Nordic & Swiss Data Response Swedish GDP (Q2) & Swiss KOF (Jul.) The Swedish economy grew very strongly in the first half of the year and is likely to continue performing well. This is set to drive wage growth gradually higher, prompting the Riksbank to raise... 30th July 2018 · 1 min read
Europe Data Response French GDP (Q2, 1st estimate) The 0.2% expansion in France’s GDP in Q2 was disappointing. But since temporary factors weighed on growth, we still think that euro-zone growth picked up in Q2. 27th July 2018 · 1 min read
Nordic & Swiss Data Response Sweden Econ. Tend. Survey (Jul.) & Unemploy’t (Jun.) The Swedish economy continues to perform well. And with inflationary pressures gradually rising, we expect the Riksbank to raise interest rates this year. 26th July 2018 · 1 min read
Europe Data Response German Ifo Survey (July) July’s very small fall in the Ifo Business Climate Indicator (BCI) left it still pointing to strong German GDP growth, which will encourage the ECB to maintain a fairly optimistic tone when it meets... 25th July 2018 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Jul.) July’s fall in the euro-zone PMI comes as something of a disappointment but the index is still consistent with a decent pace of GDP growth at the start of Q3. Accordingly, the ECB is likely to push... 24th July 2018 · 1 min read
Europe Data Response Euro-zone Industrial Production (May) May’s strong increase in euro-zone industrial production offered welcome reassurance that the slowdown in GDP growth in Q1 did not mark the start of a downward trend. 12th July 2018 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Jun.) & Riksbank Minutes June’s rise in Swedish CPIF inflation entirely reflected higher energy inflation. But with domestic price pressures building, and the latest minutes showing that Riksbank officials are increasingly... 12th July 2018 · 1 min read
Europe Data Response German ZEW (Jul.), French & Italian Ind. Prod. (May) The further decline in German ZEW investor sentiment seems to reflect concerns about the impact of possible protectionist measures. But May’s industrial production data for France and Italy support... 10th July 2018 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (Jun.) June’s decline in core inflation won’t stop the Norges Bank from raising interest rates in September. But with price pressures building only slowly, the subsequent tightening cycle will be very slow. 10th July 2018 · 1 min read
Europe Data Response German Industrial Production (May) May’s industrial data add to the evidence that the weakness in the sector earlier in the year was at least partly down to temporary factors. Overall, the German economy has clearly shifted down a gear... 6th July 2018 · 1 min read
Nordic & Swiss Data Response Swiss CPI (Jun.) & Swedish Production (May) June’s rise in Swiss inflation was driven by faster imported inflation, which we doubt will last. Domestic price pressures remain subdued, so we expect the SNB to leave interest rates unchanged until... 5th July 2018 · 1 min read
Europe Data Response Euro-zone Retail Sales (May) May’s euro-zone retail sales data were a little weaker than expected, but still imply that the consumer sector fared better in Q2 than in Q1. And looking ahead, we think that household spending will... 3rd July 2018 · 1 min read
Europe Data Response Euro-zone Unemployment (May), Manuf. PMI (Jun.) May’s unemployment data revealed that the steady recovery in the euro-zone labour market had continued despite signs of a slowdown in the wider economy. But with wage growth remaining subdued, the ECB... 2nd July 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jun.) Switzerland’s manufacturing PMI survey for June suggested that the economy is growing strongly, but inflationary pressures are weak. By contrast, Sweden’s survey implies that growth will slow, but... 2nd July 2018 · 1 min read
Europe Data Response Euro-zone Flash CPI (Jun.) June’s inflation data are unlikely to change the ECB’s assessment of the outlook for monetary policy. We maintain our long-held view that the Bank will leave its interest rates unchanged until... 29th June 2018 · 1 min read
Nordic & Swiss Data Response Swiss KOF (June) & Danish GDP (Q1, 2nd est.) The small rise in the KOF Economic Barometer in June suggests that the Swiss economy will continue to grow at a decent pace. But with still little sign that this is generating inflationary pressures... 29th June 2018 · 1 min read
