Weekly Macro & Markets View
What were the key global economic data releases, what is Zurich’s view and what does this mean for financial assets?
Weekly Macro and Markets View, Week 44
Highlights and View
-
The ruling coalition loses their
majority in lower House elections
due to dissatisfaction with the LDP
party financing scandal and
perceived higher inflation
We believe a LDP/Komeito minority led government with cooperation from smaller parties on a case-by-case basis is the most likely scenario going forward. -
China’s PBoC cuts both the 1yr and
5yr loan deposit rate (LPR) by
25bps
Though the move was bigger than consensus had expected, we believe there is room to cut the LPR even further in Q1 next year to support the ailing economy and particularly the property market. Measures to boost consumption will also be required. -
Incoming leading data continues to
suggest a weak H2 for Eurozone
economic growth, although there
are signs of stabilisation
Differences across member states persist, with Spain leading while Germany lags. Overall growth in 2025 will likely improve on 2024 from welcome monetary policy easing and growing real wages.
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