Europe Data Response EZ Hourly Labour Costs (Q2) & Ind. Prod. (Jul.) The sharp fall in euro-zone average hourly labour costs in Q2 compared to a year earlier was mainly due to pandemic-related distortions to the data that will continue to muddy the picture for another... 15th September 2021 · 3 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Aug.) The stronger-than-expected pick-up in Swedish headline inflation in August ups the ante for the Riksbank ahead of next week’s policy meeting. While repo rate hikes are low down on policymakers’ agenda... 14th September 2021 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Aug.) The fact that the Norges Bank’s target measure of inflation fell for the fifth month in a row in August, and is likely to remain steady at about half the Bank’s target rate over the next six months... 10th September 2021 · 2 mins read
Europe Data Response Euro-zone GDP & Employment (Q2) With revised data showing that the euro-zone economy performed even better than previously thought in Q2, the ECB is sure to revise up its GDP forecasts on Thursday. That said, even if it reduces the... 7th September 2021 · 2 mins read
Europe Data Response German Industrial Production (July) The small increase in German industrial production in July merely reversed the fall in June, and left output well below normal. While the rest of the economy is now close to a full recovery, supply... 7th September 2021 · 2 mins read
Europe Data Response Euro-zone Retail Sales (July) & Final PMIs (Aug) The recovery in euro-zone retail sales ended in July as sales fell sharply compared to June. However this does not affect our view that consumption will grow strongly in Q3, not least because we think... 3rd September 2021 · 2 mins read
Nordic & Swiss Data Response Switzerland Consumer Prices (Aug.) & GDP (Q2) Data released this morning show that Swiss GDP is on track to re-gain its pre-pandemic level in Q3 and that inflation is creeping higher. Nonetheless, the near-term outlook is not as rosy as it was... 2nd September 2021 · 3 mins read
Europe Data Response EZ Unemployment (Jul.) & Final Mfg PMIs (Aug.) The fall in euro-zone unemployment in July appears to be down to a decline in the overall labour force rather than an increase in employment, highlighting that the labour market recovery still has a... 1st September 2021 · 2 mins read
Europe Data Response Euro-zone Flash HICP (Aug.) After rising to a near-10-year high of 3.0% in August, we suspect that euro-zone inflation will rise even further in the coming months. But this is due to temporary forces that should fade next year... 31st August 2021 · 2 mins read
Nordic & Swiss Data Response Sweden GDP (Q2) & ETI (Aug.) The release of GDP data from Sweden this morning confirmed that the economy surpassed its pre-virus peak in Q2, and we expect output to make further gains in Q3. 27th August 2021 · 2 mins read
Europe Data Response German Ifo Survey (August) The second successive decline in the Ifo Business Climate Index in August provides further evidence that Germany’s recovery is losing some momentum, partly due to supply chain difficulties in the... 25th August 2021 · 2 mins read
Europe Data Response Euro-zone Flash PMIs (Aug.) August’s PMIs suggest that growth slowed only slightly despite persistent supply problems and activity approaching more normal levels. They also imply that price pressures are no longer intensifying... 23rd August 2021 · 3 mins read
Nordic & Swiss Data Response Norway GDP (Q2 & Jun. 2021) The release of Q2 GDP data from Norway this morning confirmed that the mainland economy came within a whisker of re-gaining its pre-virus level in June. Growth is set to accelerate in Q3. 20th August 2021 · 2 mins read
Europe Economics Euro-zone Final HICP (July) The final euro-zone inflation data for July show that global supply problems have not pushed up goods prices dramatically, and “re-opening inflation” has been limited so far. We think that base... 18th August 2021 · 2 mins read
Europe Economics Euro-zone GDP & Employment (Q2) The strong growth in the euro-zone GDP in Q2 is likely to be repeated in Q3 despite the spread of the Delta variant, and should bring the economy back towards its pre-virus size in the coming months... 17th August 2021 · 2 mins read
Nordic & Swiss Economics Sweden Consumer Prices (Jul.) The slight pick-up in Swedish headline inflation in July was primarily driven by a rise in energy inflation. However, the fall in core inflation to its lowest level since 2014, means that the Riksbank... 13th August 2021 · 2 mins read
