Economic Outlook January, 2012
|
|
- Candace Carpenter
- 5 years ago
- Views:
Transcription
1 Economic Outlook January, 2012
2 Summary Global economy Low global growth scenario, tail risks have become smaller. Risks (Debt Ceiling, elections in Italy, growth in Europe). Brazil Activity shows signs of improvement. Recovery should continue at a moderate pace. Exchange rate should remain stable in the short term, interest rates may fall again. More expansionist fiscal stance. Inflation above target. 2
3 World: Weak Growth Trend Global GDP (Annual Growth) 6% 5% 4,9% 4,5% 5,2% 5,4% 5% 5,3% 4% 3,9% 3% 2,8% 2,9% 3,0% 3% 2% 1% 0% -1% ,6% Source: Itaú Unibanco and IMF 3
4 Growth Somewhat Improved, Lower Risks Europe PMIs: recovery in November and December Level still indicates recession and recovery has to continue in the coming months in order to become compatible with our scenario for a stable GDP in the 1Q13. China: activity data for the last months has been pointing to a moderate recovery. Industrial Production increased to 10.1% YoY in November, from 9.6% YoY in October; Slight acceleration in the margin in last three months: average monthly growth of 1.0% (average between May and August: 0.7%). Global GDP qoq / saar variation Global PMI 4,5% ,0% ,5% ,0% Source: Bloomberg and Itaú BBA Mar-11 Dec-11 Sep-12 Jun Manufacturing Service 4
5 World: Our Expectations for the Short Term World USA Eurozone Japan China Source: Haver, CEIC, Bloomberg e Itaú Unibanco 5
6 Commodities: Our Expectations for the Short Term Grains: crop loss in the U.S. increased prices in 2Q12. Prices should fall in 2013, due to stock recomposition and supply normalization. Base Metals: we expect an increase consistent with our modest global growth scenario. Itaú Commodities Index 400 ICI - Agriculture 350 ICI - Metals 300 ICI - Energy Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Source: Itaú Unibanco 6
7 Commodities: Our Expectations for the Short Term Itaú Commodities Index Source: Itaú Unibanco 7
8 Latin America: Robust Growth in Several Countries. Argentina Is Worst Peru Mexico GDP - % GDP - % PEN / USD (YE) MXN / USD (YE) Interest Rate - (YE) - % Interest Rate - (YE) - % CPI - % CPI - % Colombia Chile GDP - % GDP - % COP / USD (YE) CLP / USD (YE) Interest Rate - (YE) - % Interest Rate - (YE) - % CPI - % CPI - % Argentina GDP - % ARS / USD (YE) BADLAR - (YE) - % CPI - % (Private estimates) Source: Itaú Unibanco 8
9 LatAm: Growth Disappointed in Brazil Real GDP Growth (%) 5,6 5,1 4,6 4,1 3,6 3,1 2,6 2,1 1,6 1,1 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Brazil Mexico Colombia Chile Source: Latin Focus Consensus Forecasts and Itaú Unibanco 9
10 Brazil: Our Expectations for the Short Term Economic Activity GDP % Inflation IPCA % Monetary Policy Selic Rate % Fiscal Primary Surplus Balance of Payments Exchange Rate (eop) Current Account (% GDP) Commodities * (YE, yoy change) 8% 1% 3% * Itaú Commodity Index, in U.S.-dollar terms Source: Itaú Unibanco e BCB 10
11 2007 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 Disappointment in 2012, Moderate Recovery in 2013 GDP (% Change, qoq/sa) 5% 4% 3% 2,6% 2,7% 2,0% 2% 1% 0% -1% 2,1% 1,8% 1,5% 1,6% 1,5% 1,2% 1,0% 1,0% 0,7% 0,5% 0,6% 0,7% 0,9% 0,9% 0,9% 0,9% 0,1%0,1% 0,1% 0,2% -2% -1,6% -3% -4% -5% -3,9% Source: BCB and Itaú Unibanco 11
