Getting Through the To Do List By Avery Shenfeld, Chief Economist & Managing Director
|
|
- Donna Scott
- 5 years ago
- Views:
Transcription
1 Getting Through the To Do List By Avery Shenfeld, Chief Economist & Managing Director July 212
2 Global Economy: Seven Lean Years 6 Global GDP % chg Avg = 5.% Lean Years Avg = 3.2% F 12F 13F 14F 2
3 World s Engines Slowing Together 3 y/y % chg Jan-9 Jan-1 Jan-11 Jan Eurozone Industrial Production(L) US Manufacturing Shipments (L) China Industrial Production (R) 3
4 Portugal 2, Ireland 2 The To Do List for Greece 3 or managed exit Cyprus Spanish bank/sovereign Other European bank equity infusions Austerity Lite Increased ESM ECB bond purchases or QE Chinese monetary and fiscal stimulus Stronger yuan US softening of fiscal cliff 4
5 Europe s Slowing Started With Gov t (L) Spread to Broader Eurozone Growth (R) 2.5% 2.% 211 GDP % Government Spending* Household Spending Business Investment 1.5% 1.% -1%.5%.% EU Fiscal Tighteners* Other EU Nations -2% * Excludes transfers *includes UK, Spain, Netherlands, Poland, Greece, Ireland, Portugal, Slovakia, Bulgaria and Malta, where 211 fiscal drag is greater than 1% of GDP -3% Change in volume (y/y), a/o Q
6 Fixed Exchange Rate, Undercapitalized Banks Keys to Eurozone Troubles European Unemployment Rates, % % 25 Spain 11, bns 2 Greece Ireland Iceland 96 Europe: Credit to Households and Non-financial Corporations Mar-4 Mar-6 Mar-8 Mar-1 Mar May-1 Jul-1 Sep-1 Nov-1 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 6
7 Spain: Too Big to Fail, Too Big to Bail Billions of IMF EFSF/ESM Resources EFSM Spain Bank Rescue 2nd Portuguese Bailout Adverse Scenario: Additional Spain Bank Bailout Spain Sovereign Bailout Costs 2nd Irish Bailout Source: EFSF, IMF, European Union, Bloomberg, CIBC 7
8 Chinese Indicators Point to Sub-8% Growth (L) and Weaker Resource Demand (R) 58 y/y % chg China's Consumption y/y % chg Projected %+4.2% *3-month moving average 44 Jan-1 Aug-1 Mar-11 Oct-11 May-12 Purchasing Managers' Index (L) Electricity Use* (R ) Railway Freight Volumes* (R ) Copper Oil Source: IEA, CRU, ICSG 8
9 Lower Inflation (L), Modest Debt (R): Room for Chinese Monetary/Fiscal Boost Gross govt* debt/gdp (%) 8 Current Inflation Target % Jan-7 Jul-9 Jan-12 CPI, y/y % chg (L) 1-year best lending rate, % (R ) % G-7 China * national and sub-national Local Govt Financing Vehicles Local Govt- Direct National Govt Source: Bloomberg, Moody s CIBC, IMF 9
10 2% Growth Retains Labour Market Slack Keeps Fed On Hold for At Least Two Years % Arrows Mark Start of Fed Tightening Forecast Dec- 84 Jun- 87 Dec- 89 Jun- 92 Dec- 94 Jun- 97 Dec- 99 Jun- 2 Dec- 4 Jun- 7 Dec- 9 Jun- 12 Unemployment Rate U6 Unemployment Rate 1
11 Lending Growth (L), Huge Reserves, and Low Yields (R) Limit QE or Twist Utility 75 US bank credit (loans and leases, bns of US$) 5 % Operation Twist discussed yr yield yr yield End of QE Jan-7 Sep-7 May-8 Jan-9 Sep-9 May-1 Jan-11 Sep-11 Jun-1 Oct-1 Feb-11 Jun-11 Oct-11 Feb-12 11
12 US Fiscal (L) and Monetary Policy (R) At Odds 5% Fiscal Cliff Threatens 213 %-pts contribution to GDP from spending 1. Reagan First Term Obama Index: Q1 211 = 1 Q1-1 Q3-1 Q1-11 Q3-11 Forecast Q1-12 Q3-12 Q1-13 Q Years of Presidency Forecast Real durables consumption Real resid. construction Real gov't spending 12
13 Public Sector a Drag on Employment (L), But Private Hiring the Real Problem (R) Change in public employment in 3 years after recessions Change in private employment as % of jobs lost in recession 8 's 35% 6 3% % 2% Only half way 15% -2 1% -4-6 Jul'81- Nov'82 Jul'9- Mar'91 Recessions Dec'7- Jun'9 5% % Jul'81- Nov'82 Jul'9- Mar'91 Recessions Dec'7- Jun'9 Source: BLS, CIBC 13
14 Easing Food/Energy Inflation (L) Better Credit Access (R) Will Lift H2 Consumption Neccessity spending* as % disposable income forecast 6 Consumer Loan Delinquency Rate Back to Normal % Mar- Mar-3 Mar-6 Mar-9 Mar-12 *Gasoline, housing and food purchased for home consumption Source: BLS, CIBC 14
