United States:
Private credit demands are poised to rebound, as consumers have substantially repaired their balance sheets, Corporate America will likely soon start to accumulate inventories and boost capex, and credit availability continues to improve.

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United States:
We provide our weekly review and preview of the US market and data releases.

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Italy:
Italy has its own long-standing deficiencies and is not yet regarded as a core EMU country, but it is increasingly behaving like one. Whether Italy will earn a place in core EMU one day remains to be seen, but this process has market implications in its own right.

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CEEMEA:
In such a diverse region, it is hardly surprising that trade patterns in CEEMEA are so varied across countries. We see a slow yet definitely noticeable rise in intra-EM trade. We think that this is an encouraging phenomenon, and absolutely consistent with our macro team’s theme of a move to an increasingly EM-led world.

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Brazil:
We are upgrading our 2010 real GDP forecast to 5.8% from 4.8% before. We continue to see policy rates rising 225bp this year, to finish 2010 at 11.0%. But we now foresee a more front-loaded path than before.

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India:
Over the last eight months, the growth trend has been persistently surprising on the upside. We believe that this quick pace of recovery has lifted capacity utilization rates closer to full – warranting quick action by the central bank.

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Singapore:
The MAS is likely to maintain its zero appreciation stance on the S$NEER policy in the upcoming April review, given its assessment of low growth visibility in 2H10. We believe that the quarterly GDP profile will be more important in this cycle, especially when global policy measures are unwound in 2H10.

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