12 Activity: Signs of Recovery Retail Sales 3MMA, annualized growth Industrial Production YoY % change 20% 10% 15% 5% 10% 10,6% 0% -5% 5% -10% 0% -15% -5% % Source: FGV, IBGE, and Itaú BBA 12
13 Investment Still to React Industry Confidence vs. Gross Fixed Capital Formation % 30% % 20% % 95 10% 5% 85 0% -5% 75-10% -15% % Industry Confidence (FGV) GFCF (YoY - right) Source: FGV e Itaú Unibanco 13
14 Labor Market Remains Heated Unemployment Rate %, sa Average Real Wages sa (2003=100) Source: IBGE and Itaú Unibanco 14
15 Inflation Hovers at New Level IPCA Core 12 - month rate IPCA Breakdown 12 month rate 8% 10% 7% 9% 8% 8,0% 6% 5,7% 7% 5,7% 6% 5% 5% 4,6% 4% 4,4% 4,5% 4% 3% 3% 2% 1% 2% % Tradables Non-tradables Source: Bloomberg and Itaú Unibanco 15
16 Inflation Under Pressure in 1Q13, but Retreating from 1Q13 Onward IPCA 0,90% 6,4% 6,3% 6,2% 0,75% 6,1% 6,5% 6,3% 6,1% 0,60% 0,45% 5,8% 5,6% 5,9% 5,7% 5,5% 0,30% 0,15% 4,9% 5,3% 5,1% 4,9% 4,7% 0,00% Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Monthly 12-month (rhs) 4,5% Source: IBGE and Itaú BBA 16
17 Exchange Rate in a Narrower Range Exchange rate is respecting the R$2.00 to R$2.10 range, but we expect to dollar to reach R$ 2.15 until the end of the year. Exchange Rate Intraday Range 2,15 Real vs. Currencies Commodity Exporters* Currencies Basket = Real in Oct ,10 2,05 2,00 1,95 perceived range 2,10 2,00 1,90 Real Commodity Exporters Average* 1,90 1,85 1,80 1,80 1,70 1,75 1,70 1,60 1,65 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 1, Source: BCB and Itaú Unibanco *Mexico, Chile, Australia, New Zealand, South Africa, Norway and Canada 17
18 Low Interest Rates to Stay Low Selic Rate % 25% 20% 15% 10% 5% Real interest rate 0% Source: Bloomberg e Itaú Unibanco 18
19 Decreasing Fiscal Effort Structural Primary Surplus % GDP 5% 4,5% 4,5% 4% 4,2% 3,8% 3,5% 3,4% 3% 2,9% 2,5% 2% 2,0% 1% 1,1% 1,3% 1,0% 0% Source: Banco Central, Itaú Unibanco 19
20 Tax Exemptions Triple in 2013 Already announced (tax exemption estimate for 2013): Reduction of IOF on credit for individuals Tax exemption on payroll Cide at zero Tax exemption on construction materials and capital goods Tax reduction on electricity Tax exemption on civil construction (payroll, others) IPI reduction on vehicles, durable goods PIS/Cofins new tax rates (and reform) Income tax exemption on Profit Sharing schemes R$ 3 billion R$ 13 billion R$ 5 billion R$ 5 billion R$ 4 billion R$ 4 billion R$ 2 billion R$ 10 billion R$ 2 billion In the future: ICMS, other tax exemptions on payroll Estimated total (2012): Announced total (2013): R$ 15 billion (0.3% of GDP) R$ 48 billion (1.0% of GDP) Source: Itaú BBA, Ministry of Finance 20
21 Challenges Relatively High Labor Costs Manufacturing Sector Hourly Compensation Costs in 2010 (USD) Change in Unit Labor Costs in USD Terms ( ) 90% 80% 70% 8 60% 50% 37% % 30% 20% 10% 0% -10% 14% 22% -8% -2% 5% 20% 4% -3% 12% -5% 43% 0 Brazil Hugary Poland Mexico Phillippines -20% China South Korea Israel Mexico Poland Brazil Real exchange rate Costs Source: U.S. Bureau of Labor Statistics 21
22 Sweden France Germany Hungary Ukraine Poland Brazil Russia Spain Autralia USA South Korea Argentina Turkey Colombia Chile India China Venezuela Mexico Arab Emirates Challenges Heavy Tax Burden Tax Burden % of GDP 60% 50% 40% 34% 30% 20% 10% 0% Source: Heritage Foundation, International Energy Agency (2011); Design: Itaú Unibanco 22