15 As More Families Rent (L) Multiples Construction Benefits (R) % of US families having own home thousands (SAAR) thousands (SAAR) Q Apr-7 Apr-8 Apr-9 Apr-1 Apr-11 Apr-12 Single Family (Left) Multiple-Unit (Right) 15
16 US Property Price Index: Residential vs. Commercial Index 26= Gains in Phoenix, Denver, Miami, Washington, Dallas, Minneapolis S&P/C ase-shiller Home Price Index GSA C ommercial Property Price Index Source: S&P, Fiserv, and MacroMarkets LLC, Federal Housing Finance Agency, CIBC 16
17 Vacancies Still Much Lower in Canada 18 % 16 US office US Industrial Cdn Office Cdn Industrial Q1/25 Q2/26 Q3/27 Q4/28 Q1/21 Q2/211 17
18 Business Investment: A Key Driver Poised to Cool Average contribution from business investment as a % of GDP growth 3% 25% 2% 15% 1% Core capital goods orders (non-defense ex aircraft) % 3m-o-3m 5% -2 % 197's 198's Present Jan-6 Apr-7 Jul-8 Oct-9 Jan-11 Apr-12 Recoveries 18
19 Canadian Rate Outlook: A Fine Line.5% Output Gap.% -.5% Bank of C anada April Forecast (2.4%) -1.% -1.5% -2.% CIBC Apr Forecast and Boc July Fcst (2.1%) Q1 21 Q3 21 Q1 211 Q3 211 Q1 212F Q3 212F Q1 213F 19
20 Canada s Government Jobs Slowdown (L) Leaves Hiring to Trade-Sensitive Sectors (R) 12% 1% Public sector share of employment growth Cdn change in employment, last 6 months (thous) 8% 6% Other 4% 2% Manufacturing and Natural Resources (Tradeables) % Dec '6 - Dec '8 Dec '8 - Dec '1 Last 6 months 26K per month total 2
21 Foreign Economic Activity Index Signals Slowing Canadian Real Exports y/y % chg Fcst Q3 6- Q3 7- Q3 8- Q3 9- Q3 1- Q3 11- Q3 12- Q3 13- Q3 Foreign Activity Index Real Exports Source: Bank of Canada, Statistics Canada, CIBC 21
22 Government Drag Still Set to Hit in 212/13 3.5% 2.5% 1.5% Real Cdn government spending Forecast.5% -.5% -1.5% -2.5% -3.5% 21/11 211/12 212/13 Source: CIBC, Canadian federal and provincial budgets, Statistics Canada 22
23 Debt-to-Income Ratio by Country (211Q1) Denmark Netherland Ireland Norway Switzerland Australia Sweden Canada US UK Portugal Spain Finland Austria Germany France Italy % Source: ECB, Bank of Canada, CIBC 23
24 Heavy Debtors Piled on More (L), Older Canadians Part of the Problem (R) Contribution to Change in Total Household Debt since % Share of Age 45+ in Total No. of Heavy Borrowers % % Heavy * Medium & Light 27 Debt/Income * Heavy Borrowers are those with >1.6 debt to gross income ratio Source: Canadian Financial Monitor, CIBC 24
25 Consumers Reduced Debt Appetite Slows Retail Sales: Low Rates Needed for Longer 1% y/y chg, 3 mo. m.a. y/y chg 2% 16% 6% 12% 8% 2% 4% % -2% -4% -8% -6% Apr-3 Apr-4 Apr-5 Apr-6 Apr-7 Apr-8 Apr-9 Apr-1 Apr-11 Apr-12-12% Real Retail Consumption (L) Consumer Credit (R) 25
26 The Housing Market: Cooling Underway Unit Sales Avg House Price y/y % chg 3-mos moving avg y/y % chg 3-mos moving avg Source: CREA, CIBC 26
27 Bond Flows, Not Dutch Disease, Key to C$ 35 C$bn (3M Sum) US /C$ Dec-6 Dec-7 Dec-8 Dec-9 Dec-1 Dec Net Purchases of C$ Bonds (L) Canadian Dollar (R) 27
28 Resulting C$ Strength Hits Labour Costs; Hurts Canada s Trade Balance 3 Goods Sector Wage Rates (US dollars/hour) 25 Canada 2 US Jan-93 Oct-96 Jul- Apr-4 Jan-8 Oct-11 28
29 Resource Link Means Contained C$ Until Rate Hikes or Global Growth Improves US$/bbl US$/C $ Jan- 11 May- 11 Sep- 11 Jan- 12 May- 12 Crude Oil (WTI) Canadian Dollar 29
30 Commodities Rebound With Better 213 Growth Non-Cyclical Commodities Favoured for 212 Average 6-Jun (f) 213 (f) Oil (WTI) $/bbl Natural Gas (Henry) $/Mn Btu Gold* $/troy oz * 1531* 165* 16* Copper $/lb Aluminum $/lb Nickel $/lb Zinc $/lb Lumber** $/' bd ft Potash*** $/tonne Uranium $/lb(contract) * end of period **1st Futures ***producer, realized 3
