Business Research & Insights

In a challenging year for many SMEs, cashflow and profitability have become more pressing concerns. But businesses are becoming increasingly resilient.

US-China Tariff agreement – eases tariff growth headwind, delays Fed cuts

Total spending rose 0.1% in April

Capacity utilisation and capex decline

Housing market sentiment rallied as national housing price growth accelerated in the March quarter.

Growth slowing, but less abruptly than Q1 GDP suggests

Economic and financial market update

Softer conditions to start the year

Robust growth was maintained in Q1, but China faces the storm of US tariffs

Calm before the storm

We have lowered our 2025 and 2026 growth forecasts for a wide range of countries, particularly China and (last week) the US. We now expect global growth of around 2¾% in both years (previously around 3.0%).