23 Challenges - Infrastructure Infrastructure Ranking Position in Hong Kong Singapore Germany Chile Russia China Turkey 51 Mexico Brazil India 84 Peru 89 Source: World Economic Forum 23
24 Challenges - Less Labor, Need More Investment Labor contribution decreases. Growth depends on increasing investments and productivity. GDP grows 3.5%-4.0% throughout the decade. GDP Growth Decreasing Labor Contribution 8% 2,5% Labor Capital Productivity 7% 6% 2,0% 5% 1,5% 4% 4,0% 3% 2,7% 3,2% 1,0% 2% 0,5% 1% 0,9% 0% ,0% Source: IBGE, Itaú Unibanco and U.S. Bureau of Labor Statistics 24
25 Spending on social security (% GDP) Challenges Lack of Domestic Savings Public Spending on Social Security 20% 18% Italy 16% Poland 14% 12% Brazil 10% 8% 6% 4% Mexico USA Japan 2% 0% Colombia 5% 10% 15% 20% 25% 30% Population aged 65+ (% total) Source: IBGE and Itaú Unibanco 25
26 China Challenges - Domestic Savings Must Increase to Enable Investments to Grow Japan Mexico Peru Chile Argentina Colombia Canada Brazil South Africa UK USA Domestic Savings (%, 2011) Investment Rate 22% 54 21% % % 13 18% % 16% 15% Source: IMF and Itaú Unibanco 26
27 Conclusion Low global growth scenario, with lower risks (Debt Ceiling and Europe). GDP in Brazil disappointed in 2012, we expect moderate recovery in Labor market remais heated. Inflation should remain above target. We expect te real to remain depreciated. Exchange rates should remain low for longer. Lower fiscal effort. 27
28 Long Term Scenario Source: Itaú Unibanco 28
Economic Outlook. Macro Research Itaú Unibanco
Economic Outlook Macro Research Itaú Unibanco June, 2013 Agenda Economia Global Heterogeneous growth: U.S. growing faster, Europe in recession. Deceleration in the emerging economies. The Fed signals a
More informationY qué está pasando en Brasil?
Y qué está pasando en Brasil? Ilan Goldfajn Chief Economist and Partner, Itaú Unibanco August, 2013 Summary Why has the Brazilian economy decelerated? The low growth and full employment paradox (new middle
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco April 2017 Roadmap Global Economy The global outlook remains favorable Global growth positive momentum continues, with a synchronized
More informationEconomic Outlook. Macroeconomic Research Itaú Unibanco
Economic Outlook Macroeconomic Research Itaú Unibanco March 2015 Overview International Global growth on the rise. U.S. interest rates will soon follow U.S. economic fundamentals remain solid. Rates are
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco April 2018 Roadmap Global Economy Global growth on track, trade risk to fade Global growth has kept up a good pace, supported by easy
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco December 2017 Roadmap Global Economy Solid global growth and higher interest rates in 2018 We expect global growth to continue at 3.8%
More informationRECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003
OCTOBER 23 RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO 2 RECENT DEVELOPMENTS OUTLOOK MEDIUM-TERM CHALLENGES 3 RECENT DEVELOPMENTS In tandem with the global economic cycle, the Mexican
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES. Bank of Russia.
RUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY CHALLENGES Bank of Russia July 218 < -1% -1-9% -9-8% -8-7% -7-6% -6-5% -5-4% -4-3% -3-2% -2-1% -1 % 1% 1 2% 2 3% 3 4% 4 5% 5 6% 6 7% 7 8% 8 9% 9 1% 1 11% 11
More informationMonetary Policy: A Key Driver for Long Term Macroeconomic Stability
Monetary Policy: A Key Driver for Long Term Macroeconomic Stability Julio Velarde Governor Central Bank of Peru March 2016 Agenda 1. Peru s growth is based on strong fundamentals 2. Recent economic developments
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco January 2018 Roadmap Global Economy Goldilocks scenario continues Global growth to remain at 3.8% in 2018. Growth in developed countries
More informationMacro Research Economic outlook
Macro Research Economic outlook Macroeconomic Research Itaú Unibanco August 2017 Roadmap Global Economy Positive environment for emerging markets continues Global growth remains solid. We revised our GDP
More informationOlivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund
Centre for Economic Performance 21st Birthday Lecture Series The State of the World Economy Olivier Blanchard Economic Counsellor and Director of the Research Department, International Monetary Fund Lord
More informationGlobal Economic Prospects
Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally
More informationGLOBAL MARKET OUTLOOK
GLOBAL MARKET OUTLOOK Max Darnell, Managing Partner, Chief Investment Officer All material has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. performance is no
More informationWorld Economic Outlook. Recovery Strengthens, Remains Uneven April
World Economic Outlook Recovery Strengthens, Remains Uneven April 214 1 April 214 WEO: Key Messages Global growth strengthened in 213H2, will accelerate further in 214-1 Advanced economies are providing
More informationGreen Shoots Consumption-led cyclical recovery and needed reforms
Green Shoots Consumption-led cyclical recovery and needed reforms November, 2017 FERNANDO HONORATO BARBOSA Chief Economist, Director fernando.honorato@bradesco.com.br 1 The economy is improving. Families
More informationMonetary Policy under Fed Normalization and Other Challenges
Javier Guzmán Calafell, Deputy Governor, Banco de México* Santander Latin America Day London, June 28 th, 2018 */ The opinions and views expressed in this document are the sole responsibility of the author
More informationLatin America: the shadow of China
Latin America: the shadow of China Juan Ruiz BBVA Research Chief Economist for South America Latin America Outlook Second Quarter Madrid, 13 May Latin America Outlook / May Key messages 1 2 3 4 5 The global
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More informationFinancial wealth of private households worldwide
Economic Research Financial wealth of private households worldwide Munich, October 217 Recovery in turbulent times Assets and liabilities of private households worldwide in EUR trillion and annualrate
More informationMarket Briefing: S&P 500 Forward Earnings & the Economy
Market Briefing: S&P Forward Earnings & the Economy January, 18 Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-56 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www.
More informationMexico: Dealing with international financial uncertainty. Manuel Sánchez
Manuel Sánchez United States Mexico Chamber of Commerce, Chicago, IL, August 6, 2015 Contents 1 Moderate economic growth 2 Waiting for the liftoff 3 Taming inflation 2 Since 2014, Mexico s economic recovery
More informationPeru s Fundamentals and Economic Outlook
Peru s Fundamentals and Economic Outlook Julio Velarde Governor Central Bank of Peru October 2016 Content 1. Slow Global Recovery 5. Gradual withdrawal of monetary stimulus 2. Reversal in Peru s external
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationContents. HSBC Group in the world. HSBC in Brazil. New Economic Scenario / Macroeconomic Forecasts
HSBC GLOBAL & LOCAL STRATEGY IN A NEW ECONOMIC SCENARIO Conrado Engel CEO & President of HSBC Bank Brasil 26 March 2010 The British Chamber of Commerce and Industry in Brazil - São Paulo 0 Contents HSBC
More informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More informationSan Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationThe Future of Mexican Monetary Policy
The Future of Mexican Monetary Policy Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México* XP Securities Mexico Summit Mexico City, 2 March 2017 */ The views expressed herein are strictly personal.
