Nordic & Swiss Economics Update SNB on hold for now, but next move to be down As expected, Swiss policymakers maintained their expansionary monetary policy at their June policy meeting. But the recent shift to a looser bias in the US and the euro-zone only strengthens our view... 13th June 2019 · 1 min read
Nordic & Swiss Chart Pack GDP growth set to slow in Q2 Q1 GDP data for Switzerland and the Nordic economies were a mixed big and proved the adage that the devil is in the detail. Switzerland and Sweden both posted the same headline growth rate (0.6% q/q)... 12th June 2019 · 1 min read
Nordic & Swiss Economics Weekly Denmark shifts left; NOK to rise despite lower oil price Political news dominated this week, with the left-wing ‘red-bloc’ winning a majority in Denmark’s election and the successful formation of a five-party coalition in Finland – the Rinne Cabinet. On the... 7th June 2019 · 1 min read
Nordic & Swiss Data Response Swiss CPI & Manufacturing PMIs (May) The morning’s release of inflation and PMI data from Switzerland for May showed that price pressures remain almost entirely absent and that the industrial sector remains in the shadow of the euro-zone... 3rd June 2019 · 1 min read
Nordic & Swiss Economics Weekly GDP growth to fall back in Q2; Danes go to the polls This week was dominated by Q1 GDP data releases, which surprised on the upside in both Switzerland and Sweden. But while the Swiss outcome was a welcome sign, the Swedish figure masked domestic... 31st May 2019 · 1 min read
Nordic & Swiss Data Response Switzerland GDP (Q1) and Swedish ETI (May) Swiss Q1 GDP data released this morning offer some comfort that the Swiss economy has put the weak patch in H2 2018 behind it. But indicators suggest that growth is likely to slow over the rest of... 28th May 2019 · 1 min read
Europe Economics Update Eight quick points about the European elections Projections of the results of the European elections confirm that pro-European parties will continue to have a clear majority in the European Parliament (EP) itself, so little will change at EU level... 27th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Swiss franc set to keep on rising The Swiss franc has strengthened in recent weeks, and we think that this trend will continue over the rest of the year. By contrast, despite the Swedish central bank’s concerns about the krona’s... 24th May 2019 · 1 min read
Nordic & Swiss Chart Pack SEK sell-off and bond market rally have further to run The recent sell-off in the Swedish krona to decade lows against the euro has been driven by a combination of a flare-up in global trade tensions and a dovish shift in the Riksbank’s policy stance. We... 20th May 2019 · 1 min read
Nordic & Swiss Economics Focus SNB to cut interest rates further into negative territory If the ECB re-starts QE next year, as we think is likely, the resulting upward pressure on the Swiss franc would stoke deflationary fears at the Swiss National Bank (SNB) and prompt a policy response... 8th May 2019 · 1 min read
Nordic & Swiss Central Bank Watch Norges Bank going it alone, SNB and Riksbank on hold We expect policymakers in Norway, Switzerland, Iceland, and Sweden to all leave interest rates unchanged at their next policy meetings over the coming weeks and months. In the case of the Norges Bank... 8th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Sub-50 Swiss PMI, lower oil prices weigh on NOK As we expected, the KOF Economic Barometer from Switzerland edged down in April and remained consistent with Swiss GDP growth staying subdued in quarterly terms this year. The sub-50 reading for the... 3rd May 2019 · 1 min read
Nordic & Swiss Data Response Swiss Consumer Prices (Apr.) This morning’s release of inflation data from Switzerland for April yielded no surprises and showed that price pressures remain almost completely absent. We expect the headline rate to fall close to... 3rd May 2019 · 1 min read
Nordic & Swiss Economics Update Burden of negative rates won’t prevent further easing Negative interest rates in Denmark, Switzerland, and Sweden impose costs on their respective banking sectors, but the overall burdens are very small – well below 0.1% of bank assets in all cases... 2nd May 2019 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Apr.) The manufacturing PMIs from Switzerland and the Nordics for April make for grim reading and suggest that economic conditions have stayed weak at the start of the second quarter. This supports our... 2nd May 2019 · 1 min read
Nordic & Swiss Data Response Swiss KOF Economic Barometer (Apr.) The decrease in the Swiss KOF Economic Barometer in April leaves it consistent with subdued quarterly GDP growth this year, in line with our forecast. And we expect the franc to appreciate this year... 30th April 2019 · 1 min read
