The underlying trend is encouraging and will likely continue. |
There are a number of countries that are increasingly uneasy about competitive pressures coming from Asia, and the softening of domestic industry. |
There is clearly a risk now that they might be bold enough to tighten policy in December, We think they will wait until March. |
They were very keen to start the process early, ... But once they start, they may not continue at a rapid rate. |
This could provide a small additional backing to the idea that the euro zone economy is recovering and therefore might support an early hike, |
This could provide a small additional backing to the idea that the euro zone economy is recovering and therefore might support an early hike. |
To be fair with Schroeder, he tried and by European standards he did do more than other governments in the past few years. But the problems in Germany are more entrenched now. |
We believe that the long-awaited shift from soft to hard data is evidence of a recovery in euro zone private consumption has started, and will likely proceed gradually and modestly over the coming months, in line with the expected improvement in household real disposable income. |
We don't see another rate rise, but we recognize that the risk is still there, due largely to oil prices -- the oil market remains vulnerable for both supply and demand reasons, |
We don't see any change this year. Economic indicators seem to suggest there will be no change in interest rates in the short term. |
With a long-term horizon it will certainly change the situation, not only in Japan but globally ... because reduced liquidity is available for purchase of financial assets. |
With the energy bill having increased recently, the risk is that consumers will tighten their belts over Christmas. The euro-zone economy is still at risk of a disappointing Christmas. |