Europe Data Response EC Business & Consumer Survey (June) After falling only marginally in June, the EC’s measure of economic sentiment provides further evidence that the softness in activity recorded in Q1 does not mark the start of a sharp downturn. 28th June 2018 · 1 min read
Europe Data Response German Ifo Survey (June) While the Ifo Business Climate Indicator edged down in June, it remains at a high level and therefore adds to evidence from the PMI that growth picked up somewhat in Q2 after a slow start to the year. 25th June 2018 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Jun.) June’s rise in the euro-zone PMI provides some reassurance that the softness recorded so far in 2018 is not the start of a sustained downturn, and that the pace of GDP growth will remain fairly... 22nd June 2018 · 1 min read
Europe Data Response Euro-zone Labour Costs (Q1) & Goods Trade (Apr.) The pick-up in euro-zone wage growth in Q1 is another sign that the economy is moving in the right direction. Over the coming years, we think wage growth will continue to rise, but only gradually. So... 15th June 2018 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (May) May’s rise in Swedish CPIF inflation primarily reflected stronger energy and food inflation. But with domestic inflationary pressure building, we continue to think the Riksbank will raise rates in... 14th June 2018 · 1 min read
Europe Data Response Euro-zone Industrial Production (Apr.) April’s fall in euro-zone industrial production adds to the evidence that the economy has not rebounded strongly since Q1’s slowdown. Nevertheless, with more timely survey measures of activity still... 13th June 2018 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (May) May’s weak inflation data in Norway strengthen the case for the Norges Bank to move only very slowly towards tightening monetary policy. We suspect that it will wait until early 2019 before raising... 11th June 2018 · 1 min read
Nordic & Swiss Data Response Icelandic GDP (Q1) The Icelandic economy had a weak start to the year, as net trade and investment weighed on growth and offset the continued strength of private consumption. But the surveys suggest that the outlook... 8th June 2018 · 1 min read
Europe Data Response German & French Industrial Production (Apr.) April’s data for industrial production in Germany and France add to the evidence that the euro-zone economy is unlikely to rebound strongly after Q1’s slowdown. 8th June 2018 · 1 min read
Europe Data Response Euro-zone GDP (Q1, Breakdown) The third estimate of euro-zone Q1 GDP confirmed that the slowdown in growth was caused by net trade. While the latest evidence suggests that growth is unlikely to pick up much in Q2, it should still... 7th June 2018 · 1 min read
Nordic & Swiss Data Response Swiss Consumer Prices (May) Although headline inflation rose in May to its highest level in over seven years, the core rate fell to a nine-month low. This will be a concern to the SNB, especially given the appreciation of the... 6th June 2018 · 1 min read
Europe Data Response Euro-zone Retail Sales (Apr.) & Final PMIs (May) April’s euro-zone retail sales data imply that the consumer sector fared a little better in Q2 than it did in Q1. Nevertheless, May’s Composite PMI is consistent with the pace of GDP growth remaining... 5th June 2018 · 1 min read
Nordic & Swiss Data Response Swedish Private Production (Apr.) April’s rise in private sector production suggests that Sweden’s economy got off to a decent start to Q2. While the construction sector is likely to remain weak, overall we expect the economy to... 5th June 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (May) May’s manufacturing PMIs suggest that the Swiss and Norwegian economies continued to perform well in Q2 after decent starts to the year. Sweden’s PMI was yet again quite weak, but other survey... 1st June 2018 · 1 min read
Europe Data Response Euro-zone Flash CPI (May) & Unemployment (Apr.) After reaching an eight-month high in May, core inflation looks set to rise further. Moreover, recent increases in oil prices will push headline inflation above 2% next month. While the recent drama... 31st May 2018 · 1 min read
Nordic & Swiss Data Response Swiss & Danish GDP (Q1) The Swiss economy’s decent start to 2018 was partly down to a boost from international sports events but there are also signs of strengthening domestic demand. Nonetheless, with inflation still very... 31st May 2018 · 1 min read
