Europe Data Response EC Survey (June) The increase in the EC’s Economic Sentiment Indicator for June was the largest one-month rise on record. However, it was not as big as expected and leaves the index consistent with activity remaining... 29th June 2020 · 1 min read
Europe Data Response German Ifo Survey (Jun.) The Ifo for June echoes the message from the PMIs published yesterday that the rebound in Germany has been a little faster, and the slump in GDP probably smaller, than we had anticipated. However, the... 24th June 2020 · 2 mins read
Europe Data Response Euro-zone Flash PMIs (June) The rise in the euro-zone flash Composite PMI in June confirms that economic output in the region is continuing to recover rapidly from April’s nadir as restrictions are progressively eased. But... 23rd June 2020 · 3 mins read
Europe Data Response EC Consumer Confidence (June) Consumer confidence in the euro-zone increased for the second consecutive month in June, adding to the evidence that household consumption rebounded sharply after the lockdowns were eased. 22nd June 2020 · 3 mins read
Europe Data Response Euro-zone Labour Costs (Q1) The surge in nominal hourly labour costs growth in Q1 primarily reflects a collapse in hours worked as lockdowns restricted economic activity at the end of the quarter. This is likely to be repeated... 16th June 2020 · 2 mins read
Europe Data Response Euro-zone Industrial Production (Apr.) The collapse in euro-zone industrial output in April will have been partly reversed in May and June, but the recovery will be much more gradual than the slump. 12th June 2020 · 2 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (May) The rise in Swedish inflation in May ties in with signs that the economy has got off comparatively lightly by virtue of its light-touch lockdown. That said, the May figure was skewed in part by... 11th June 2020 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (May) Recent falls in the krone contributed to the pick-up in core inflation in Norway in May, but this effect is likely to fade in H2. Accordingly, the Norges Bank will be in no rush to tighten monetary... 10th June 2020 · 2 mins read
Europe Data Response Euro-zone GDP (Q1, breakdown) The sharp fall in GDP in Q1, confirmed by data released this morning, will pale in comparison to the contraction in Q2. We think it will then take several years for the economy to return to its pre... 9th June 2020 · 2 mins read
Europe Data Response German Industrial Production (Apr.) The slump in April was even bigger than the previous record set only a month ago. While the data should improve from May onwards, output probably won’t get back pre-coronavirus levels for at least two... 8th June 2020 · 2 mins read
Europe Data Response Euro-zone Retail Sales (Apr.) April’s euro-zone retail sales data confirm that household consumption growth took a beating at the start of the second quarter. There should be a sharp, though partial, rebound in May as lockdowns... 4th June 2020 · 3 mins read
Nordic & Swiss Data Response Switz. CPI (May), Sweden Priv. Sector Prod. (Apr.) The further decline in Swiss inflation in May came as no surprise, but April’s private sector production data from Sweden add to signs that the economy has reaped some benefit from its light-touch... 4th June 2020 · 2 mins read
Europe Data Response Euro-zone and Germany Unemployment (Apr./May) The remarkably small increase in unemployment in the euro-zone reflects the success of the government job subsidy schemes and an exodus from the labour force in Italy. We suspect that the unemployment... 3rd June 2020 · 2 mins read
Europe Data Response Euro-zone Final PMIs (May) The final Composite PMIs add to the evidence that economic activity picked up in May, but it remains well below normal. They also point to substantial downward pressure on inflation. 3rd June 2020 · 2 mins read
Nordic & Swiss Data Response Switzerland GDP (Q1) The sharp fall in Swiss GDP is Q1 was in line with the general pattern seen in other countries, and Q2 is set to be much worse. However, now that lockdown restrictions have been eased, we suspect that... 3rd June 2020 · 3 mins read
Nordic & Swiss Data Response Manufacturing PMIs (May) The partial recoveries in the manufacturing PMIs in May offer encouragement that activity is recovering now that lockdowns have been eased. 2nd June 2020 · 2 mins read
