTHS OF Analysis of the figures for (first 9 months) (Source: eurostat - community concept*) After the first nine months of,
More informationThe first eleven years of Finland's EU-membership
1 (7) Sinikka Salo 16 January 2006 Member of the Board The first eleven years of Finland's EU-membership Remarks by Ms Sinikka Salo in the Panel "The Austrian and Finnish EU-Presidencies: Positive Experiences
More informationGood MornING Asia - 18 September 2018
Economic and Financial Analysis Global Economics Bundle Good MornING Asia - 18 September 2018 The next round of the US-China trade war kicks off as early as next Monday with 10% tariffs on $200bn of US
More informationPerspective on India - Germany Trade Relations and the way forward
Perspective on India - Germany Trade Relations and the way forward Ajay Durrani 04.10.2018 covestro.com Forward-looking statements This presentation may contain forward-looking statements based on current
More informationChapter Two WORLD TRADE DEVELOPMENTS
Chapter Two WORLD TRADE DEVELOPMENTS World trade developments Main features The year 2000 witnessed the strongest global trade and output growth in more than a decade. This outstanding expansion of the
More informationGlobal Economic Prospects. Managing the Next Wave of Globalization
Global Economic Prospects Managing the Next Wave of Globalization 2007 REGIONAL ECONOMIC PROSPECTS Middle East and North Africa regional prospects 5 Recent developments Thanks to oil revenues surging in
More informationAreas for economic and financial cooperation in Sino-European relations Central Bank Roundtable Shanghai Forum, May 27, 2017
Areas for economic and financial cooperation in Sino-European relations Central Bank Roundtable Shanghai Forum, May 27, 2017 Peter Mooslechner Executive Director Oesterreichische Nationalbank, Vienna,
More information2014 BELGIAN FOREIGN TRADE
2014 BELGIAN FOREIGN TRADE 2 3 01 \\ EXPORTS 6 1.1 Geographical developments 1.2 Sectoral developments 02 \\ IMPORTS 14 2.1 Geographical developments 2.2 Sectoral developments 03 \\ GEOGRAPHICAL TRADE
More informationPress Release Political unrest in the Arab world shakes up regional economy UN report
Press Release Political unrest in the Arab world shakes up regional economy UN report Economies of countries experiencing unrest sapped, but higher oil prices helped exporters; expansion is declining region-wide
More informationMigration and Development Brief
Migration and Development Brief 9 Migration and Remittances Team Development Prospects Group, World Bank Revised Outlook for Remittance Flows 2009 2011: Remittances expected to fall by 5 to 8 percent in
More informationA REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA. April 17, 2015 Spring Meetings
A REBALANCING ACT IN EMERGING EUROPE AND CENTRAL ASIA April 17, 2015 Spring Meetings A Rebalancing Act in Emerging Europe and Central Asia ECA is expected to be the slowest growing region worldwide with
More informationAsianBondsOnline WEEKLY DEBT HIGHLIGHTS
AsianBondsOnline WEEKLY November 6 Key Developments in Asian Local Currency Markets Japan s real gross domestic product (GDP) growth accelerated to.% quarter-on-quarter in the third quarter (Q) of 6 from.%
More informationHas China Lost Its Edge? Todd C. Lee Managing Director, Greater China Country Intelligence Global Insight
Has China Lost Its Edge? Todd C. Lee Managing Director, Greater China Country Intelligence Global Insight China s Export Powerhouse Guangdong Province Reported Large Scale Factory Shutdowns More than 1,000
More informationCurrent Situation and Outlook of Asia and the Pacific
