HONG KONG, March 6 /PRNewswire-Asia/ -- Next week sees the release of several pieces of Chinese economic data which should provide an insight into whether the acceleration of fiscal stimulus packages are taking effect. Inflation and the closely watched trade data, will be due on Monday 9th and Tuesday 10th respectively. Retail sales and industrial production data are due on Thursday 12th. This week's address to the national congress in the annual work report disappointed markets in that it did not confirm any additional spending measures on top of the already announced 4 trillion yuan package. The extension of lending and acceleration of real estate investment programmes could go someway to offset the rapid turnaround in real estate conditions which have emerged since the autumn.
This week's release of the RICS Global Commercial Property Survey shows that the Chinese real estate market turned down sharply in the last quarter of 2008 with both the lettings and investment market floundering.
Middle Eastern market sees steep turnaround
The latest global commercial property survey from RICS shows that no real estate markets have been able to escape the worsening economic climate with capital values now plummeting across many emerging markets. The Middle East has seen a sharp fall from grace in the most recent survey period, with the previously top ranked UAE echoing the fortunes of the oil price.
Green shoots in Australian housing market
The Australian central bank (RBA) somewhat surprisingly chose to leave interest rates unchanged at 3.25% at the March meeting. Glenn Stevens, the RBA Governor, drew attention to the significant cut in rates already sanctioned as well as the substantial fiscal measures that have been introduced to help underpin the economy. However, he did leave the door open to further easing by stating that the macro picture would be fully reviewed in April.
Swiss real estate suffers as economy contracts
The Swiss National Bank (SNB) meets on Thursday 12th against the backdrop of a worsening economic climate. The recently released Q4 GDP number came in below expectations posting a drop of 0.3% over the previous three-month period.
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http://www.creativegp.com/RICS/RICSGlobalRealEstateWeekly-Mar6.pdf .
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