Nordic & Swiss Data Response Swiss KOF Economic Barometer (Apr.) Despite registering its largest monthly fall on record in April, the KOF Economic Barometer appears to underplay the havoc that has been wreaked on the Swiss economy. While the government has begun to... 30th April 2020 · 2 mins read
Europe Data Response French, Spanish & Austrian GDP (Q1) Lockdown measures to contain the coronavirus caused unprecedented quarterly contractions in GDP in France and Spain in Q1. And with the restrictions set to remained unchanged until mid-May and then be... 30th April 2020 · 2 mins read
Europe Data Response EC Survey (Apr.) and Euro-zone Bank Lending (Mar.) The largest-ever slump in the EC Economic Sentiment Indicator in April comes as no surprise but, along with the 3.9% q/q fall in Belgian GDP in Q1, it underlines the depth of the euro-zone’s recession... 29th April 2020 · 2 mins read
Europe Data Response ECB Bank Lending Survey (Q1 2020) The Bank Lending Survey highlights the fact that demand has fallen much further in Italy and Spain than elsewhere. But it also suggests that loan guarantees and the ECB’s cheap loans to banks are... 28th April 2020 · 2 mins read
Europe Data Response German Ifo (Apr.) The Ifo has echoed the message from the PMIs published yesterday that Germany’s economy took a nose-dive in April, with the manufacturing sector following the services sector into a deep recession. 24th April 2020 · 2 mins read
Europe Data Response Euro-zone Flash PMIs (Apr.) April’s PMIs are shockingly bad and suggest that economic activity has all but ground to a halt. Some virus containment measures are now being lifted, but output will be very weak for many more months... 23rd April 2020 · 2 mins read
Europe Data Response EC Consumer Confidence (Apr.) The slump in the EC euro-zone consumer confidence index in April was another record decline. However, the index excludes data for Italy and almost certainly understates the true extent of the... 22nd April 2020 · 3 mins read
Europe Data Response ZEW Survey (Apr.) The sharp rebounds in the ZEW Economic Sentiment Indicators for both Germany and the euro-zone in April suggest that investors are now expecting some recovery from the complete collapse in activity... 21st April 2020 · 2 mins read
Nordic & Swiss Data Response Sweden Consumer Prices & Reg. Unemp. (Mar.) While the decline in headline inflation in Sweden in March owed much to lower energy prices, persistently below-target core price pressures and the virus-related economic slump opens the door to... 15th April 2020 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Mar.) While core inflation in Norway remained slightly above policymakers’ target in March, the precipitous plunge in economic activity raises the chance that Norway will join the sub-zero interest rate... 8th April 2020 · 2 mins read
Europe Data Response Euro-zone Construction PMIs (Mar.) March’s construction PMIs add to the evidence that activity across the euro-zone has taken a big hit, while Italy’s stricter virus containment measures have had a catastrophic effect on output. 6th April 2020 · 2 mins read
Europe Data Response Euro-zone Final PMIs (Mar.) The PMIs show that activity in Italy and Spain plummeted even before the authorities in both countries shut down all non-essential businesses. Euro-zone GDP is almost certain to fall at a record pace... 3rd April 2020 · 2 mins read
Nordic & Swiss Data Response Switzerland CPI (Mar.) Having fallen further into negative territory in March, Swiss inflation is likely to remain below zero for the rest of 2020. This will strengthen policymakers’ resolve to prevent the franc from rising... 2nd April 2020 · 2 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Mar.) The eye-watering declines in the manufacturing PMIs for March from Switzerland and the Nordics simply confirm that economic activity has dropped off a cliff following the introduction of containment... 1st April 2020 · 2 mins read
Europe Data Response Euro-zone Flash CPI (Mar.) & Ger. Unemp. (Mar.) The inflation rate in the euro-zone took a leg down in March, largely due to the slump in oil prices. With the economy taking on the verge of an unprecedented nose-dive, we expect headline inflation... 31st March 2020 · 2 mins read
Europe Data Response EC Survey (Mar.) On the face of it, March’s Economic Sentiment Indicator (ESI) is not as downbeat as some of the other surveys. But we think that it understates the drop in activity, and worse is likely to come in... 30th March 2020 · 2 mins read