Current Situation and Outlook of Asia and the Pacific Dr. Aynul Hasan, Chief, DPS, MPDD Dr. M. Hussain Malik, Chief, MPAS, MPDD High-level Policy Dialogue Macroeconomic Policies for Sustainable and Resilient
More informationThe Boom-Bust in the EU New Member States: The Role of Fiscal Policy
The Boom-Bust in the EU New Member States: The Role of Fiscal Policy JVI Lecture, Vienna, January 21, 216 Bas B. Bakker Senior Regional Resident Representative for Central and Eastern Europe Outline The
More informationARANGKADA PHILIPPINES 2010: A BUSINESS PERSPECTIVE. Figure 10: Share in world GDP,
Living in the High Growth Neighborhood The Philippines is located in the world s fastest growing region. Figure 10 shows that the ASEAN-6 plus 4 (China, India, Japan, and Korea) in 2009 had about the same
More informationChina After the East Asian Crisis
China After the East Asian Crisis Ross Garnaut Director and Professor of Economics Asia Pacific School of Economics and Management The Australian National University China After the East Asian Crisis When
More informationGlobal Consumer Confidence
Global Consumer Confidence The Conference Board Global Consumer Confidence Survey is conducted in collaboration with Nielsen 2nd QUARTER RESULTS CONTENTS Global Highlights Asia-Pacific Africa and the Middle
More informationInternational demand is propelling Lisbon s resi market and will expand to other markets
Research and Forecast Report Lisbon Porto INTERNATIONAL RESIDENTIAL DEMAND 217 International demand is propelling Lisbon s resi market and will expand to other markets Historical Trend > > Portugal has
More informationProspects for future economic cooperation between China and Belt & Road countries
www.pwccn.com Prospects for future economic cooperation between China and Belt & Road countries Top ten Belt & Road (B&R) economies account for 64% of overall GDP of B&R countries Content 1 Overview of
More informationDebt market turmoil : impact on Central Europe?
Debt market turmoil : impact on Central Europe? discours prononcé par M. Jacques de Larosière le vendredi 16 novembre 2007, à Londres à l occasion d une manifestation organisée par Mideuropa The dislocation
More informationGeneral Certificate of Education Advanced Level Examination January 2011
General Certificate of Education Advanced Level Examination January 2011 Economics ECON4 Unit 4 The National and International Economy Tuesday 1 February 2011 1.30 pm to 3.30 pm For this paper you must
More informationBBVA EAGLEs. Emerging And Growth Leading Economies Economic Outlook. Annual Report 2014 Cross-Country Emerging Markets, BBVA Research March 2014
BBVA EAGLEs Emerging And Growth Leading Economies Economic Outlook Annual Report 2014 Cross-Country Emerging Markets, BBVA Research March 2014 Index Key takeaways in 2013 Rethinking EAGLEs for the next
More informationBrazil: election outlook
Brazil: election outlook Managing the country s challenge of abundance 7 April 2010 Christopher Garman Director, Latin America (202) 903 0029 garman@eurasiagroup.net Main conclusions There is more at stake
More informationGERMANY, JAPAN AND INTERNATIONAL PAYMENT IMBALANCES
Articles Articles Articles Articles Articles CENTRAL EUROPEAN REVIEW OF ECONOMICS & FINANCE Vol. 2, No. 1 (2012) pp. 5-18 Slawomir I. Bukowski* GERMANY, JAPAN AND INTERNATIONAL PAYMENT IMBALANCES Abstract
More informationUS Watch. The 2018 Midterms Three scenarios. Group Economics Financial Markets Research. Insights.abnamro.nl/en. 28 September 2018
US Watch Group Economics Financial Markets Research 28 September 218 The 218 Midterms Three scenarios Bill Diviney Senior Economist Tel: +31 2 343 5612 bill.diviney@nl.abnamro.com Our base case is that
More informationCHAPTER TWELVE CURRENT ANSWERS (AND QUESTIONS) ABOUT BRICS AND THE N-11. July 2007