31 World Oil Production Has Outpaced Demand (L), US Crude Inventories at 22-Year High (R ) 9 Mn bbl/day Mn bbl/day 4 Mn bbl Jan-9 May-9 Sep-9 Demand (L) Jan-1 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 Production (L)
32 1 9 8 $/bbl A More Challenging Environment for Canadian Megaprojects Average 215 NYMEX Light Sweet Futures Price Source: Company Reports, CAPP, CIBC Upgraded Mining Mining SAGDaverage Tight Carbonate Saskatchewan Bakken 32
33 Investment Intentions, Income Growth Highlight Shifting Regional Fortunes Private/Public Investment Intentions* (212), % * Construction + machinery & equipment PEI Ont NS NB Sask Man Qué Cda BC Alta N&L Corporate Profits, CAGR (22-1) Sask BC Man N&L Ont NS Qué PEI NB Cda Alta Personal Income, CAGR (22-1) 33
34 Analysts Haven t Pared H2 Earnings Much (R) Historically Low Forward PE Offers Cushion (L) S&P 5 median, last 3 yrs % Change in "Bottom-Up" for TSX Composite EPS Since Mid-April Nearly 3-pts below long term average Jan-7 Sep-8 May-1 Jan-12 TSX Composite S&P :Q2 12:Q3 12:Q4 34
35 Bond Yields Drift Higher, But Very Low By Historic Standards Thru % Mar- 6 Jan- 7 Nov- 7 Sep- 8 Jul-9 May- 1 Mar- 11 Jan- 12 Nov- 12 Sep Yr Canadas 1-Yr Canadas 1-Yr US Treasuries 35
Canada In a Messy World By Avery Shenfeld, Chief Economist & Managing Director
Canada In a Messy World By Avery Shenfeld, Chief Economist & Managing Director November 2011 Canadian Growth Resumes After Disruptions in Autos and Energy 108 Monthly GDP Index 107 106 105 104 103 102
More informationThe Oil Shock: How Shocking Is It? By Avery Shenfeld, Chief Economist & Managing Director
The Oil Shock: How Shocking Is It? By Avery Shenfeld, Chief Economist & Managing Director May 211 Global Growth Shy of Pre-Recession Pace 6 Annual Global Real GDP growth 5 5% 4 3 2 4 yrs before recession
More informationTurning Japanese? May 2016
Turning Japanese? May 216 Avery Shenfeld, Chief Economist & Managing Director, CIBC Turning Japanese? Bond Buyers Really Think So 1 4 Japan 1Y Bond Yield (%) 6 1Y Bond Yield (%) 3 2 5 4 3 1 2-1 Mar-95
More informationWait Until Next Year By Avery Shenfeld, Chief Economist & Managing Director
Wait Until Next Year By Avery Shenfeld, Chief Economist & Managing Director January 213 Tough Times for The Global Economy 2 World GDP Growth: No Pick-up Till 214 12 % chg 1 8 6 4 2-2 21A 211A 212E 213E
More informationEarly, But Fundamentally Correct
Early, But Fundamentally Correct Economic Update By Avery Shenfeld, Chief Economist & Managing Director June 11, 29 A Shock Heard Round the World 6 5 4 3 2 1-1 -2 y/y % chg in W orld Real GDP Forecast
More informationFinancial Markets Fall 2008 Economic Update
Financial Markets Fall 28 Economic Update October 7, 28 Jeff Rubin Chief Economist, Chief Strategist Avery Shenfeld Managing Director, Senior Economist Crash in Commodity Prices Exaggerates Growth Slowdown
More informationNorth American Economic Outlook: Will the Recovery Be Sustained? U.S. Economic Outlook:
ECONOMICS I RESEARCH North American Economic Outlook: Will the Recovery Be Sustained? Presentation to the Canadian Association of Movers 11 Annual Conference Paul Ferley(1) 97-71 Assistant Chief Economist
More information2008 Economic and Market Outlook
Economic and Market Outlook Presented by: Gareth Watson Warren Jestin Vincent Delisle December 7 Economic Outlook Warren Jestin The Global Economic Landscape is Changing Rapidly Gears Down Emerging Powerhouses
More informationThe R Word. Benjamin Tal Senior Economist. April 2008 Economics & Strategy
The R Word Benjamin Tal Senior Economist April 28 Economics & Strategy An Unprecedented US Housing Downturn Is Unfolding 11 Housing Starts 11 Home Sales 1 9 1 8 9 7 8 6 5 4 7 6 3 1 5 9 13 17 21 25 months
More informationAFTERSHOCKS. Benjamin Tal, Managing Director, Deputy-Chief Economist CIBC World Markets Inc. Will Investment in Renewable Energy Follow Oil Prices?
