• Headline

    September FOMC meeting: It's all about the guidance

    Eco Focus - Edition September 12, 2014

    We look for no change in the fed funds target. Another $10 billion reduction in QE3 asset purchases is expected, split equally between Treasuries and MBS. QE3 purchases are still expected to end in Oc ...

  • Video New

    A hesitant recovery

    26.06.2014

    Credit Agricole Research Department has recently revised its macro-economic forecasts for 2014 and 2015. This video explains the main features behind our scenario. After a disappointing first quarter, ...

  • Graphic Focus

    UK: Ratio of real estate prices to household incomes

    ECO Focus - Edition 1st September 2014

    Unsurprisingly, a region-by-region analysis shows that the greatest deterioration in the ratio of house prices to income is to be found in London and the South East, which are also the regions that ha ...

  • CREDIT AGRICOLE CIB

    Discover the economic research of Credit Agricole Corporate & Investment Bank

    22.07.2013

    In collaboration with Crédit Agricole S.A.'s Economic Research Department, Crédit Agricole CIB develops its own axes of research: Global Markets Research, which covers underlying macroeconomic asset ...

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  • Eco Focus - Edition September 12, 2014

    September FOMC meeting: It's all about the guidance

    We look for no change in the fed funds target. Another $10 billion reduction in QE3 asset purchases is expected, split equally between Treasuries and MBS. QE3 purchases are still expected to end in October. The current reinvestment policy is likely to be maintained until after the rate lift-off next year.

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  • ECO Focus - Edition September 4, 2014

    ECB cuts rates and announces ABS purchases

    The ECB unexpectedly cut all policy rates today, bringing the Refi rate down to 0.05% and the deposit rate to -0.20%. The TLTROs will therefore be conducted at 0.15%. This time the ECB has reached the lower bound as Draghi promised there would be no more rate cuts. The other announcements (an ABS and covered bond purchase programme, with operational details coming in October) and changes to the official statement and staff forecasts were broadly in line with our expectations.

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  • ECO Focus - Edition 1st September 2014

    United Kingdom: housing market outlook

    In this Focus, we look at the degree to which prices are overvalued in the UK real estate market in light of standard household solvency indicators. A significant geographical disparity in trends in these indicators suggests that the existence of a housing bubble is limited to London and the south of the country.

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  • ECO Focus - Edition August 26, 2014

    UK: Commercial real estate

    The commercial real estate includes mainly three categories of assets: office, retail and industrial. Each one of these segments corresponds to a market in itself, in each town of the UK, as location remains crucial for real estate. A focus is presented on the market in London, where some assets like prime office and prime high street retail have shown strong capital value growth. These high valuations induce a risk of downturn, even if the outlook remains favorable for the time being.

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  • Eclairages Emergents - Edition July 2014

    South Korea: Further challenges to address

    South Korea is gradually returning to its potential growth path. Appropriate economic policy and efficient export-driven industries have helped surmount the 2009 crisis with far fewer problems than in 1997. Demand from emerging market countries and ASEAN has boosted the economy in recent years; Korea should now benefit from the recovery in the United States and Europe, and especially from increased trade with China.

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  • ECO Real Estate - Edition July 2014

    Two-speed French real estate

    The housing market is adjusting differently in the new build and pre-owned sectors. In the pre-owned sector, unit sales totalled 740,000 in Q1 2014 (12-month total). This was a high level, and only 9% down on the 2007 peak. Prices were only slightly down, by 1.4% over 12 months in Q1 2014. In new-build, there has been a significant correction, -44% for individual homes (non-developer). How does one explain this two-speed market?

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  • French Macro Prospects - Edition July, 2014

    France - ISEs: appraisal, impact, issues

    The rise of intermediate-sized enterprises (Entreprises de Taille Intermédiaire – ISEs) is often seen to be spearheading France's industrial re-conquest. Such companies, which combine the benefits both of SMEs and large corporations, have been able to develop, expand into foreign markets, and increase their activity. The French ecosystem must nevertheless continue to adapt in order to support this class of firm and foster the emergence of national champions.

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ECO Focus - Edition 1st September 2014

UK: Ratio of real estate prices to household incomes

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