CHAPTER TWELVE CURRENT ANSWERS (AND QUESTIONS) ABOUT BRICS AND THE N-11 July 2007 CURRENT ANSWERS (AND QUESTIONS) ABOUT BRICS AND THE N-11 Where We Stand on BRICs and the N-11 The BRICs story continues
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing November 1, 1 Dr. Edward Yardeni 1-97-73 eyardeni@ Mali Quintana --1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 1 1 Figure 1. US TREASURY
More informationEmerging Markets: Russia & the CIS Responding to Rising Demand
Emerging Markets: Russia & the CIS Responding to Rising Demand Stuart Hensel Senior Analyst May 3rd 2007 Russia & the CIS: Interest Rising As seen by: FDI inflows & outflows Lending flows Growing CIS presence
More information6. Policy Recommendations on How to Strengthen Financial Cooperation in Asia Wang Tongsan
6. Policy Recommendations on How to Strengthen Financial Cooperation in Asia Wang Tongsan Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences -198- Since the Chiang Mai Initiative
More informationIHS Outlook: Global Supply Chain Trends and Threats
SUPPLY CHAIN ECONOMICS IHS Outlook: Global Supply Chain Trends and Threats By Chris G. Christopher, Jr., Director, U.S. Macroeconomics & Consumer Economics, IHS Markit Global trade and the many supply
More informationQuarterly Labour Market Report. February 2017
Quarterly Labour Market Report February 2017 MB14052 Feb 2017 Ministry of Business, Innovation and Employment (MBIE) Hikina Whakatutuki - Lifting to make successful MBIE develops and delivers policy, services,
More informationVoter Turnout to Be Record High in Midterms Implications
Voter Turnout to Be Record High in Midterms Implications October 31, 2018 by Gary Halbert of Halbert Wealth Management 1. 3Q Economy Grew Faster Than Expected at 3.5% GDP 2. Voter Turnout Set to Top 50-Year
More informationAirPlus International Travel Management Study 2015 Part 1 A comparison of global trends and costs in business travel management.
AirPlus International Travel Management Study 2015 Part 1 A comparison of global trends and costs in business travel management. SWITZERLAND Introduction Welcome to the tenth annual AirPlus International
More informationCPB Memo. From : Wim Suyker and Gerard van Welzenis Subject : World trade monitor: April 2009 Date : 24 June World trade volume
CPB Memo CPB Netherlands Bureau for Economic Policy Analysis From : Wim Suyker and Gerard van Welzenis Subject : World trade monitor: April 29 Date : 24 June 29 World trade volume World trade volume fell
More informationWILL CHINA S SLOWDOWN BRING HEADWINDS OR OPPORTUNITIES FOR EUROPE AND CENTRAL ASIA?
ECA Economic Update April 216 WILL CHINA S SLOWDOWN BRING HEADWINDS OR OPPORTUNITIES FOR EUROPE AND CENTRAL ASIA? Maurizio Bussolo Chief Economist Office and Asia Region April 29, 216 Bruegel, Brussels,
More informationa
Europe and Central Asia Recent developments GDP growth in the Europe and Central Asia region eased slightly, from 6.9 percent in to 6.7 percent in, reflecting a modest softening of both external and domestic
More informationCHINA IN THE WORLD PODCAST. Host: Paul Haenle Guest: Su Hao
CHINA IN THE WORLD PODCAST Host: Paul Haenle Guest: Su Hao Episode 14: China s Perspective on the Ukraine Crisis March 6, 2014 Haenle: You're listening to the Carnegie Tsinghua China in the World Podcast,
More informationDid Turkey s economy recover from the crisis? Did we out-compete rivals? Sarp Kalkan Economic Policy Analyst
Did Turkey s economy recover from the crisis? Did we out-compete rivals? Sarp Kalkan Economic Policy Analyst Hüseyin Ekrem Cünedioğlu Research Associate TEPAV Policy Note September 2010 Did Turkey s economy
More informationJULI 2, Germany s economy: Europe s golden boy?