, Managing Director, Deputy-Chief Economist CIBC World Markets Inc 67 th Annual Tax Conference 67e Conférence fiscale annuelle 2 Will Investment in Renewable Energy Follow Oil Prices? Source: UNEB, CIBC
More informationThe Exit Lane From the Road to Ruin
The Exit Lane From the Road to Ruin Avery Shenfeld Managing Director, Strategy and Economics March 29 Economics & Strategy US Economy in Sharp Recession 6 q/q % chg, s.a.a.r. Real GDP Forecast 4 2-2 -4-6
More informationEconomic and Housing Outlook
Economic and Housing Outlook Macdonald Realty Monday, January 23, 212 Helmut Pastrick Chief Economist Central 1 Credit Union Outline: European developments U.S. economy and forecasts Canadian economic
More informationThe Economic & Financial Outlook
The Economic & Financial Outlook Beata Caranci SVP & Chief Economist TD Economics September 217 Key Themes Synchronized global economic acceleration has put monetary policy normalization in focus Canada
More informationEurozone Economic Watch. July 2018
Eurozone Economic Watch July 2018 Eurozone: A shift to more moderate growth with increased downward risks BBVA Research - Eurozone Economic Watch July 2018 / 2 Hard data improved in May but failed to recover
More informationNorth American Economic Outlook: Gradual Though Sustained Recovery
ECONOMICS I RESEARCH North American Economic Outlook: Gradual Though Sustained Recovery Presentation to the Canadian Association of Movers Paul Ferley (416) 974-7231 Assistant Chief Economist paul.ferley@rbc.com
More informationGlobal financial pandemic
Global financial pandemic Dr. Sherry Cooper Global Economic Strategist & Executive Vice President BMO Financial Group 1-8-13- www.bmonesbittburns.com/economics November, 8 BMO Capital Markets Financial
More informationECONOMIC AND FINANCIAL HIGHLIGHTS
ECONOMIC AND FINANCIAL HIGHLIGHTS DURABLE GOODS Orders and Shipments for Core Capital Goods 2 REAL ESTATE Pending Home Sales Index 3 S&P Case-Shiller Home Price Index 4 FHFA Home Price Index 5 Sales and
More informationHow to Fix The Canadian Recession
How to Fix The Canadian Recession CFA Québec January 22, 2009 Glen Hodgson Senior Vice-President and Chief Economist hodgson@conferenceboard.ca Global Economic Highlights The world economy expanded by
More informationEurozone Economic Watch. November 2017
Eurozone Economic Watch November 2017 Eurozone: improved outlook, still subdued inflation Our MICA-BBVA model for growth estimates for the moment a quarterly GDP figure of around -0.7% in, after % QoQ
More informationThe U.S. Economic Outlook, Fiscal Issues and European Crisis
The U.S. Economic Outlook, Fiscal Issues and European Crisis October 1 Troy Davig Director of Research Outlook themes The US remains in a moderate growth environment The unemployment rate is 8.1%, close
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 11, 2015 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
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 informationEurozone Economic Watch Higher growth forecasts for January 2018
Eurozone Economic Watch Higher growth forecasts for 2018-19 January 2018 Eurozone Economic Watch January 2018 Eurozone: Higher growth forecasts for 2018-19 Our MICA-BBVA model estimates a broadly stable
More informationNorth American Economic Outlook: Climbing Out of Recession
North American Economic Outlook: Climbing Out of Recession Presentation to the Canadian Association of Movers Paul Ferley (1) 97-731 Assistant Chief Economist paul.ferley@rbc.com November 17, 9 U.S. Economic
More informationEconomic Update and Outlook
1 Economic Update and Outlook NAIOP Vancouver Chapter Breakfast Seminar Thursday, November 17, 2011 Helmut Pastrick Chief Economist Central 1 Credit Union 2 Outline: Global and U.S. economies Canadian
More informationDamn the End of QE! Buy the Dollar and Treasurys!
