Europe Data Response Euro-zone Flash CPI (May) The further fall in euro-zone inflation in May took the headline rate to within a whisker of zero and downward pressure on prices is set to persist while demand remains exceptionally weak and... 29th May 2020 · 2 mins read
Europe Data Response EC Survey (May) The very small increase in the euro-zone Economic Sentiment Indicator in May adds to the evidence that the euro-zone economy bottomed out in April, but that activity is recovering only very slowly. 28th May 2020 · 2 mins read
Europe Data Response Euro-zone Flash PMIs (May) The partial rebound in the euro-zone Composite PMI in May suggests that the economy is now on a slow road to recovery. But even as lockdown measures are gradually lifted, the level of activity is... 21st May 2020 · 2 mins read
Europe Data Response EC Consumer Confidence (May) Consumer confidence rose slightly in May, suggesting that households are a little less depressed about their prospects and the wider economic outlook than they were in April. Nonetheless, the index... 20th May 2020 · 3 mins read
Europe Data Response Euro-zone Final HICP (Apr.) We suspect that harvesting and supply issues rather than stockpiling caused the increase in food inflation in April, and that these effects will persist in the summer. Nonetheless, with core inflation... 20th May 2020 · 3 mins read
Europe Data Response Euro-zone Goods Trade (Mar.) Euro-zone trade values fell sharply in March, and more open economies will suffer most from the drop in global demand. But the stringency and duration of virus containment measures will be a more... 15th May 2020 · 2 mins read
Europe Data Response Euro-zone GDP & Employment (Q1) The Q1 GDP data confirm that virus containment measures have caused much bigger declines in activity in some euro-zone countries than in others. Over the rest of the year, we think that there will be... 15th May 2020 · 3 mins read
Europe Data Response Euro-zone Industrial Production (Mar.) The slump in euro-zone industrial output in March came as no surprise given the extremely weak national data already published. Worse is to come in April before the sector begins to gradually recover. 13th May 2020 · 2 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Apr.) While the Riksbank will look through the energy-driven plunge in headline inflation in April, the further fall in underlying price pressures will be harder to ignore. All told, while policymakers’... 13th May 2020 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Apr.) The food-driven jump in the core inflation rate in Norway in April will not trouble the Norges Bank. With the economy facing a slow recovery, a prolonged period of record low interest rates is on the... 11th May 2020 · 2 mins read
Europe Data Response German Industrial Production (Mar.) The largest monthly decline in production since this time series was launched in 1991 will probably be followed by an even bigger fall in April. After that, we anticipate a gradual recovery. 7th May 2020 · 2 mins read
Europe Data Response Euro-zone Retail Sales (Mar.) & Final PMIs (Apr.) Euro-zone retail sales plummeted in March and the PMIs fell to new record lows in April. Output should pick up again now that containment measures are being lifted, but it will remain very low for a... 6th May 2020 · 2 mins read
Nordic & Swiss Data Response Sweden GDP (Q1) & Switzerland CPI (Apr.) The comparatively small fall in Swedish GDP in Q1 appears to owe as much to a strong January and February as Sweden’s lighter-touch lockdown. Accordingly, today’s data underplay the scale of the... 5th May 2020 · 2 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Apr.) While Sweden’s less stringent lockdown has received a lot of attention, today’s data add to the evidence that economic activity there has not fared much better than elsewhere in Europe. 4th May 2020 · 2 mins read
Europe Data Response Italy GDP (Q1) & Unemployment (Mar.) Italy’s economy experienced a bigger contraction than the euro-zone average in Q1. And the closure of non-essential businesses at the end of March means that it is set for a much deeper downturn in Q2... 30th April 2020 · 2 mins read
Europe Data Response Euro-zone GDP (Q1), HICP (Apr.), Unemp. (Mar.) The blizzard of depressing economic data released this morning confirms that the euro-zone economy was in freefall at the end of March, with GDP dropping by a record amount throughout the region. This... 30th April 2020 · 3 mins read
