Nordic & Swiss Data Response Norwegian Labour Force Survey (Dec.) December’s sharp decline in Norway’s unemployment rate was not as encouraging as it first appears. And while surveys suggest that employment growth will pick up, we suspect that wage growth will... 22nd February 2017 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Feb.) February’s sharp rise in the euro-zone Composite PMI to its highest point since April 2011 suggests that economic growth is picking up. But the survey’s price indices remain consistent with only weak... 21st February 2017 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Jan.) The dip in Swedish inflation in January was mainly due to base effects and will be reversed in February. And with pay growth set to pick up after this year’s wage negotiations, underlying inflationary... 17th February 2017 · 1 min read
Europe Data Response Euro-zone Trade (Dec.) The euro-zone’s goods trade surplus widened somewhat in December, and, as a result, was virtually unchanged over Q4 as a whole. Looking ahead, while surveys suggest that export growth may pick up from... 15th February 2017 · 1 min read
Europe Data Response Euro-zone GDP (Q4), Ind. Prod. (Dec.) & German ZEW (Feb.) The second estimate of euro-zone Q4 GDP suggested that economic conditions at the end of last year were not quite as positive as previously estimated by Eurostat. And growth looks set to slow this... 14th February 2017 · 1 min read
Europe Data Response German & Italian GDP (Q4), German Consumer Prices (Jan.) Following this morning’s release of German and Italian Q4 GDP data, we are sticking to our forecast that euro-zone Q4 GDP growth will be left unrevised at +0.5%. 14th February 2017 · 1 min read
Nordic & Swiss Data Response Swiss Consumer, Producer & Import Prices (Jan.) Switzerland’s consumer and producer prices data for January provided some hope that the prolonged period of falling prices may finally be over. But with the franc likely to strengthen this year... 14th February 2017 · 1 min read
Europe Data Response French & Italian Industrial Production (Dec.) The decline in French industrial production in December marked a weak end to 2016, echoing falls in a number of other euro-zone countries. But Italian industry put in an unexpectedly strong... 10th February 2017 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (Jan.) In January, the Norges Bank’s favoured measure of inflation fell to a 37-month low. We think that it will fall further, prompting the Bank to cut its key policy rate by 25 basis points in the second... 10th February 2017 · 1 min read
Nordic & Swiss Data Response Norwegian GDP (Q4) Norway’s economic recovery picked up in Q4, and surveys suggest that growth might edge up further in the near term. This should add to the upward pressure on the krone as oil prices rise this year. 9th February 2017 · 1 min read
Europe Data Response German Industrial Production & French Trade (Dec.) December’s drop in German industrial production is unlikely to be a sign of things to come, but it does suggest that the economy entered 2017 on a slightly weaker footing than the surveys have implied... 7th February 2017 · 1 min read
Europe Data Response Euro-zone Retail Sales (Dec.) & Final PMIs (Jan.) December’s retail sales data suggest that household spending contributed to the pick-up in euro-zone GDP growth in Q4. And January’s Composite PMI implies that the economy got off to a steady start in... 3rd February 2017 · 1 min read
Nordic & Swiss Data Response Swedish Industrial & Services Production (Dec.) Both Swedish industrial production and services output growth picked up over Q4 and are thus consistent with a rise in GDP growth. Meanwhile, this morning’s services PMI is consistent with strong... 3rd February 2017 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jan.) January’s PMIs add to the evidence that the Swedish economy has made a strong start to the year. They also suggest that price pressures are building in Switzerland. 1st February 2017 · 1 min read
Europe Data Response Euro-zone GDP (Q4), Unemployment (Dec.) & Flash CPI (Jan.) The latest data revealing that euro-zone GDP ended 2016 on a positive note and that inflation rose sharply in January will give the ECB food for thought, but we still expect the Bank to be buying... 31st January 2017 · 1 min read
Europe Data Response France GDP (Q4, 1st est.) & CPI (Jan., Prov.) Provisional data revealed that the French economy performed fairly well in Q4, while inflation picked up in January. But uncertainty surrounding the forthcoming presidential election looks set to... 31st January 2017 · 1 min read