Damn the End of QE! Buy the Dollar and Treasurys! Dr. A. Gary Shilling President A. Gary Shilling & Company, Inc. A. Gary Shilling & Co., Inc. Economic Consultants Chart 1 Historic Inflation and Deflation
More informationMacroeconomic overview SEE and Macedonia
Macroeconomic overview SEE and Macedonia Zoltan Arokszallasi Chief Analyst, Macro & FX/FI Research Erste Group Bank Erste Investors Breakfast, 29 September, Skopje 02. Oktober SEE shows mixed performance
More informationThe Great Escape? Douglas Porter, CFA. Deputy Chief Economist & Managing Director, BMO Capital Markets
The Great Escape? Douglas Porter, CFA Deputy Chief Economist & Managing Director, BMO Capital Markets Financial Markets Revive (as of May 3, 21) 16 Stocks 16 15 Canadian Dollar ( ) 15 Commodities 4.5 14
More informationTHE ECONOMIC OUTLOOK RECESSION AND RECOVERY. Paul Darby Executive Director & Deuty Chief Economist Twitter hashtag: #psforum
THE ECONOMIC OUTLOOK RECESSION AND RECOVERY Paul Darby Executive Director & Deuty Chief Economist Darby@conferenceboard.ca US OUTLOOK US recession is coming to an end Q3 likely to be positive due to inventory
More informationQ Economic Outlook
Q1 Economic Outlook Presented by: Craig Dismuke Chief Economic Strategist cdismuke@viningsparks.com 1/24/ Page 1 Q1 ECONOMIC OUTLOOK A. European Drama, Weak U.S. Growth, and Central Bank Intervention B.
More informationGlobal Economic Outlook Brittle Strength
Global Economic Outlook Brittle Strength RISI North American Conference October 2017 Lasse Sinikallas Director Macroeconomics Agenda 1. Global Snapshot Steady 2. North America Performing 3. China In Transition
More informationSEE macroeconomic outlook Recovery gains traction, fiscal discipline improving. Alen Kovac, Chief Economist EBC May 2016 Ljubljana
SEE macroeconomic outlook Recovery gains traction, fiscal discipline improving Alen Kovac, Chief Economist EBC May 216 Ljubljana Real economy highlights Recent GDP track record reveals more favorable footprint
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 informationECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH
ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH Augustine Faucher Chief Economist November 13, 2017 Senior Economic Advisor Chief Economist BETTER GROWTH THIS YEAR, AND AN UPGRADE TO 2018 World output,
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 information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationEurozone Economic Watch. March 2018
Eurozone Economic Watch March 20 Eurozone Economic Watch March 20 Eurozone: The moderation of confidence continues We expect GDP growth to remain steady early this year supported mostly by strong global
More informationAWF Economic Update. What to Expect in 2014: Forecast for BC Businesses and Outlook for the Global Economy Sponsored by: Jill Leversage
AWF Economic Update What to Expect in 2014: Forecast for BC Businesses and Outlook for the Global Economy Sponsored by: Jim Allworth Jill Leversage Jock Finlayson AWF Economic Update What to Expect in
More informationLook to both coasts for the fastest growth in 2019
Look to both coasts for the fastest growth in 2019 PROVINCIAL OUTLOOK March 2019 Canada s economy ended 2018 on a weak note, posting the slowest quarterly growth rate since mid-2016 and providing a soft
More information2012 As the Fundamentals Improve Stateside, They Deteriorate Abroad
N O R T H E R N T R U S T G L O B A L E C O N O M I C R E S E A R C H 212 As the Fundamentals Improve Stateside, They Deteriorate Abroad December 211 Paul L. Kasriel, Chief Economist PH: 312..15 plk1@ntrs.com
More informationShort-term indicators and Updated Forecasts. Eurozone NOVEMBER 2016
Short-term indicators and Updated Forecasts Eurozone NOVEMBER 2016 EUROZONE WATCH NOVEMBER 2016 Key messages: resilience and unchanged projections The moderate pace of economic growth continued in the
More informationEurozone. Economic Watch FEBRUARY 2017
Eurozone Economic Watch FEBRUARY 2017 EUROZONE WATCH FEBRUARY 2017 Eurozone: A slight upward revision to our GDP growth projections The recovery proceeded at a steady and solid pace in, resulting in an
More informationEconomic outlook: Manitoba in the middle
Economic outlook: Manitoba in the middle May 17, 2016 Douglas Porter, CFA Chief Economist, BMO Financial Group douglas.porter@bmo.com 416-359-4887 Please refer to the next page for Important Disclosures
More informationThe European Economy. Simon Barry Chief Economist Republic of Ireland. December 2012
The European Economy Simon Barry Chief Economist Republic of Ireland December 212 Euro area economy now back in recession as GDP contracts in 3 of the past 4 quarters Euro Area Real GDP Growth, % 1.5 1..5.
