Archives for September 2009

September 15th, 2009

House prices are forecast to suffer a significant fall over the next 18 months as an "irrational" rally ends, according to a report today from a leading property consultancy. Housing analysts are increasingly predicting the likelihood of a W-shaped cycle where the recent house price bounce tails off and falls back ...

Continue reading UK: W-shaped Recovery Forecast

September 15th, 2009

Spanish month-on-month consumer prices rose in August after a sharp drop in July though less than expected, while annual inflation moved off its record low a month earlier, official data showed on Friday. Spain's year-on-year inflation was a widely expected -0.8 percent in August, its sixth consecutive month of decline, while ...

Continue reading Spain: August Inflation Matters

September 14th, 2009

Spain's prime minister warned Wednesday of a prolonged period of economic difficulty even after the country eventually recovers from its deep recession. Jose Luis Rodriguez Zapatero said despite signs that the worst of Spain's economic downturn is over, high unemployment and a business slowdown will likely drag on. The jobless rate ...

Continue reading Zapatero: Prolonged Period of Austerity Ahead

September 11th, 2009

With the highest unemployment rate in Europe and a gaping hole in its economy where a construction sector used to be, you might think Spain would be rushing to restore its competitiveness and rebalance its budget. But Socialist Prime Minister Jose Luis Rodriguez Zapatero is resisting calls for labour market reforms ...

Continue reading Spain Ignores Calls for Crisis Reform

September 10th, 2009

Residential Spanish property prices fell by 8.9% over 12 months to the end of August, according to the latest Spanish property price index published by Tinsa, one of Spain’s leading appraisal companies. If these figures are accurate then the rate of decline in Spanish property prices has bottomed out at around ...

Continue reading TINSA House Price Index August 2009

September 9th, 2009

A swings and roundabout week for Sterling. UK manufacturing PMI disappoints; services PMI exceeds expectations. Euro zone economic shrinkage confirmed at -0.1% in the second quarter of the year. The pound returned from its long weekend looking sickly and its first move was downward, touching €1.13 on Tuesday morning. Consolidation around ...

Continue reading Euro Weekly Update: September 9th 2009

September 8th, 2009

Over the summer months, the larger UK property portals reported best-ever numbers for visitors and enquiries. This is surprising for two reasons:There is normally a summer lull in traffic to property-related web sites. We're supposed to be in the middle of a recession. Perhaps even more surprisingly, visitors to Kyero.com increased ...

Continue reading Spanish Property: Delusionism or Optimism?

September 8th, 2009

Spain will withdraw its anti-crisis spending gradually in order to avoid a double-dip recession, Economy Minister Elena Salgado said on Thursday. 'We will take it away gradually, and we still don't have a timetable. What we want to avoid is taking away the stimulus too suddenly, which could cause a 'W'-shaped ...

Continue reading Spain Committed to Meet 2012 GDP Target

September 7th, 2009

There is a lot of talk about greens shoots and muted recovery, but all too often what is lacking is anything very substantial in the way of hard data to back up the various arguments. In particular, when it comes to Spain I would like to know where people are finding ...

Continue reading Spain: Peak to Present Evolution

September 4th, 2009

A two-year bear market that ravaged global real estate stocks has petered out and a recovery is already underway in key Asian markets, with the United States and Europe to follow, Cohen & Steers Inc. said on Thursday. The Asian real estate equities recovery would precede ones in the United States ...

Continue reading Report: Significant Acquisition Opportunities in Spain

September 3rd, 2009

Spain's budget deficit has grown to 4.69 percent of gross domestic product in the first seven months of the year, mainly due to the cost of measures aimed at alleviating the effects of the recession, the government said Tuesday. The deficit swelled to euro49.69 billion ($71.13 billion) through the end of ...

Continue reading Spanish Budget Deficit Deepens

September 2nd, 2009

Britain's economy shrinks by less than expected. Sterling suffers less than it might have done after upward revision to Q2 GDP. Germany and France expanded their economies in the second quarter. The €1.15 support was flimsy and sterling slipped to €1.13 without much problem. It bounced to near €1.14 and ...

Continue reading Euro Weekly Update: September 2nd 2009

September 2nd, 2009

Spain’s cash-strapped Socialist government is poised to emulate the UK and increase taxes on the rich, reversing its policy of tax cuts and prompting protests from the conservative opposition. The impending U-turn - designed to plug the gaping budget deficit arising from the global economic crisis – was signalled this week ...

Continue reading Tax on Spain's Rich to Balance Deficit

September 1st, 2009

When France and Germany reported strong GDP figures, some economists declared the end of the recession, and blue skies ahead. Others pointed out that, as none of the fundamental contributors to economic wealth have improved, its very unlikely that we're witnessing the end of the recession. If anything, they commented, ...

Continue reading Spain: There May be (more) Trouble Ahead ..

September 1st, 2009

There was much excitement this week among the “worst is over” crowd as Germany and France reported GDP growth of 0.3 per cent. But, while it is clearly nice to see the occasional postive number knocking around the global economy, I’m finding it hard to shed much pessimism. First, the worst ...

Continue reading Euro Feeling the Strain