Nordic & Swiss Economics Weekly A trio of hawkish central banks In what has proven to be an action-packed week for major central banks, those in the Nordics and the SNB kept their end up and delivered historically large rate rises. And despite the surveys... 23rd September 2022 · 6 mins read
Nordic & Swiss Economics Weekly Stable inflation expectations little comfort for Riksbank Even as Swedish headline inflation surged again in August, with the core rate hitting its highest level since late 1991, the stability of long-term inflation expectations will provide some comfort to... 16th September 2022 · 4 mins read
Nordic & Swiss Economics Weekly Central banks in hawkish mood The ECB isn't the only European central bank in hawkish mood - we expect aggressive rate hikes from the SNB, Riksbank and Norges Bank later this month. Meanwhile, this weekend's general election in... 9th September 2022 · 6 mins read
Nordic & Swiss Economics Weekly Thomas Jordan: Swiss inflation-wrestling champion In the week when Joel Wicki was crowned “Schwingen King” in the national Swiss wrestling championships, SNB Chairman Thomas Jordan used his speech at Jackson Hole to reiterate his intention to grapple... 2nd September 2022 · 6 mins read
Nordic & Swiss Economics Weekly Flodén eyeing faster rate rises One does not need to be Nostradamus to see that Martin Flodén will espouse stepping up the pace of monetary tightening when the Executive Board of the Riksbank convenes again, in September. While our... 26th August 2022 · 7 mins read
Nordic & Swiss Economics Weekly Norway and Switzerland still thriving Data published this week show that –in contrast to Germany – Norway and Switzerland’s economies are continuing to perform well. But rising inflation will force central banks in both countries to... 19th August 2022 · 5 mins read
Nordic & Swiss Economics Weekly Norway faces its own energy crisis While Norway is not directly in the firing line from the reduction in Russia’s gas exports, it has now got its own problems with low water levels in its hydro reservoirs. This may add a bit to Norway... 12th August 2022 · 4 mins read
Nordic & Swiss Economics Weekly What's Danish for the "canary in the coal mine"? Denmark’s manufacturing PMI fell precipitously from 70.0 to a 27-month low of 38.0 in July. While Denmark's PMI is extremely volatile, this was its largest fall since 2008. And given that Denmark is a... 5th August 2022 · 5 mins read
Nordic & Swiss Economics Weekly Nordic footballing woes; Record loss for SNB The 4-nil semi-final defeat at the hands of England on Tuesday will do nothing to bolster consumer confidence in Sweden, which is sinking faster than the boats that Freya the walrus climbed onto this... 29th July 2022 · 5 mins read
Nordic & Swiss Economics Weekly Denmark to seek wider rate differential with the ECB The strictures of Denmark’s exchange rate peg means that the Nationalbank will follow the ECB’s lead as it hike rates further over the coming months. But with the krone remaining towards the “strong”... 22nd July 2022 · 4 mins read
Nordic & Swiss Economics Weekly Super-sized rate hikes rising up the policy menu The case for frontloading tightening cycles in Norway and Sweden is getting more and more compelling, not least because prolonging the inevitable would probably just raise the risk of harder landings... 15th July 2022 · 4 mins read
Nordic & Swiss Economics Weekly Soft period looms for Sweden after a strong Q2 The stronger-than-expected rise in Sweden’s GDP Indicator in May means that we will undoubtedly be revising our Q2 GDP forecast for the country higher when we publish updated forecasts in the coming... 8th July 2022 · 6 mins read
Nordic & Swiss Economics Weekly Riksbank shifts up gears but rate “summit” is in sight While the Riksbank stepped up the pace of tightening this week, the fact that Swedish households are highly sensitive to rate hikes, and the likelihood that weakening activity will soon reduce the... 1st July 2022 · 5 mins read
Nordic & Swiss Economics Weekly Don’t bet against a 50bp Norges Bank hike in August The Norges Bank intends to follow this week’s 50bp interest rate hike with a 25bp rate rise in August, but the combination of strong global inflation pressures, an incredibly tight labour market in... 24th June 2022 · 4 mins read
Nordic & Swiss Economics Weekly More on the SNB; Norges Bank to hike by 50bp Even after the strong gains in the franc against the euro and US dollar after yesterday’s SNB rate hike, the Swiss real effective exchange rate is still about 5% below its level in early 2020 when the... 17th June 2022 · 4 mins read
Nordic & Swiss Economics Weekly Farewell, Cecilia Skingsley; rate hikes & house prices We expect house prices to fall in Sweden and Norway this year as rising interest rates push up borrowing costs. But the peak-to-trough declines are likely to be smaller than those in Canada, Australia... 10th June 2022 · 5 mins read