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
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 informationIt s Complicated Benjamin Tal, Deputy Chief Economist & Managing Director
It s Complicated Benjamin Tal, Deputy Chief Economist & Managing Director September 214 EZ Vulnerability to Russia Limited, Outside Energy 18 16 14 12 1 Russian Federation, % of exports, 213 3.5 3. 2.5
More informationPRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY. Villa d'este, Cernobbio - September 7, 8 and 9, 2012
PRESENTATION BY JACOB A. FRENKEL AT THE FORUM: INTELLIGENCE ON THE WORLD, EUROPE, AND ITALY Villa d'este, Cernobbio - September 7, 8 and 9, 1 Working paper, September 1. Kindly authorized by the Author.
More informationThe First Phase of the U.S. Recovery and Beyond
The First Phase of the U.S. Recovery and Beyond James Bullard President and CEO Federal Reserve Bank of St. Louis Global Interdependence Center Shanghai, China January 11, 2010 Any opinions expressed here
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationThe Cyprus Economy: from Recovery to Sustainable Growth. Vincenzo Guzzo Resident Representative in Cyprus
The Economy: from Recovery to Sustainable Growth Vincenzo Guzzo Resident Representative in Growth momentum remains strong 18 : Real GDP ( billion) 1 Deviation from Pre-Crisis Level and Trend (Percent)
More informationEurozone Economic Watch. May 2018
Eurozone Economic Watch May 2018 BBVA Research - Eurozone Economic Watch / 2 Eurozone: more moderate growth with higher uncertainty The eurozone GDP growth slowed in more than expected. Beyond temporary
More informationChart 1 Productivity of Major Economies
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2013 2014 2015 2016 Chart 1 Productivity
More informationEurope Outlook. Third Quarter 2015
Europe Outlook Third Quarter 2015 Main messages 1 2 3 4 5 Moderation of global growth and slowdown in emerging economies, with downside risks The recovery continues in the eurozone, but still marked by
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 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 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 informationB-GUIDE: Market Outlook
Quarterly Market Outlook: Quarter 1 2018 on 5 th January 2018 Investment Outlook for 1 st Quarter 2018 Accelerating Global Economy Supports the Rising Earnings Equity Thailand US Europe Japan Asia Bond
More informationWorld Economy Geopolitics Investment Strategy. The Impact of EU s Sovereign Risks on Turkish Economy. Presentation given by
World Economy Geopolitics Investment Strategy OUTLOOK FOR WORLD S MAJOR FINANCIAL MARKETS The Impact of EU s Sovereign Risks on Turkish Economy Presentation given by Dr. Michael Ivanovitch, President MSI
More informationInflation projection of Narodowy Bank Polski based on the NECMOD model
Economic Institute Inflation projection of Narodowy Bank Polski based on the NECMOD model Warsaw / 9 March Inflation projection of the NBP based on the NECMOD model Outline: Introduction Changes between
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 informationSingle-family home sales and construction are not expected to regain 2005 peaks
Single-family home sales and construction are not expected to regain 25 peaks Millions of units 8. 7. 6. 5. Housing starts (right axis) 4. Home sales (left axis) 3. 2. 1. 198 1985 199 1995 2 25 21 215
More informationEconomic and Market Outlook
Economic and Market Outlook Third Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
More informationGlobal Economic Outlook John Hawksworth Chief Economist, PwC September 2012
www.pwc.co.uk/economics Global Economic Outlook John Hawksworth Chief Economist, September 2012 Agenda Global overview Short term prospects for Europe, US and BRICs Long term trends: demographics, growth
More informationOntario Economic Accounts
SECOND QUARTER OF 2017 April, May, June Ontario Economic Accounts ONTARIO MINISTRY OF FINANCE Table of Contents ECONOMIC ACCOUNTS Highlights 1 Ontario s Economy Continues to Grow Expenditure Details 2
More informationInterest Rate Forecast
Interest Rate Forecast Economics January Highlights Global growth firms Waiting for Trumponomics Bank of Canada on hold Recent growth momentum in the global economy continued in December and looks to extend
More informationEconomic recovery and employment in the EU. Raymond Torres, Director, ILO Research Department
Economic recovery and employment in the EU Raymond Torres, Director, ILO Research Department Outline of presentation I. Situation in the EU versus Japan and the US II. Role of macroeconomic policies and
More information2015 Market Review & Outlook. January 29, 2015
2015 Market Review & Outlook January 29, 2015 Economic Outlook Jason O. Jackman, CFA President & Chief Investment Officer Percentage Interest Rates Unexpectedly Decline 4.5 10-Year Government Yield 4 3.5
More informationEuro-QE at the end of the road for now
Germany France Italy Agencies Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Lux Latvia Lithuania Malta 7.8 2.6 2.1 3.21 1.17 Trend Macrolytics, LLC Donald Luskin, Chief Investment
