Nordic & Swiss Data Response Sweden Consumer Prices (Oct.) CPIF inflation rose to a 15-year high in October, although the headline rate was just half that reached in the US, for example, and the core rate remained below 2%. Policymakers won’t be losing sleep... 15th November 2021 · 2 mins read
Europe Data Response Euro-zone Industrial Production (Sep.) The second successive monthly decline in industrial production, in September, means that production was unchanged in Q3 compared to Q2. As supply-chain difficulties are likely to persist for some time... 12th November 2021 · 2 mins read
Europe Data Response German Inflation (October) The breakdown of October’s inflation data confirms that most of the increase, from 4.1% in September to 4.6% on the HICP measure, was due to higher energy prices. We suspect that inflation will edge... 10th November 2021 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Oct.) The fact that the Norges Bank’s target measure of inflation fell to below 1% in October and is likely to remain at around this level until early 2023 will not stop policymakers from pressing on with... 10th November 2021 · 2 mins read
Europe Data Response Euro-zone Retail Sales (Sep.) Retail sales have levelled off since June as consumer spending on other services has increased. The latest survey evidence suggests that low inventory levels might also be limiting sales and are set... 5th November 2021 · 2 mins read
Europe Data Response German Industrial Production (September) The 1.1% m/m fall in industrial production in September was worse than the consensus and our own expectation. Business surveys suggest that shortages of components, particularly in the auto sector... 5th November 2021 · 2 mins read
Europe Data Response Euro-zone Final PMIs (Oct.) The PMIs suggest the euro-zone’s economic recovery will slow markedly in Q4 as supply shortages intensified throughout the region, especially for manufacturers. They also show that price pressures are... 4th November 2021 · 2 mins read
Europe Data Response EZ Unemployment (Sep.) While the fall in euro-zone unemployment in September brings the jobless rate back to its pre-pandemic level, employment has not fully recovered. But the economy is growing strongly and the vast... 3rd November 2021 · 2 mins read
Nordic & Swiss Data Response Switzerland CPI (Oct.) Inflation did surprise on the upside in Switzerland in October, but only by a trivial amount, leaving the headline rate at just over 1%. The market is pricing in an increase in policy rates to zero by... 2nd November 2021 · 2 mins read
Europe Data Response Euro-zone GDP (Q3) The solid increase in euro-zone GDP in the third quarter means that the recovery phase is now almost complete in most of the euro-zone. Growth will be much slower in Q4 because the boost from... 29th October 2021 · 2 mins read
Europe Data Response Euro-zone Flash HICP (Oct.) Euro-zone inflation looks set to rise further before year-end as higher input costs continue to feed through. We agree with the ECB that the forces pushing inflation up should fade next year, and our... 29th October 2021 · 2 mins read
Nordic & Swiss Data Response Swiss KOF Economic Barometer (Oct.) While many economies in Europe are facing the twin headwinds of supply constraints and high gas prices, the KOF Economic Barometer in October suggests that the Swiss economy continued to grow strongly... 29th October 2021 · 2 mins read
Europe Data Response EC Survey (October) The EC Economic Sentiment Indicator for October increased a touch, but the details show that expectations for production declined slightly, probably due to the worsening supply chain problems. So... 28th October 2021 · 2 mins read
Nordic & Swiss Data Response Sweden GDP Indicator (Q3) & ETI (Oct.) The stronger-than-expected growth in Swedish GDP in Q3 shows that the recovery continued apace over the summer, lifting activity even further above its pre-pandemic level. But while business... 28th October 2021 · 2 mins read
Europe Data Response German Ifo Survey (October) The fourth successive monthly fall in the Ifo Business Climate Index provides more evidence – if it were needed – that supply side disruption is causing the German economy to slow sharply and suggests... 25th October 2021 · 2 mins read