More informationGovernor Central Bank of Argentina
Banco Central de la República Argentina "International Crisis and Policy Space: Challenges for Emerging Countries" Mercedes Marcó del Pont Governor Central Bank of Argentina 2th Annual Hyman P. Minsky
More informationA Global Economic and Market Outlook
A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05
More informationSEPTEMBER Overview
Overview SEPTEMBER 214 Global growth. Global growth has been weaker than expected so far this year, as economic activity disappointed in a number of major countries in the first six months (Figure 1).
More informationQuarterly Report. April June 2015
April June August 12, 1 1 Outline 1 2 Monetary Policy External Conditions 3 Economic Activity in Mexico Inflation Determinants Forecasts and Balance of Risks April-June 2 Monetary Policy Conduction in
More informationQuarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War
Foregin Direct Investment (Billion USD) China U.S. Asia World Quarterly Economic Outlook: Quarter 3 2018 on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Thai Economy: Thai
More informationBrazil. Mauricio Oreng Senior Brazil Strategist Aug-17. Macroeconomic outlook. Marketing communication
Mauricio Oreng Senior Brazil Strategist Aug-17 Brazil Macroeconomic outlook Marketing communication Brazil s worst recession on record... 12 10 % real annual growth 8 6 4 2 0 GDP forecast 2017: 0.1% -2
More informationGlobal Economic Indictors: CRB Raw Industrials & Global Economy
Global Economic Indictors: & Global Economy December 14, 2017 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 480-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box
More informationLatin America Equities
Latin America Equities March 2013 Stephen Burrows, Senior Investment Manager Emerging Markets - Pictet Asset Management Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12
More informationKey Economic Challenges in Japan and Asia. Changyong Rhee IMF Asia and Pacific Department February
Key Economic Challenges in Japan and Asia Changyong Rhee IMF Asia and Pacific Department February 2017 1 Global and Asia Outlook 2 Global activity strengthening, with rising dispersion and uncertainty
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing November 14, 217 Dr. Edward Yardeni 516-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 16 Figure
More informationThe Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 2009
The Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 29 Anoop Singh Asia and Pacific Department IMF 1 Five key questions
More informationReporting practices for domestic and total debt securities
Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationMonetary Policy Outlook for Mexico
Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México J.P. Morgan Investor Seminar Washington, DC, 8 October 2016 Outline 1 2 3 4 5 Monetary Policy in Mexico Evolution of the Mexican Economy Inflation
More informationInternational Monetary Fund. World Economic Outlook. Jörg Decressin Senior Advisor Research Department, IMF
International Monetary Fund World Economic Outlook Jörg Decressin Senior Advisor Research Department, IMF IMF Presentation April 3, The recovery is solidifying but it will take some time before it significantly
More informationStock Market Briefing: S&P 500 Revenues & the Economy
Stock Market Briefing: S&P Revenues & the Economy December 21, 217 Dr. Edward Yardeni 16-972-7683 eyardeni@ Joe Abbott 732-497-36 jabbott@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at
More informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
More informationRecent Economic Developments and Monetary Policy in Mexico
Recent Economic Developments and Monetary Policy in Mexico Javier Guzmán Calafell, Deputy Governor, Banco de México* United States-Mexico Chamber of Commerce, Northeast Chapter New York City, 2 June 2017
More informationThe External Environment for Developing Countries
d Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The External Environment for Developing Countries July 2009 The World Bank Development Economics Prospects Group
More informationAPPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES
16 QUARTERLY INVESTMENT STRATEGY APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES Purchasing Managers Index EMERGING ECONOMIES Purchasing Managers Index US Eurozone Japan Brazil Russia India China Industrial
More informationRecent Recent Developments 0
Recent Developments 0 Global activity has slowed noticeably World Trade (annualized percent change of three month moving average over previous three month moving average) Purchasing Managers Index (PMI)
More informationRUSSIAN ECONOMIC OUTLOOK AND MONETARY POLICY. RUSSIA S ECONOMIC OUTLOOK AND MONETARY POLICY December 2018
4% RUSSIA S ECONOMIC OUTLOOK AND December 1 2 Consumer prices (1) At the end of 1, inflation is expected to be close to 4%, which corresponds to the Bank of Russia s target 2 Inflation indicators, % YoY
More informationECONOMIC OUTLOOK. World Economy Autumn No. 33 (2017 Q3) KIEL INSTITUTE NO. 33 (2017 Q3)
KIEL INSTITUTE ECONOMIC OUTLOOK World Economy Autumn 7 Finalized September 6, 7 No. 33 (7 Q3) Klaus-Jürgen Gern, Philipp Hauber, Stefan Kooths, Galina Potjagailo, and Ulrich Stolzenburg Forecasting Center
More informationGlobal Monetary Policy Monitor
Global Monetary Policy Monitor January 017 Lower interest rates in South America In January, monetary policy decisions took place in 15 of the 33 countries that we monitor. On the tightening side, Turkey
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationNational Monetary Policy Forum. Chris Loewald, Head: Policy Development and Research 10 April 2016 Pretoria
National Monetary Policy Forum Chris Loewald, Head: Policy Development and Research 1 April 1 Pretoria In the April 17 MPR Executive summary & overview of the policy stance Overview of the world economy
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
More informationQuarterly Report. April June 2014
April June August 1, 1 Outline 1 Monetary Policy External Conditions 5 Economic Activity in Mexico Inflation Determinants Forecasts and Balance of Risks Monetary Policy Conduction Monetary policy has focused
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing January, 17 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 16 Figure 1.
More informationAll-Country Equity Allocator July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A
More informationOutlook for the Mexican Economy Alejandro Díaz de León Carrillo, Governor, Banco de México. April, 2018
Alejandro Díaz de León Carrillo, Governor, Banco de México April, Outline 1 External Conditions Current Outlook.1. Monetary Policy and Inflation Determinants in Mexico Evolution of Economic Activity Recent
More informationMonetary Policy Report 1/12. Charts
Monetary Policy Report / Charts Chart. Projected output gap¹) for Norway's trading partners. Percent. Q Q - - - - MPR / MPR / - - - - - 8 ) The output gap measures the percentage deviation between GDP
More informationVantage Investment Partners. Quarterly Market Review
Vantage Investment Partners Quarterly Market Review First Quarter 2016 Quarterly Market Review First Quarter 2016 This report features world capital market performance and a timeline of events for the
More informationTURKEY: RECENT DEVELOPMENTS January March 2018
TURKEY: RECENT DEVELOPMENTS January March 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237
More informationChallenges to monetary policy in the EMEs
Challenges to monetary policy in the EMEs A view into the Brazilian Case Governor of the Banco Central do Brasil Ilan Goldfajn November 18th, 2017 Outline Benign international conditions and Emerging Markets
More informationQ2 Quarterly Market Review Second Quarter 2015
Q2 Quarterly Market Review Second Quarter 2015 Quarterly Market Review Second Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins
More informationTURKEY: RECENT DEVELOPMENTS January June 2018
TURKEY: RECENT DEVELOPMENTS January June 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237
More informationThe Global Economy Heightened Risks
The Global Economy Heightened Risks RISI Latin American Conference 16 August, 2016 David Katsnelson Director, Macroeconomics Agenda 1. Global Snapshot A Two-Track World 2. Latin America Some Improvement
More informationInternational Monetary Fund
International Monetary Fund World Economic Outlook Jörg Decressin Deputy Director Research Department, IMF April 212 Towards Lasting Stability Global Economy Pulled Back from the Brink Policies Stepped