More informationEUROZONE ECONOMIC WATCH JANUARY 2017
EUROZONE ECONOMIC WATCH JANUARY 2017 Key messages: some changes for the better Improving confidence in across the board shows the resilience of the eurozone to the various potentially disturbing political
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 informationThe Greek. Hans-Werner Sinn
CESifo, a Munich-based, globe-spanning economic research and policy advice institution Forum june 215 Special Issue - Update The Greek Tragedy Hans-Werner Sinn This document contains updated graphs and
More informationEconomic and Market Outlook
Economic and Market Outlook Fourth Quarter 2018 Investment Products: Not FDIC Insured No Bank Guarantee May Lose Value Past performance is no guarantee of future results. Financial term and index definitions
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 informationChapter 1 International economy
Chapter International economy. Main points from the OECD's Economic Outlook A broad-based recovery has taken hold Asia, the US and the UK have taken the lead. Continental Europe will follow Investment
More informationFederal Budget : This Time It s Personal. May 2018
Federal Budget 2018-19: This Time It s Personal May 2018 Executive Summary The Federal Government and the nation s fiscal position have become the beneficiaries of an unexpected windfall primarily in the
More informationChart 1. U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom
Chart 1 U.S. Personal Saving Rate and Household Debt (consu plus mortgage) as a % of Disposable Personal Incom 16% 14% 12% 10% 8% 6% 4% Last Points 4Q 2015- Saving Rate, 5.4%; HH Debt, 1 140% 130% 120%
More informationRising Risks for the Housing Outlook
Rising Risks for the Housing Outlook Master Builders Association of Pierce County October 17, 2018 Robert Dietz, Ph.D. NAHB Chief Economist Population Growth Pierce County population growing faster than
More informationA Call for Stronger Growth
Goi ngi tal one: Ca nt heusdec oupl ef r om t hegl oba l E c onomy? Gr egmei er I nv es t ments t r a t eg i s t Al l i a nzgl oba l I nv es t or s Ma r c h30, 2015 Unde r s t a nd. Ac t. Agenda A Call
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook November, Economic Club of Sheboygan George A. Kahn Vice President and Economist Federal Reserve Bank of Kansas City Outlook themes Growth has rebounded following a soft first
More informationThe External Environment for Developing Countries
d Public Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized The External Environment for Developing Countries January 2009 The World Bank Development Economics Prospects Group
More informationThe U.S. Economic Outlook
The U.S. Economic Outlook Gering/Scottsbluff Economic Forum August 23, 216 George A. Kahn Vice President and Economist The views expressed are those of the author and do not necessarily reflect the opinions
More informationExecutive Board meeting. 14 December 2011
Executive Board meeting December EU measures ECB Key policy rate has been reduced to. percent Measures: Liquidity operation with a maturity of months Reserve requirements reduced from to per cent Reduced
More informationJason Henderson Vice President and Branch Executive Federal Reserve Bank of Kansas City Omaha Branch September 27, 2011
Jason Henderson Vice President and Branch Executive September 27, 211 The views expressed are those of the author and do not necessarily reflect the opinions of the Federal Reserve Bank of Kansas City
More informationTransitioning From the Great Recession to Recovery to Expansion
Transitioning From the Great Recession to Recovery to Expansion AUGUSTINE FAUCHER, DIRECTOR OF MACROECONOMICS FROM MOODY S ECONOMY.COM The Great Recession Is Over Recessions since World War II Peak Trough
More informationMoving On Up Today s Economic Environment
Moving On Up Today s Economic Environment Presented by PFM Asset Management LLC Gray Lepley, Senior Analyst, Portfolio Strategies November 8, 2018 PFM 1 U.S. ECONOMY Today s Agenda MONETARY POLICY GEOPOLITICAL
More informationTurkey: Recent Developments and Future Prospects. ISBANK Economic Research Division October 2018
Turkey: Recent Developments and Future Prospects ISBANK Economic Research Division October 2018 Macroeconomic Outlook Strong Economic Growth Cycle GDP of 851 bn USD (2017), 10.6k USD (2017) per capita
More information> Economic risk and implications for
> Economic risk and implications for financial markets Investment Strategy and Economics Multi Asset Group March 212 Outlook for the year ahead > Budget cutbacks in Europe and US, but global monetary easing,
More informationSecond estimate for the third quarter of 2008 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in services
STAT/09/12 22 January 2009 Second estimate for the third quarter of 20 EU27 current account deficit 39.5 bn euro 19.3 bn euro surplus on trade in According to the latest revisions1, the EU272 external
More informationPRACTICAL ASPECTS AND DILEMMAS OF MEDIUM TERM FISCAL PLANNING - CASE OF SLOVENIA. Copyright rests with the author. All rights reserved.
