Europe Data Response German Industrial Production (Aug.) August’s 0.3% fall in German industrial production was much weaker than expected and suggests that the economy is very unlikely to match Q2’s 0.5% expansion in the third quarter. We have revised down... 8th October 2018 · 1 min read
Nordic & Swiss Data Response Switzerland CPI (Sep.), Sweden Private Prod. (Aug.) September’s Swiss inflation data provided further evidence that despite strong GDP growth, domestic price pressures remain very weak. And with the franc’s recent appreciation dampening imported... 5th October 2018 · 1 min read
Europe Data Response Euro-zone Retail Sales (Aug.) & Final PMIs (Sep.) August’s euro-zone retail sales data suggest that spending growth failed to gain pace in Q3, but there are good reasons to think that sales volumes will accelerate as inflation falls in the months... 3rd October 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Sep.) September’s falls in the Swiss and Norwegian manufacturing PMIs leave them still pointing to strong growth in the sector. But it is in Sweden that price pressures seem to be strongest. 1st October 2018 · 1 min read
Europe Data Response Euro-zone Unemployment (Aug.), Manuf. PMI (Sep.) August’s further fall in euro-zone unemployment adds to evidence that wage growth is likely to rise further in the coming months, supporting the case for gradual ECB policy normalisation. But there... 1st October 2018 · 1 min read
Europe Data Response Euro-zone Flash CPI (Sep.) The further decline in core inflation in September was a little disappointing and, against a backdrop of slower economic growth, will ensure that the ECB remains very cautious in its approach to... 28th September 2018 · 1 min read
Nordic & Swiss Data Response Swiss KOF (Sep.) & Danish GDP (Q2, 2nd est.) Despite rebounding in September, the KOF Economic Barometer still suggests that Swiss GDP growth is set to slow over the coming months. And with inflation very weak, we expect the SNB to keep interest... 28th September 2018 · 1 min read
Europe Data Response EC Business & Consumer Survey (Sep.) September’s fall in the EC’s measure of euro-zone economic sentiment adds to the evidence that economic growth is slowing. This slowdown isn’t sharp enough to deter the ECB from ending its asset... 27th September 2018 · 1 min read
Nordic & Swiss Data Response Sweden Economic Tendency Survey (Sep.) September’s further rise in the Economic Tendency Indicator suggests that neither uncertainty about the domestic political environment nor worries about rising trade protectionism have damaged the... 27th September 2018 · 1 min read
Europe Data Response German Ifo Survey (Sep.) September’s small fall in the Ifo Business Climate Indicator (BCI) did little to reverse the previous month’s increase and left the index consistent with strong annual GDP growth of over 2%. 24th September 2018 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Sep.) The softening of the euro-zone Composite PMI in September adds to evidence that the region’s economy has lost some momentum after 2017’s very strong expansion. But as the index is still consistent... 21st September 2018 · 1 min read
Europe Data Response Euro-zone Labour Costs (Q2) & Goods Trade (Jul.) The pick-up in euro-zone wage growth in Q2 adds to signs that inflationary pressures in the region are building. This will encourage the ECB that it is right to be normalising monetary policy. But... 14th September 2018 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Aug.) Although CPIF inflation was above target in August, the further decline in non-energy inflation will worry the Riksbank. If it remains soft, then the Bank will probably keep rates on hold until early... 14th September 2018 · 1 min read
Europe Data Response Euro-zone Industrial Production (Jul.) July’s euro-zone industrial production data marked a very weak start to Q3 and support the ECB’s cautious approach to policy normalisation. 12th September 2018 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (Aug.) Following August’s increase in core inflation to a 19-month high, the Norges Bank is almost certain to raise interest rates at next week’s meeting. But policymakers remain cautious about the impact of... 10th September 2018 · 1 min read
Europe Data Response Euro-zone GDP (Q2, Breakdown) The third estimate of euro-zone Q2 GDP confirmed that net trade was a drag on growth for the second consecutive quarter. But with domestic demand strong and the timelier survey evidence encouraging... 7th September 2018 · 1 min read
