Nordic & Swiss Data Response Swedish Economic Tendency Survey (May) Despite slipping in May, the Swedish Economic Tendency Indicator continues to point to very strong economic growth. With the labour market therefore set to tighten further, we expect stronger wage... 24th May 2017 · 1 min read
Europe Data Response Euro-zone Flash PMIs & German Ifo (May) The strength of both the euro-zone Composite PMI and the German Ifo in May provide further evidence that the economic recovery gained pace in Q2. 23rd May 2017 · 1 min read
Nordic & Swiss Data Response Swedish Labour Force Survey (Apr.) Despite April’s rise in the Swedish unemployment rate, it remains low by recent standards. And with over one third of firms suffering from a shortage of labour, we still expect wage growth to pick up. 23rd May 2017 · 1 min read
Europe Data Response German GDP Breakdown (Q1) The second release of German GDP confirmed that the economy made a good start to 2017 despite a slowdown in consumer spending growth. We expect a pickup in export growth to cause the upturn to gain... 23rd May 2017 · 1 min read
Europe Data Response Euro-zone GDP (Q1), Trade (Mar.) & German ZEW (May) The second estimate of euro-zone Q1 GDP confirmed that the recovery maintained a decent pace, and growth is set to pick up further. But with inflation pressures subdued, we doubt that the ECB will... 16th May 2017 · 1 min read
Europe Data Response Italian GDP (Q1) & Dutch GDP (Q1) The first estimate of Italian Q1 GDP showed that the economy grew more slowly than the euro-zone as a whole. With growth likely to remain fairly subdued, the economy remains vulnerable, perhaps most... 16th May 2017 · 1 min read
Nordic & Swiss Data Response Norwegian GDP (Q1) & Finnish GDP (Q1) Norway’s recovery gathered pace in Q1, and forward-looking indicators suggest that this should continue. That said, we doubt that this will have much of a bearing on monetary policy. Meanwhile... 16th May 2017 · 1 min read
Europe Data Response Euro-zone Industrial Production (Mar.) March’s fall in euro-zone industrial production confirms that the sector had a poor Q1. But that was partly due to the effects of unseasonably warm weather on energy output, while surveys point to a... 12th May 2017 · 1 min read
Europe Data Response German GDP (Q1), Consumer Prices (Apr.) The first estimate of German Q1 GDP showed that the economy got off to a fairly strong start to the year. But April’s inflation data confirmed that, ignoring Easter timing effects, underlying price... 12th May 2017 · 1 min read
Europe Data Response German GDP (Q1), Consumer Prices (Apr.) The first estimate of German Q1 GDP showed that the economy got off to a fairly strong start to the year. But April’s inflation data confirmed that, ignoring Easter timing effects, underlying price... 12th May 2017 · 1 min read
Nordic & Swiss Data Response Swiss & Swedish Consumer Prices (Apr.) The sharp divergence in Swiss and Swedish inflation in April supports our views that the Swiss National Bank will need to keep monetary policy loose for a long time to come but that Sweden’s Riksbank... 11th May 2017 · 1 min read
Nordic & Swiss Data Response Norwegian & Danish Consumer Prices (Apr.) The sharp decline in Norwegian CPI-ATE inflation has paused over the past three months, but it should soon resume. We think that it will fall to 1.0% later in the year, and remain well below the... 10th May 2017 · 1 min read
Europe Data Response German Industrial Production & Trade (Mar.) Despite declining, German industrial production remained at a high level in March and grew strongly in Q1 overall. Other German hard data have been weaker, but surveys imply that GDP growth was strong... 9th May 2017 · 1 min read
Nordic & Swiss Data Response Swedish Industrial & Services Production (Mar.) March’s Swedish production data suggest that GDP growth picked up further in Q1. And as stronger activity is consistent with a rise in inflationary pressure, we think that the Riksbank will have to... 5th May 2017 · 1 min read
Europe Data Response Euro-zone Retail Sales (Mar.) & Final PMIs (Apr.) Despite March’s rise in retail sales, consumer indicators suggest that household spending growth slowed in Q1. Meanwhile, the final euro-zone Composite PMI implies that the economy made a strong start... 4th May 2017 · 1 min read
Europe Data Response Euro-zone GDP (Q1 Prel. Flash) & PPI (Mar.) The “preliminary flash” estimate of euro-zone GDP supported the message from earlier national data that the recovery maintained a decent pace in Q1. However, economic growth is still putting little... 3rd May 2017 · 1 min read