PRACTICAL ASPECTS AND DILEMMAS OF MEDIUM TERM FISCAL PLANNING - CASE OF SLOVENIA Copyright rests with the author. All rights reserved. Saša Jazbec, Ministry of Finance Republic of Slovenia MARCH 2018 Agenda
More informationEurozone Economic Watch. April 2018
Eurozone Economic Watch April 2018 Eurozone: solid growth and broadly unchanged projections, with protectionist risks BBVA Research - Eurozone Economic Watch / 2 Confidence has weakened in 1Q18 since the
More informationU.S. Steel Market Outlook. Amy Ebben ArcelorMittal USA November 30, 2018
U.S. Steel Market Outlook Amy Ebben ArcelorMittal USA November 30, 2018 Agenda ArcelorMittal introduction U.S. steel industry performance and trade Global steel industry Review of steel markets 1 About
More informationUBC FACULTY PENSION PLAN PENSION FORUM M R. J O O S T B L O M, C H A I R, B O A R D O F T R U S T E E S M S. O R L A C O U S I N E A U, E X E C U T I
UBC FACULTY PENSION PLAN PENSION FORUM M R. J O O S T B L O M, C H A I R, B O A R D O F T R U S T E E S M S. O R L A C O U S I N E A U, E X E C U T I V E D I R E C T O R, P E N S I O N S M R. M I K E L
More informationThe International Financial Crisis and Greece
The International Financial Crisis and Greece Gikas A. Hardouvelis* Athens, November 18, 28 ECONOMIA CONFERENCE Athens, Karantzas Megaron * Chief Economist, Eurobank EFG Group Professor, Department of
More informationGlobal Real Estate Capital Markets
Global Real Estate Capital Markets Real Estate Data as of 2Q 2017 Economic/Capital Markets Data as of September 2017 Jon H. Zehner Presentation to ULI Scotland Thursday 28 September 2017 LaSalle Investment
More informationDecline in Economic Activity Larger Than Advance GDP Estimate February 27, 2009
Northern Trust Global Economic Research 5 South LaSalle Chicago, Illinois 663 northerntrust.com Asha G. Bangalore agb3@ntrs.com Decline in Economic Activity Larger Than Advance GDP Estimate February 27,
More informationEuro-QE at the end of the road for now
Germany France Italy Agencies Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Lux Latvia Lithuania Malta 7.9 2.6 2.1 3.16 1.15 Trend Macrolytics, LLC Donald Luskin, Chief Investment
More informationGlobal Monthly April 2018
Global Monthly April 2018 US$, billions 500 400 300 200 100 Total Potentially impacted by new tariffs 0 China exports to U.S. U.S. exports to China Monthly Highlights Global economy: maturing upturn, gradual
More informationThe ECB's drive to build purchased assets
Germany France Italy Agencies Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Lux Latvia Lithuania Malta 7.8 2.6 2. 3.1 1.11 Trend Macrolytics, LLC Donald Luskin, Chief Investment
More informationThe ECB's drive to build purchased assets
Germany France Italy Agencies Spain Netherlands Belgium Austria Portugal Finland Ireland Slovakia Slovenia Lux Latvia Lithuania Malta 7.6 2.5 1.9 2.86 1.11 Trend Macrolytics, LLC Donald Luskin, Chief Investment
More information