JULI 2, 21 ECONOMIC SITUATION AND STRATEGY Germany s economy: Europe s golden boy? Good economic data have come quite often from Germany in recent weeks. The country s most important leading indicator,
More informationKEF-2016: Reforms for Inclusive Growth November 3 4, 2016
KEF-216: Reforms for Inclusive Growth November 3 4, 216 CESEE regional economic outlook Dr. Bas Bakker, Senior Regional Resident Representative for Central and Eastern Europe, IMF European Department 216
More informationMIDTERM MAYHEM? COMMENTARY POLITICAL TAILWIND? KEY TAKEAWAYS
LPL RESEARCH WEEKLY MARKET COMMENTARY September 18 2018 MIDTERM MAYHEM? John Lynch Chief Investment Strategist, LPL Financial Jeffrey Buchbinder, CFA Equity Strategist, LPL Financial KEY TAKEAWAYS Policy
More informationCharting Singapore s Economy, 1Q 2016 Publication Date: December 8 th, 2015 Number of pages: 58
Charting Singapore s Economy, 1Q 2016 Publication Date: December 8 th, 2015 Number of pages: 58 Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0) You are free to: Share copy and
More informationCurrent Situation and Outlook of Asia and the Pacific
ESCAP High-level Policy Dialogue Ministry of Finance of the Republic of International Economic Summit 2013 Eleventh Bank Annual International Seminar Macroeconomic Policies for Sustainable Growth with
More informationWith Masahiko Aoki. Interview. "Economists Examine Multifaceted Capitalism." Interviewed by Toru Kunisatsu. Daily Yomiuri, 4 January 2000.
With Masahiko Aoki. Interview. "Economists Examine Multifaceted Capitalism." Interviewed by Toru Kunisatsu. Daily Yomiuri, 4 January 2000. The second in this series of interviews and dialogues features
More informationEurope and Central Asia Region
Global Economic Prospects January 212 Europe and Central Asia Region GDP growth in developing Europe and Central Asia remained stable at 5.3 percent in 211 despite the disruptive effects of the turmoil
More informationThe Outlook for Migration to the UK
European Union: MW 384 Summary 1. This paper looks ahead for the next twenty years in the event that the UK votes to remain within the EU. It assesses that net migration would be likely to remain very
More informationNotes to Editors. Detailed Findings
Notes to Editors Detailed Findings Public opinion in Russia relative to public opinion in Europe and the US seems to be polarizing. Americans and Europeans have both grown more negative toward Russia,
More informationBrazil: Low inflation and a longer easing cycle
Economic and Financial Analysis 15 March 2018 Article 15 March 2018 Global Economics Brazil: Low inflation and a longer easing cycle Recent data shows economic growth remains solid, but inflation has surprised
More informationJordan in the GCC. Our Initial Thoughts. Economic Research Jordan. Initial Opinion. The Invitation. The Gulf Cooperation Council: A Brief History
Economic Research Jordan Initial Opinion 6 September 211 Jordan in the GCC Our Initial Thoughts The Invitation The Gulf Cooperation Council s (GCC) announcement during the Heads of State summit held last
More informationModest trade growth anticipated for 2014 and 2015 following two year slump
PRESS RELEASE PRESS/721 14 April 214 (-) WORLD TRADE 213, PROSPECTS FOR 214 Modest trade growth anticipated for 214 and 21 following two year slump World trade is expected to grow by a modest 4.7% in 214
More informationUncertainties in Economics and Politics: What matters? And how will the real estate sector be impacted? Joseph E. Stiglitz Munich October 6, 2017
Uncertainties in Economics and Politics: What matters? And how will the real estate sector be impacted? Joseph E. Stiglitz Munich October 6, 2017 Unprecedented uncertainties Geo-political Rules based global
More informationThis document is available on the English-language website of the Banque de France
JUNE 7 This document is available on the English-language website of the www.banque-france.fr Countries ISO code Date of entry into the euro area Fixed euro conversion rates France FR //999.97 Germany
More informationwhat are the challenges, stakes and prospects of the EU accession negotiation?
