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Europe Watch - August 2017

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Europe Watch - August 2017

Recent sentiment data suggest that Continental Europe is currently enjoying its most robust and broad-based economic activity since 2007. Amidst the noise surrounding Brexit, rising populism and increasing global uncertainty, Continental Europe has quietly staged an economic comeback. Support for populism across Europe seems to have halted for now. In June, the French electorate handed newly elected President Emmanuel Macron a strong mandate to proceed with promised economic reforms. In Germany, polls indicate that sitting Chancellor Angela Merkel will retain her position in September’s parliamentary election. Although political uncertainty is fading, Europe still face several challenges. Pressure on consumer prices remains fairly subdued which is decisive for when the ECB starts rolling back quantitative easing and normalizing interest rates. This is confirmed by ECB President Mario Draghi’s announcement on July 20th, indicating a measured and gradual approach to normalization. Financial conditions are therefore expected to remain accommodative in the short term and support the current positive economic environment.

Source : CBRE Global Investors

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