More information2018 MACRO OVERVIEW. More of the Same, Yet Less of the Same. March 9, 2018
2018 MACRO OVERVIEW More of the Same, Yet Less of the Same March 9, 2018 RICHARD FARR MERION CAPITAL GROUP 484-436-4764 rfarr@merioncapitalgroup.com Jan-04 Oct-04 Jul-05 Apr-06 Jan-07 Oct-07 Jul-08 Apr-09
More informationEQUITY REPORTING & WITHHOLDING. Updated May 2016
EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the
More informationJuly 2012 Chartbook The Halftime Report
Average Daily $VA LUE Traded ($Billions ) $Billions (212 ( US China Japan CHI-X London Hong Kong Germany France Canada Korea Australia Brazil Taiwan Spain India Italy $billions Switzerland Sweden Amsterdam
More informationThe Mexican Economy: Now and in the Future
Manuel Sánchez BBVA Investor conference "LATAM: Growth at your fingertips" Milan, Italy, May 10 2012 Index 1 Structural strengths 2 Recent developments and outlook 3 Long term opportunities 4 Consolidation
More informationMexico s Macroeconomic Outlook and Monetary Policy
Mexico s Macroeconomic Outlook and Monetary Policy Javier Guzmán Calafell, Deputy Governor, Banco de México* XP Securities Washington, DC, 13 October 2017 */ The opinions and views expressed in this document
More informationCapital Flows to Emerging Markets - The Perspective from the IIF
Capital Flows to Emerging Markets - The Perspective from the IIF Felix Huefner Global Macroeconomic Analysis Department Institute of International Finance 1 st Meeting of the COMCEC Financial Cooperation
More informationMonetary Policy Report 3/12. Charts
Monetary Policy Report / Charts Chart. Key rates and estimated forward rates as at June and October.¹) Percent. January December ²) US Euro area³) UK 9 ) Broken lines show estimated forward rates as at
More informationAuscap Long Short Australian Equities Fund Newsletter June 2018
Auscap Long Short Australian Equities Fund Auscap Asset Management Limited Disclaimer: This newsletter contains performance figures and information in relation to the Auscap Long Short Australian Equities
More informationUS Economic Indicators: Import Prices, PPI, & CPI
US Economic Indicators: Import Prices, PPI, & CPI December 1, 17 Dr. Edward Yardeni 51-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Please visit our sites at blog. thinking outside the box Table Of
More informationGlobal Business Barometer April 2008
Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of
More informationCharting Mexico s Economy
Charting Mexico s Economy Designed to help executives catch up with the economy and incorporate macro impacts into company s planning. Annual subscription includes 2 semiannual issues published in June
More informationQuarterly Report. July September 2014
July September November 19, Outline 1 2 Monetary Policy External Conditions 3 4 5 Economic Activity in Mexico Inflation Determinants Forecasts and Balance of Risks 2 Monetary Policy Conduction By constitutional
More informationChallenges faced by Advanced Inflation Targeters: The Case of Israel
Challenges faced by Advanced Inflation Targeters: The Case of Israel Karnit Flug Bank of Israel Prepared for a Conference at the Czech National Bank, April 8 28 Economic Performance of the Israeli Economy
More informationGlobal Risk Outlook May 2016
Global Risk Outlook May 2016 Scott Livermore Managing Director and COO slivermore@oxfordeconomics.com About Oxford Economics Oxford Economics is a world leader in global forecasting and quantitative analysis.
More informationEurozone Economic Watch. February 2018
Eurozone Economic Watch February 2018 Eurozone: Strong growth continues in 1Q18, but confidence seems to peak GDP growth moderated slightly in, but there was an upward revision to previous quarters. Available
More informationGlobal Economic Outlook
Global Economic Outlook Will the growth continue and at what pace? Latin American Conference São Paulo August 2018 Lasse Sinikallas Director, Macroeconomics Copyright 2018 RISI, Inc. Proprietary Information
More informationTravel Insurance and Assistance
Travel Insurance and Assistance Worldwide research covering over 40 countries Series Prospectus Finaccord 1 Prospectus contents Page What is the research? Which countries are covered What methodology has
More informationOUTLOOK 2014/2015. BMO Asset Management Inc.