17/10/00 CENTRAL AND EASTERN EUROPE EUROPE : ECONOMIC ACHIEVEMENTS, EUROPEAN INTEGRATION PROSPECTS Roadshow EMEA Strategy Product London, October 17, and New York, October 25, 2000 The European Counsel
More informationITUC GLOBAL POLL Prepared for the G20 Labour and Finance Ministers Meeting Moscow, July 2013
ITUC GLOBAL POLL 2013 Prepared for the G20 Labour and Finance Ministers Meeting Moscow, July 2013 Contents Executive Summary 2 Government has failed to tackle unemployment 4 Government prioritises business
More informationInternational investment resumes retreat
FDI IN FIGURES October 213 International investment resumes retreat 213 FDI flows fall back to crisis levels Preliminary data for 213 show that global FDI activity declined by 28% (to USD 256 billion)
More informationEconomic Growth, Foreign Investments and Economic Freedom: A Case of Transition Economy Kaja Lutsoja
Economic Growth, Foreign Investments and Economic Freedom: A Case of Transition Economy Kaja Lutsoja Tallinn School of Economics and Business Administration of Tallinn University of Technology The main
More informationHICAP Update APAC markets performance and development outlook. 15 March Jesper Palmqvist Area Director Asia Pacific.
HICAP Update 2017 APAC markets performance and development outlook 15 March 2017 Jesper Palmqvist Area Director Asia Pacific apsales@str.com 2017 STR, Inc. All Rights Reserved. Any reprint, use or republication
More informationFOREIGN TRADE DEPENDENCE AND INTERDEPENDENCE: AN INFLUENCE ON THE RESILIENCE OF THE NATIONAL ECONOMY
FOREIGN TRADE DEPENDENCE AND INTERDEPENDENCE: AN INFLUENCE ON THE RESILIENCE OF THE NATIONAL ECONOMY Alina BOYKO ABSTRACT Globalization leads to a convergence of the regulation mechanisms of economic relations
More informationWeekly Geopolitical Report
Weekly Geopolitical Report By Bill O Grady February 12, 2018 The Italian Elections: Part I (Due to President s Day, the next report will be published on February 26.) Italy will hold elections on March
More informationCharting Indonesia s Economy, 1H 2017
Charting Indonesia s Economy, 1H 2017 Designed to help executives interpret economic numbers and incorporate them into company s planning. Publication Date: January 3 rd, 2017 Next Issue: To be published
More informationCircumstances and Prospects for Economic Cooperation Between Israel and its Neighbors
Circumstances and Prospects for Economic Cooperation Between Israel and its Neighbors Presented by: David Boas Netanyah College, June 29th, 2004 Presentation Structure Selected data Principal economic
More informationWage Gap Widens as Wages Fail to Keep Pace with Productivity
Index: 2000 = 100 Wage Gap Widens as Wages Fail to Keep Pace with Productivity Michael Renner January 30, 2013 T he economic crisis in 2008 was one of the harsher signs that economic globalization has
More informationWestern Balkans Countries In Focus Of Global Economic Crisis
Economy Transdisciplinarity Cognition www.ugb.ro/etc Vol. XIV, Issue 1/2011 176-186 Western Balkans Countries In Focus Of Global Economic Crisis ENGJELL PERE European University of Tirana engjell.pere@uet.edu.al
More informationSession III Financial Markets Discussion
Six Years After EU Enlargement Austria and Its Eastern Neighbors Session III Financial Markets Discussion Claire Waysand, Assistant Director European Department International Monetary Fund *copyright rests
More informationReview of implementation of OSCE commitments in the EED focusing on Integration, Trade and Transport
Review of implementation of OSCE commitments in the EED focusing on Integration, Trade and Transport Mr. Michael Harms, German Committee on Eastern European Economic Relations Berlin, 18 May 2005 Ha/kra
More informationOn June 2015, the council prolonged the duration of the sanction measures by six months until Jan. 31, 2016.
