Nordic & Swiss Economics Focus “Overvalued” Swiss franc may rise further While conventional metrics give some support to the Swiss National Bank’s view that the franc is “significantly overvalued”, the evidence from the economy implies that it is not. What’s more, we think... 13th April 2017 · 1 min read
Nordic & Swiss Data Response Swiss Consumer Prices (Mar.) March’s Swiss inflation data do little to alter the picture of extremely subdued price pressures. With the core rate barely positive and inflation expectations very low, we expect the Swiss National... 6th April 2017 · 1 min read
Nordic & Swiss Economics Update How will macro-prudential tools influence monetary policy? Central banks in Switzerland, Sweden and Norway have all voiced concerns about overheating in their housing markets. In Switzerland, macro-prudential policies have already served to cool house price... 5th April 2017 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Mar.) March’s PMIs point to faster manufacturing growth in Switzerland, Sweden and Norway. They also imply that price pressures are building in Sweden, which we think will force the Riksbank to tighten... 3rd April 2017 · 1 min read
Nordic & Swiss Economics Update Sharp currency depreciations in Norway and Iceland Market movements across the Nordic and Swiss economies were fairly limited in March. The main exceptions were in the currency market, with both the Norwegian krone and Icelandic króna recording sharp... 31st March 2017 · 1 min read
Europe Data Response EC Business & Consumer Survey (Mar.) Despite edging down in March, the EC Economic Sentiment Indicator suggests that euro-zone growth picked up in Q1. But with consumers’ inflation expectations levelling off recently, talk of tighter... 30th March 2017 · 1 min read
Nordic & Swiss Data Response Swiss KOF Economic Barometer (Mar.) March’s rise in the Swiss KOF Economic Barometer to a three-and-a-half-year high provided further evidence that the economy made a positive start to 2017. But with inflation still low and persistent... 30th March 2017 · 1 min read
Nordic & Swiss Chart Pack Swiss economic outlook improves but deflation still a risk Although Switzerland’s economy registered another disappointing quarter of growth in Q4, expanding by just 0.1% q/q, business and consumer surveys paint a more positive picture for 2017. The KOF... 21st March 2017 · 1 min read
Nordic & Swiss Economics Update SNB on hold, but fight against franc will need to continue The Swiss National Bank’s decision to leave interest rates on hold was as expected given the recent rise in inflation. But with euro-zone political developments likely to put upward pressure on the... 16th March 2017 · 1 min read
Nordic & Swiss Central Bank Watch Inflation rise won’t stop SNB fighting strong franc The Swiss National Bank will reiterate after its meeting on 16th March that it remains fully prepared to act to prevent any significant appreciation of the Swiss franc in the coming months. Although... 9th March 2017 · 1 min read
Nordic & Swiss Data Response Swiss Consumer Prices (Feb.) Switzerland’s consumer prices data for February revealed that prices are finally rising again. But with the franc likely to strengthen this year, underlying price pressures are set to remain subdued. 8th March 2017 · 1 min read
Nordic & Swiss Economics Update Euro-zone political risk to boost Nordic & Swiss currencies This month see the first of a number of key elections in the euro-zone this year. Investors are likely to become increasingly worried about the potential for anti-euro parties to enter government and... 6th March 2017 · 1 min read
Nordic & Swiss Data Response Swiss GDP (Q4, 1st Estimate) The lacklustre expansion of Swiss GDP in Q4 suggests that the negative effects of deflation and the strong franc are still lingering. And with political risks in the euro-zone set to keep the franc... 2nd March 2017 · 1 min read
Nordic & Swiss Data Response Finnish GDP (Q4) & National Manufacturing PMIs (Jan.) Activity surveys suggest that Q4’s slowdown in Finland will be short-lived. And February’s PMIs point to faster manufacturing growth in Switzerland, Sweden and Norway. They also imply that price... 1st March 2017 · 1 min read
Nordic & Swiss Economics Update Big movements in Icelandic markets The Icelandic króna has appreciated significantly over the past month, as the central bank reiterated its desire to reduce its foreign exchange intervention. More generally, bond yields have fallen... 28th February 2017 · 1 min read
Non-Euro Europe Commercial Property Outlook Total returns prospects still strong across the region Concerns about higher inflation and potential rises in interest rates have seen bond yields rise in the last few months. Nevertheless, we think the outlook for bond yields and therefore, property... 27th February 2017 · 1 min read
