Insights

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Investment Insights • MFN 16 September 2024

ECB’s slow monetary policy easing set to continue

The ECB has cut the deposit facility rate by 0.25% to 3.50%, as expected. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at what the central bank has signalled about the future path of interest rates.

GianLuigi Mandruzzato

2 min read

Investment Insights • MFN 12 September 2024

The three signals from the August PMI survey

The global composite Purchasing Managers’ Index (PMI) rose slightly in August, reassuring markets about economic growth. However, central banks should take note of weakening manufacturing activity, employment, and inflationary pressures. In this Macro Flash Note, Senior Economist GianLuigi Mandruzzato looks at the details of the PMI survey.

GianLuigi Mandruzzato

2 min read

Investment Insights • MFN 09 September 2024

Inflation and the SNB’s September meeting

With Swiss inflation estimated to be -0.2% when measured over three months and 1.1% when measured over 12 months, the Swiss National Bank (SNB) is expected to cut interest rates during its meeting later this month. EFG Chief Economist Stefan Gerlach takes a closer look at the data.

Stefan Gerlach

2 min read

Investment Insights 05 September 2024

Japan: the election going under the radar

Declining real wages and political scandals eroded Japanese Prime Minister Fumio Kishida’s approval rating, leading to his decision not to run for re-election as President of the Liberal Democratic Party (LDP). The party leadership election on 27 September therefore guarantees a new Japanese Prime Minister and will also likely see a snap general election called before the end of the year. In this Macro Flash Note, Economist Sam Jochim assesses the recent developments and their implications.

Sam Jochim

3 min read

Investment Insights 04 September 2024

Mexico risks priced-in but caution is warranted

Mexican stocks are down by over 8% and the Mexican peso has depreciated by over 10% in 2024. Part of this has been attributed to risks associated with the June election result and potential impact from a deceleration in the US. In this Macro Flash Note, economist Joaquin Thul explains the risks to Mexico’s outlook for the coming months.

Joaquin Thul

3 min read

Investment Insights • MFN 02 September 2024

US PCE inflation in July

The Fed's preferred measure of inflation, the core personal consumption expenditure (PCE) deflator, rose 0.2% month-on-month in July as expected, and year-on-year inflation remained at 2.6% rather marginally below the 2.7% predicted by the consensus.

Stefan Gerlach

2 min read

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Insights

ECB’s slow monetary policy easing set to continue

The three signals from the August PMI survey

Inflation and the SNB’s September meeting

Japan: the election going under the radar

Mexico risks priced-in but caution is warranted

US PCE inflation in July

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