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Macro HighlightsFrançois Léonet, economist, member of our Economic Research team, comments in the Macro Highlights of this week the China's GDP growth. With GDP growth stabilising at 6.7%, the government is likely to engage in less budgetary stimulus, which will in turn limit the 2017 growth outlook.Learn more AnalysisThe ECB was decisive in the upturn in the real estate market in the eurozone.Learn more Macro HighlightsThis week Sophie Casanova, economist, member of our Economic Research team, analyses the impact on sterling of Prime Minister May’s announcement that she will activate clause 50 of the Lisbon Treaty by end-March 2017, setting the ball rolling for Britain’s pullout from the European Union.
Learn more AppointmentEdmond de Rothschild has announced the appointment of Robert Jenkins as Chief Brand and Marketing Officer.Learn more Macro HighlightsThe yuan will now be among the currencies in the IMF's Special Drawing Rights basket, an encouraging sign of China’s ongoing integration in the global financial system. Trust in the yuan will take time to build. In the short term, the Chinese currency should remain under pressure.Learn more Macro HighlightsThe low interest rate environment has led to a rise in debt levels among non-financial corporations. US companies have used the additional resources on share buybacks and dividends rather than fixed investment. The same may happen in Europe in the next few quarters, as debt issuance is sharply up among European companies.Learn more Market analysisConsumer spending could continue to grow in 2017, albeit at a slower pace. Household disposable income is likely to be buoyed by wage growth, which should outpace inflation. Our forecasts could be revised after the results of the presidential election.Learn more Market analysisCentral banks reiterated their concerns about GDP growth, but stock markets took heart from their dovish tone. The Bank of Japan will put in place a new monetary framework “QQE with Yield Curve Control”, to achieve the price stability target of 2%. The European Central Bank could eventually take the same approach as well.Learn more Market analysisThe BoJ’s balance sheet rose from 30% to 80% of GDP in three years. Despite these efforts, inflation dropped back
below zero at the end of 2015. The government is shifting towards Abenomics 2.0, which reworks the three arrows. Fiscal austerity has been set
aside, and the consumption tax increase has been pushed off until October 2019. Japan will have to consider opening up to immigration in view of its ageing population.Learn more Market analysisThe latest US economic data have disappointed, yet 10-year Treasury yields continued to rise as did sovereign yields in other developed countries. Expansionary monetary policy nevertheless remains on track, as confirmed by the SNB and BoE.Learn more