Nordic & Swiss Data Response Switzerland CPI (May) Inflation in Switzerland is likely to keep climbing over the coming months, but we still expect it to fall back next year. So the SNB looks set to keep interest rates on hold for a very long time. 7th June 2021 · 2 mins read
Nordic & Swiss Economics Weekly Riksbank not marvelling at proposed Act changes While many of the changes in the new proposed Riksbank Act are benign, the Bank argues with some merit that the new legislation would make it more difficult for it to use its balance sheet during... 4th June 2021 · 7 mins read
Nordic & Swiss Data Response Switzerland GDP (Q1 2021) & PMIs (May) Data released this morning confirmed that the Swiss economy started 2021 on the back foot following a tightening in virus-related restrictions. However, activity will have gathered pace in Q2. 1st June 2021 · 2 mins read
Nordic & Swiss Economics Weekly Swiss seven-year itch; lots to ponder at the Riksbank The breakdown of the Swiss/EU Treaty talks has taken the headlines this week, but the Swiss economy appears to be galloping ahead in any case. While the belated release of Q1 GDP data next week is... 28th May 2021 · 5 mins read
Nordic & Swiss Economics Update Switzerland waves Auf Wiederloge to a new EU Treaty While the breakdown in Treaty talks between Switzerland and the EU makes the outlook for Swiss exporters more uncertain, we doubt that the lasting economic impact will be very big. 27th May 2021 · 3 mins read
Nordic & Swiss Economics Update Norges Bank and Riksbank won’t wait for the ECB The Norges Bank has a history of beginning to tighten policy earlier than the ECB and we think it will follow that pattern again this year. Meanwhile, although it’s not the most likely scenario, we... 27th May 2021 · 4 mins read
Nordic & Swiss Chart Pack Housing boom to test the Riksbank’s dovish resolve The Riksbank will look through the recent pick-up in consumer price inflation in Sweden, which rose above the Bank’s 2% target in April for the first time since May 2019. After all, the energy-driven... 13th May 2021 · 5 mins read
Nordic & Swiss Data Response Switzerland CPI (Apr.) & Sweden Activity Data (Mar.) April marked the end of the recent bout of deflation in Switzerland, and the headline rate is likely to climb higher over the coming months. Meanwhile, further confirmation that the Swedish economy is... 5th May 2021 · 2 mins read
Global Markets Update Revising down our forecast for Swiss equities We no longer expect the MSCI Switzerland Index to outperform the MSCI USA Index over the next couple of years and have lowered our end-2021 and end-2022 forecasts accordingly. 20th April 2021 · 4 mins read
Nordic & Swiss Economics Update Weaker franc to further ease US-Swiss relations The fact that the US Treasury refrained from calling Switzerland a currency manipulator in its latest report lowers the temperature in US-Swiss relations but doesn’t change the policy equation for the... 19th April 2021 · 4 mins read
Nordic & Swiss Economic Outlook Still running ahead of the pack As elsewhere in mainland Europe, the slow vaccine rollout means that the rebound in domestic activity is unlikely to get underway in earnest until Q3. Denmark is a noteworthy exception; its... 16th April 2021 · 13 mins read
Nordic & Swiss Chart Pack Rotation trade to resume and to drag the franc lower The partial unwinding in the reflation trade in recent weeks has stopped the decline in the Swiss franc in its tracks. Having depreciated against both the US dollar and the euro since the start of... 14th April 2021 · 5 mins read
Nordic & Swiss Economics Weekly Manufacturing to cushion blow from rising virus cases The spaghetti-tree hoax of 1957, which centred on a Swiss family harvesting spaghetti, is widely regarded as one of the most successful April Fools’ jokes, but Swiss manufacturers are far too busy at... 1st April 2021 · 5 mins read
Nordic & Swiss Data Response Switzerland CPI & Manufacturing PMIs (Mar.) Swiss inflation looks set to continue its upward trend over the coming months, but with temporary factors likely to fade in H2, and underlying price pressures likely to remain much weaker, this won’t... 1st April 2021 · 3 mins read
Nordic & Swiss Economics Weekly Denmark charts new course as the SNB steams ahead While lockdowns are being tightened and/or extended in much of mainland Europe, the attention in Denmark is shifting towards easing restrictions, which should allow activity there to rebound sooner... 26th March 2021 · 6 mins read
Nordic & Swiss Economics Update The good ship SNB set to maintain its course This morning’s decision by the Swiss National Bank to keep its policy settings unchanged came as no surprise. The prospect of further falls in the franc should allow the Bank to largely stay out of... 25th March 2021 · 3 mins read
