Nordic & Swiss Data Response Sweden Economic Tendency Indicator (July) The rise in Sweden’s Economic Tendency Indicator (ETI) in July suggests the recovery there continued to gather pace at the start of Q3. That said, the rise in consumption appears to be slowing, and... 29th July 2020 · 2 mins read
Europe Data Response German Ifo Survey (Jul.) The message from the Ifo Business Climate Index chimes with that from the PMIs published last week and suggests that the rebound in the German economy continued at a steady pace in July. 27th July 2020 · 2 mins read
Europe Data Response Euro-zone Flash PMIs (July) The sharp rise in the euro-zone Composite PMI in July is an encouraging sign that the economic recovery continued at a decent pace at the start of Q3. But we suspect that activity will remain below... 24th July 2020 · 2 mins read
Europe Data Response EC Consumer Confidence (July) The small fall in euro-zone consumer confidence in July is consistent with the message from high frequency data that the recovery in spending may already be slowing. 23rd July 2020 · 2 mins read
Europe Data Response Euro-zone Industrial Production (May) The double-digit increase in industrial production in May was a little short of expectations. Output should increase further in June but will remain significantly below pre-crisis levels throughout... 14th July 2020 · 2 mins read
Europe Data Response ECB Bank Lending Survey (Q2 2020) The ECB’s latest Bank Lending Survey suggests that bank lending conditions will tighten in Q3, but by nowhere near as much as during the global financial crisis. This should mean that the banking... 14th July 2020 · 2 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Jun.) The pick-up in Swedish inflation in June was a bit larger than expected but it was driven mainly by energy effects and is not a game changer. And while core inflation also edged up from May, against a... 14th July 2020 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Jun.) Previous falls in the krone will ensure that inflation stays above the Norges Bank’s target throughout H2. Nonetheless, this effect will fade in early-2021 and policymakers will be in no rush to raise... 10th July 2020 · 2 mins read
Europe Data Response German Industrial Production (May) May’s increase in German industrial production left it still well below pre-crisis levels. But with retail sales rising more rapidly, overall economic activity is picking up a little more quickly than... 7th July 2020 · 2 mins read
Europe Data Response Euro-zone Retail Sales (May), Spain Ind. Prod. (May) Euro-zone retail sales rebounded sharply in May, but spending will still have collapsed in Q2 as other types of spending remained weak. Meanwhile, industrial production is recovering more slowly. 6th July 2020 · 2 mins read
Europe Data Response Euro-zone Final PMIs (June) The sharp increases in the euro-zone PMIs in June suggest that activity is bouncing back quite quickly, but remains far lower than before the crisis. The PMIs also point to continued declines in... 3rd July 2020 · 2 mins read
Europe Data Response Euro-zone Unemployment (May) The trivial rise in unemployment in the euro-zone reflects the success of short-time working schemes in protecting jobs but also an increase in “inactivity” as people have been unable to look for work... 2nd July 2020 · 2 mins read
Nordic & Swiss Data Response Switzerland CPI (Jun.) The lack of price pressures in Switzerland is nothing new, but will ensure that the SNB remains poised to combat bouts of upward pressure on the franc for the foreseeable future. 2nd July 2020 · 2 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Jun.) The manufacturing PMIs from June add to the evidence that activity in Sweden and Norway has recovered comparatively quickly, but suggest that Swiss manufacturing is taking longer to find its feet. 1st July 2020 · 2 mins read
Europe Data Response Euro-zone Flash HICP (June) The increase in euro-zone headline inflation in June was entirely due to higher energy inflation, while the core rate edged down and looks likely to fall further over the rest of the year. 30th June 2020 · 2 mins read
Nordic & Swiss Data Response Switzerland KOF (Jun.), Retail Sales (May) The underwhelming increase in the KOF Economic Barometer in June is at odds with the chunky rise in the euro-zone PMIs. Nonetheless, the surge in Swiss retail sales in May shows that the economy has... 30th June 2020 · 2 mins read