AA ENERGY TERMINAL Lower oil prices and European sanctions, which have weakened Russia's economy over the last two years, have also diminished the economies of the former Union of Soviet Socialist Republics
More informationHighlight. 28 January Chinese tourists continue to grow despite China slowdown
Chinese tourists continue to grow despite China slowdown 28 January 2016 Highlight Thailand s tourism will thrive in 2016 with the number of tourists growing by 9%, led by Chinese tourists, who will not
More informationEU Turkey Relations: Time for contemplation? Time for reality check? Güven SAK Berlin, 4 July 2005
EU Turkey Relations: Time for contemplation? Time for reality check? Güven SAK Berlin, 4 July 2005 EU-Turkey Relations: Time for Comtemplation? Time for Reality Check? Slide 2 Age of globalisation = Age
More informationSince the Vietnam War ended in 1975, the
Commentary After the War: 25 Years of Economic Development in Vietnam by Bui Tat Thang Since the Vietnam War ended in 1975, the Vietnamese economy has entered a period of peaceful development. The current
More informationModern World History
Modern World History Chapter 19: Struggles for Democracy, 1945 Present Section 1: Patterns of Change: Democracy For democracy to work, there must be free and fair elections. There must be more than one
More informationConsolidating the European idea in the Western Balkans Position paper by the SPD Parliamentary Party Group
Consolidating the European idea in the Western Balkans Position paper by the SPD Parliamentary Party Group Berlin 10 November 2015 After the European Union offered all the Western Balkan countries prospects
More informationThe economic outlook for Europe and Central Asia, including the impact of China
ECA Economic Update April 216 The economic outlook for and, including the impact of China Hans Timmer Chief Economist and Region April 7, 216 Kiev, Ukraine 1 Overview Low growth is expected in and (ECA),
More informationCalculations based on updated figures up to 1 March 2011
SWJMC/2011/2 Joint Maritime Commission Subcommittee on Wages of Seafarers Seafarer s Wages and Hours of Work and the Manning of Ships Recommendation, 1996 (Nr. 187): The updating of the basic Wage of able
More informationQ SHOPPER INDEX
Q4.2018 SHOPPER INDEX PREFACE INDEX According to the UN s World Tourism Organization, global tourist arrivals grew by 7% in 2017, to over 1.3 billion 1. Index scores that are above 100 indicate countries
More informationFed Will 'Wait & Watch' Before Raising Interest Rates
Fed Will 'Wait & Watch' Before Raising Interest Rates January 16, 2019 by Gary Halbert of Halbert Wealth Management IN THIS ISSUE: 1. Powell Repeats: The Fed Can Be Patient On Rate Policy 2. No Talk of
More informationSpain needs to reform its pensions system even at the cost of future cutbacks in other areas, warns the President of the ifo Institute
www.fbbva.es DEPARTMENT OF COMMUNICATION AND INSTITUTIONAL RELATIONS ANNOUNCEMENT Presentation of the EEAG Report What Now, With Whom, Where To The Future of the EU Spain needs to reform its pensions system
More informationParis Attacks: a Turning Point?
NOVEMBER 16, 2015 Paris Attacks: a Turning Point? As we mentioned in our last piece ( Europe: Waiting for Godot? ), Europe is attempting to strike a delicate balance to create sustainable economic growth
More informationASEAN ECONOMIC BULLETIN January 2016
ASEAN ECONOMIC BULLETIN January 2016 HIGHLIGHTS Although 2016 started with heightened global uncertainty, it could be a better year for ASEAN s economy, equivalent to the world s 7 th largest. The IMF
More informationBe afraid of the Chinese bearing gifts
http://voria.gr/details.php?id=11937 Be afraid of the Chinese bearing gifts International Economics professor of George Mason, Hilton Root, talks about political influence games, Thessaloniki perspectives
More informationAirPlus International Travel Management Study 2015 Part 1 A comparison of global trends and costs in business travel management.
AirPlus International Travel Management Study Part 1 A comparison of global trends and costs in business travel management. Introduction Welcome to the tenth annual AirPlus International Travel Management
More informationWHAT S ON THE HORIZON?
WHAT S ON THE HORIZON? What s on the Horizon? Mark Sprague, Director of Information Capital www.independencetitle.com What do you think? Will the market in 2018 be Better? Same? Worse? US Economic Outlook
More informationMizuho Economic Outlook & Analysis The 15 th Questionnaire Survey of Japanese Corporate Enterprises Regarding Business in Asia (February 2015)
Mizuho Economic Outlook & Analysis The 15 th Questionnaire Survey of Japanese Corporate Enterprises Regarding Business in Asia (February 2015) May 2015 Copyright Mizuho Research Institute Ltd. All Rights
More information