OUTLOOK 2014/2015 BMO Asset Management Inc. We would like to take this opportunity to provide our capital markets outlook for the remainder of 2014 and the first half of 2015 and our recommended asset
More informationEconomic Outlook. William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago
Economic Outlook CRF Credit & A/R Forum & EXPO Salt Lake City, UT October 23, 218 William Strauss Senior Economist and Economic Advisor Federal Reserve Bank of Chicago What I said In August The outlook
More informationMACRO-ECONOMIC OVERVIEW. Johann Els Senior Economist at Old Mutual Investment Group
MACRO-ECONOMIC OVERVIEW Johann Els Senior Economist at Old Mutual Investment Group EXECUTIVE SUMMARY Global recovery slow with considerable regional differences Inflation remains low, thus global policy
More informationProgress Towards Strong, Sustainable, and Balanced Growth. Figure 1: Recovery From Financial Crisis (100 = First Quarter of Real GDP contraction)
Progress Towards Strong, Sustainable, and Balanced Growth Figure 1: Recovery From Financial Crisis ( = First Quarter of Real GDP contraction) 13 125 196-26 AE Recessions' Range*** 196-26 AE Recessions**
More informationLatin America Outlook. 1st QUARTER 2018
Latin America Outlook 1st QUARTER Main messages 1. Strong global growth continues. Forecasts revised up in in most areas. Growth stabilizing in. 2. Growth recovers in Latin America, reaching close to potential
More informationQuarterly Report. July-September 2015
July-September November 0, 1 1 Outline 1 Monetary Policy External Conditions Economic Activity in Mexico Inflation Determinants Forecasts and Balance of Risks July September Monetary Policy Conduction
More informationInternational Economic Outlook
International Monetary Fund September 9, 16 International Economic Outlook Alejandro Werner Director Western Hemisphere Department 1 Global and Regional Developments Relevant Issues Global and Regional
More informationGlobal Construction 2030 Expo EDIFICA 2017 Santiago Chile. 4-6 October 2017
Global Construction 2030 Expo EDIFICA 2017 Santiago Chile 4-6 October 2017 Graham Robinson Global Construction Perspectives Global Construction 2030 is the fourth in a series of global studies of the construction
More informationChart Collection for Morning Briefing
Chart Collection for Morning Briefing November 17, 2 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box 13 13 Figure
More informationInflation Report. April June 2013
April June 2013 August 7, 2013 1 Outline 1 External Conditions 2 Economic Activity in Mexico 3 Monetary Policy and Inflation Determinants Forecasts and Balance of Risks 2 External Conditions Global Environment
More informationThe Chilean economy: Institutional buildup and perspectives
The Chilean economy: Institutional buildup and perspectives Vittorio Corbo Governor 1 Outline 1. Introduction 2. Chile s economic reforms and institutional buildup 3. Performance of the Chilean economy
More informationAdvanced and Emerging Economies Two speed Recovery
Advanced and Emerging Economies Two speed Recovery 23 November 2 Bauhinia Foundation Research Centre Masaaki Shirakawa Governor of the Bank of Japan Slide 1 Japan s Silver Yen and Hong Kong s Silver Yuan
More informationBRAZIL MACROECONOMIC OUTLOOK November, 2017 Economic Research Department
BRAZIL MACROECONOMIC OUTLOOK November, 2017 Economic Research Department PRIMARY SURPLUS % of GDP 3.5% 2.5% 1.5% 2.4% 2.0% 2.1% 2.8% 1.2% 2.8% 2.1% 1.6% 1.4% 0.5% -0.5% -1.5% -0.3% -0.8% -2.5% -3.5% -1.9%
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More information% 38, % 40, % 2,611 2,
3 DECEMBER 6 OPEN ENDED Number of Net Value of Number of Total Value Total Value Net New Date Authorised/Registered Schemes Registered of Sales of Repurchases Investment Schemes ( mn) Holders ( mn) ( mn)
More informationChina: Beyond the headlines. Bill Maldonado HSBC Global Asset Management
China: Beyond the headlines Bill Maldonado HSBC Global Asset Management Are you a China Bull or a Bear? Source: Various news publications 2 Bear myth #1: Hard landing? GDP: Growth is slowing, but it s
More information