Europe Data Response Euro-zone Flash CPI (Nov.) November’s small pick-up in euro-zone headline inflation is unlikely to deter the ECB from announcing further policy stimulus next week. Indeed, underlying price pressures remain subdued and inflation... 30th November 2016 · 1 min read
Europe Data Response German Flash CPI (Nov.) November’s German inflation data suggest that euro-zone inflation was unchanged at a low level. And while energy effects should cause headline inflation to rise sharply in the months ahead, the German... 29th November 2016 · 1 min read
Europe Data Response EC Business & Consumer Survey (Nov.) November’s rise in the European Commission’s measure of economic sentiment supports the message from the PMI that euro-zone growth accelerated towards the end of the year. But with inflationary... 29th November 2016 · 1 min read
Nordic & Swiss Data Response Swedish GDP (Q3, 1st Estimate) Sweden’s decent economic expansion in Q3 masks a sharp slowdown in domestic demand growth. But with survey indicators pointing to a renewed acceleration in GDP growth in Q4, that slowdown looks set to... 29th November 2016 · 1 min read
Europe Data Response German Ifo Survey (Nov.) November’s German Ifo Business Climate Indicator (BCI) adds to the evidence that the economy has performed fairly well so far in Q4. However, we expect growth to slow next year, putting pressure on... 24th November 2016 · 1 min read
Nordic & Swiss Data Response Swedish Economic Tendency Survey (Nov.) The Economic Tendency Indicator now points to annual Swedish GDP growth of over 4%, while consumers’ inflation expectations have also jumped. Both factors suggest that any further loosening by the... 24th November 2016 · 1 min read
Europe Data Response Euro-zone Flash PMIs (Nov.) November’s rise in the euro-zone composite PMI suggests that GDP growth should edge up in Q4, implying that political uncertainty has yet to take a toll on the economy. 23rd November 2016 · 1 min read
Nordic & Swiss Data Response Norwegian Labour Force Survey (Sep.) September’s Norwegian Labour Force Survey (LFS) provided some hints that the recent rise in unemployment might be coming to an end. Meanwhile, other perhaps more reliable measures of unemployment have... 23rd November 2016 · 1 min read
Europe Data Response Euro-zone Flash GDP (Q3) & German ZEW (Nov.) The second estimate of euro-zone GDP confirmed the message from national data that the economic recovery maintained its pace in Q3. However, we think that growth will slow over the coming quarters. 15th November 2016 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Oct.) October’s rise in inflation was driven almost entirely by energy effects whileunderlying measures of inflation remain weak. As such, the Riksbank seems all butcertain to loosen monetary policy at its... 15th November 2016 · 1 min read
Nordic & Swiss Data Response Norwegian & Finnish GDP (Q3) Norway’s economic recovery slowed in Q3, while Finland’s picked up. But surveys suggest that growth in both countries might improve over the coming quarters. 15th November 2016 · 1 min read
Europe Data Response Euro-zone Industrial Production (Sep.) Despite September’s fall in euro-zone industrial production, industry probably made a positive contribution to GDP growth in Q3. However, industry is unlikely to prevent overall economic growth from... 14th November 2016 · 1 min read
Nordic & Swiss Data Response Norwegian and Danish Consumer Prices (Oct.) In October, the Norges Bank’s favoured measure of inflation was unchanged at a joint 14-month low. We think that it will fall sharply next year, prompting the Bank to cut its key policy rate from 0.5%... 10th November 2016 · 1 min read
Europe Data Response German Industrial Production & Trade (Sep.) September’s sharp drop in German industrial production partly reflected payback from a sharp rise last month, and production posted a solid gain in Q3 as a whole. Nonetheless, the data are... 8th November 2016 · 1 min read
Europe Data Response Euro-zone Retail Sales (Sep.) & German New Orders (Sep.) The fading boost to consumers’ spending power from lower energy prices may bebehind September’s fall in euro-zone retail sales. As we have warned for sometime, consumer spending growth is set to... 7th November 2016 · 1 min read
Nordic & Swiss Data Response Swiss Consumer Prices (Oct.) October’s Swiss CPI data did little to ease fears that the economy may be experiencing a sustained bout of damaging deflation. This supports our view that additional monetary policy support will be... 7th November 2016 · 1 min read
