The spaghetti-tree hoax of 1957, which centred on a Swiss family harvesting spaghetti, is widely regarded as one of the most successful April Fools’ jokes, but Swiss manufacturers are far too busy at present to be distracted by pranks. The boom in industry will help to offset persistent weakness in services activity, which given the combination of rising virus cases and sluggish vaccine rollout seems likely to stay in the doldrums throughout Q2. Next week, the most notable data release is likely to be Norwegian inflation for March, which we expect to have surged to a record high on the back of energy-related base effects.
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