Nordic & Swiss Economics Weekly Nordic consumers making up for lost time The fact that retail sales volumes grew in year-on-year terms in the Nordic economies in May suggests that the Covid-related drops in consumption may end up being much smaller than we have assumed up... 26th June 2020 · 6 mins read
Non-Euro Europe Commercial Property Outlook Scandi & Swiss: Yield rises to reverse, except for retail The sharp reduction in economic activity over the first half of the year and prolonged uncertainty have negatively impacted investment activity and occupier demand. We expect this will flow through to... 26th June 2020 · 18 mins read
Nordic & Swiss Economics Weekly Revised forecasts; policy stasis; football is back! Amid increasing signs that the Nordic economies have weathered the Covid crisis better than most we have upgraded our forecasts for GDP growth, and expect some clear daylight between growth in Sweden... 19th June 2020 · 4 mins read
Nordic & Swiss Economics Update SNB & Norges Bank to maintain the status quo This morning’s decisions by the SNB and the Norges Bank to leave interest rates on hold at -0.75% and zero respectively were never really in doubt. Both banks are set to leave policy unchanged... 18th June 2020 · 3 mins read
Nordic & Swiss Chart Pack Nordic economies closer to ‘normal’ than most The latest high frequency data indicate that economic activity in the Nordic economies has continued to recover in recent weeks, with trips to shops and restaurants now close to pre-crisis levels in... 12th June 2020 · 5 mins read
Nordic & Swiss Economics Weekly Sweden is weathering Covid comparatively well The 11% peak-to-trough drop in Swedish household consumption between February and April puts paid to any notion that Sweden has escaped unscathed following its light-touch lockdown. Nonetheless, the... 12th June 2020 · 4 mins read
Nordic & Swiss Central Bank Watch Brace yourself for two boring policy meetings The Swiss National Bank and the Norges Bank are all but certain to leave their policy settings unchanged at the scheduled announcements next Thursday (18th June) and for the foreseeable future. 11th June 2020 · 6 mins read
Nordic & Swiss Economics Weekly SNB gets the chance to regroup; Norway picking up The positive policy moves out of Europe have weighed on the Swiss franc and has ratcheted down the pressure on the SNB. Meanwhile, Norway’s economy appears to have clawed back about half of what was... 5th June 2020 · 6 mins read
Nordic & Swiss Data Response Switz. CPI (May), Sweden Priv. Sector Prod. (Apr.) The further decline in Swiss inflation in May came as no surprise, but April’s private sector production data from Sweden add to signs that the economy has reaped some benefit from its light-touch... 4th June 2020 · 2 mins read
Nordic & Swiss Data Response Switzerland GDP (Q1) The sharp fall in Swiss GDP is Q1 was in line with the general pattern seen in other countries, and Q2 is set to be much worse. However, now that lockdown restrictions have been eased, we suspect that... 3rd June 2020 · 3 mins read
Nordic & Swiss Data Response Manufacturing PMIs (May) The partial recoveries in the manufacturing PMIs in May offer encouragement that activity is recovering now that lockdowns have been eased. 2nd June 2020 · 2 mins read
Nordic & Swiss Economics Weekly Repo rate cut in the pipeline The fact that the Swedish economy grew a touch in Q1 adds to signs that the country has enjoyed some economic benefit from its light-touch lockdown. However, exports probably won’t save the day again... 29th May 2020 · 6 mins read
Nordic & Swiss Economics Update EC fiscal proposal provides the SNB some respite The prospect of a joint European fiscal response has helped to ease upward pressure on the Swiss franc and means that there is light at the end of the tunnel for the SNB following its recent bout of... 28th May 2020 · 3 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Value slump on the way Despite the contraction in economic activity in Q1, property values in Scandinavia and Switzerland held broadly steady. However, in a large part this reflected uncertainty and low deal flow, which... 27th May 2020 · 5 mins read
Nordic & Swiss Economics Weekly “Personae non gratae” Swedes; Swiss franc falls The possibility of countries keeping their borders with Sweden closed given the higher prevalence of Covid-19 there underlines that the country is likely to see limited economic benefit from its light... 22nd May 2020 · 5 mins read
Nordic & Swiss Economics Weekly Norway rips up the fiscal rule book Having endured a bruising few months, the risks to the Norwegian krone now appear to be on the upside, not least given that the government plans to spend a greater proportion of the pension fund this... 15th May 2020 · 4 mins read
