• Market fears returned to the eurozone earlier this week, but abated again thereafter. Data releases over the Easter holidays were rather mixed. But this does not challenge our constructive view of Europe and the economic recovery.
  •  Tomorrow, analysts around the globe will be focused on China, as 1Q12 GDP numbers are scheduled for release. The report should confirm our view of a rather resilient Chinese economy lending a helping hand to global growth. And despite some worrying data in recent weeks, we stick to our soft-landing scenario – as argued in our first article.
  • Russia's underperformance in terms of economic activity is accompanied by persistent capital outflows at a time when other emerging markets battle excess inflows. Only a continuously high oil price, so our argument in our second note, ensures a high enough C/A surplus to keep the RUB stable.