Nordic & Swiss Chart Pack Growth likely to slow further in 2019 The latest manufacturing PMIs add to the evidence that economic growth in Switzerland and Sweden will continue to slow. The Swiss index is consistent with annual growth in industrial production of... 18th January 2019 · 1 min read
Nordic & Swiss Central Bank Watch Norges Bank to signal March rate hike At its meeting on 24th January, the Norges Bank is likely to reiterate that it expects to raise interest rates in March, taking the key policy rate to 1.0%. But we think that its tightening cycle will... 17th January 2019 · 1 min read
Nordic & Swiss Economics Weekly Riksbank and Norges Bank will tighten very slowly Recent developments suggest that both the Riksbank and Norges Bank will tightening monetary policy more slowly than we had previously anticipated. This is partly because we have revised down our... 11th January 2019 · 1 min read
Nordic & Swiss Data Response Swiss Consumer Prices (Dec. 18) & Riksbank Minutes The drop in headline inflation in Switzerland in December is a sign of things to come, as inflation is set to fall to just above zero in the coming months. Meanwhile, the minutes of the Riksbank’s... 9th January 2019 · 1 min read
Nordic & Swiss Economics Weekly PMIs pointing to a weaker 2019 PMIs for December pointed to robust growth in Q4 in Switzerland, Sweden, Norway and Denmark. However, the breakdowns pointed to weak growth ahead in Switzerland and Sweden, and only the Danish economy... 4th January 2019 · 1 min read
Nordic & Swiss Economics Weekly Riksbank finally hikes, Swiss risks reduce The Riksbank’s decision to hike interest rates this week supported our long-held view that it would tighten policy more aggressively than investors anticipate. But the risks from high household debt... 21st December 2018 · 1 min read
Non-Euro Europe Commercial Property Outlook Softness in bond markets pushes back yield rises Scandinavian property yields are now set to mark time in 2019 before rising from 2020, despite slowing rental growth. Copenhagen industrial is our top pick for the region. Total returns will be higher... 20th December 2018 · 1 min read
Nordic & Swiss Chart Pack Risks still lie to the downside As oil prices have fallen over the past few months, investors’ expectations for interest rates in Norway have fallen roughly into line with our own. Rate expectations in Switzerland have edged down... 18th December 2018 · 1 min read
Nordic & Swiss Economics Weekly SNB outdoves itself, Nordics more hawkish Central bank meetings in Norway and Iceland this week suggested that interest rate hikes are on the horizon in both economies. By contrast, the Swiss National Bank again signalled that it won’t raise... 14th December 2018 · 1 min read
Nordic & Swiss Economics Update SNB turns even more dovish The Swiss National Bank reiterated its commitment to its ultra-accommodative policy stance today and revised down its forecasts for inflation and GDP. As we think inflation will be even lower than... 13th December 2018 · 1 min read
Nordic & Swiss Economics Weekly Swiss-EU tensions rise, Iceland’s economy stagnates Switzerland’s Federal Council has been debating this week on whether to align itself more closely with the EU, a decision with serious implications for the country’s status as an international... 7th December 2018 · 1 min read
Nordic & Swiss Central Bank Watch Riksbank and Norges Bank turning more dovish At next week’s monetary policy meeting, the Swiss National Bank is set to reiterate its ultra-dovish stance. Meanwhile, recent developments in Sweden and Norway suggest that policymakers in both... 7th December 2018 · 1 min read
Nordic & Swiss Data Response Swiss CPI (Nov.) November’s falls in headline and core inflation highlight the lack of price pressures in Switzerland. And with GDP growth also weak, the SNB looks set to keep policy looser for longer than investors... 4th December 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Nov.) The increase in manufacturing PMIs for Switzerland, Sweden and Norway in November offers hope that the weakness of economic activity in Q3 was not the start of a deeper downturn. But since the surveys... 3rd December 2018 · 1 min read
Nordic & Swiss Economics Weekly Weak Q3 data bode ill for Switzerland and Sweden Data released this week which showed that Swiss GDP contracted in Q3 support our view that the SNB will keep interest rates on hold longer than investors currently expect. Meanwhile, other data showed... 30th November 2018 · 1 min read
Nordic & Swiss Data Response Swiss KOF (Nov.), Finnish & Danish GDP (Q3) November’s fall in the KOF Economic Barometer adds to the evidence that Swiss growth has shifted down a gear. And with inflation weak, we expect the SNB to keep policy ultra-loose until at least 2020. 30th November 2018 · 1 min read
