Capital Daily Falling inflation may add further fuel to bond rally More evidence that inflation is falling back in most economies has pushed government bond yields down across developed markets (DMs) over the past couple of weeks. We think that disappointing growth... 19th July 2023 · 4 mins read
Europe Economics Update Switzerland’s inflation spectre slain Swiss inflation has fallen sharply this year to below 2% and we expect it to stay there for the foreseeable future. In contrast to the SNB’s view, we think second-round effects on wages will be quite... 18th July 2023 · 4 mins read
Europe Rapid Response Swiss CPI (June) The fall in inflation in June was smaller than the SNB had expected and SNB Chairman Thomas Jordan’s comments after the meeting two weeks ago suggest a further hike in the policy rate in September is... 3rd July 2023 · 2 mins read
Europe Commercial Property Update Swiss prime offices to trail the rest of Europe Swiss offices have already seen the second sharpest price correction across the major European markets. And with stretched valuations set to face renewed pressure from rising bond yields, we think... 23rd June 2023 · 3 mins read
Capital Daily Reading the monetary tea leaves for clues on bonds A disparate range of global central banks have delivered their latest policy rate verdicts over the past 24 hours. We think there are four key points for investors to note . 22nd June 2023 · 4 mins read
Europe Economics Update SNB hikes by 25bp and signals more to come The 25bp rate hike announced by the SNB this morning was smaller than the 50bp hike we had predicted. But the accompanying statement and upward revision to inflation forecasts for 2024 and 2025... 22nd June 2023 · 3 mins read
Europe Economic Outlook Stagflation to drag on, rates near peak We expect the mild recession in the euro-zone to drag on for the rest of the year. The drop-back in energy prices will provide some relief for households and companies but will be partly offset by... 21st June 2023 · 32 mins read
Europe Economics Update Inflation falling but SNB set to hike rates further Policymakers are likely to raise the policy rate by 50bp to 2% next Thursday, despite inflation falling sharply this year. And SNB Chairman Thomas Jordan’s view that Switzerland’s neutral interest... 15th June 2023 · 4 mins read
Europe Data Response Switzerland CPI (May.) Another sharp fall in headline and core inflation in May brought Switzerland within touching distance of the 0-2% range the SNB equates with price stability. But with recent comments from Chairman... 5th June 2023 · 2 mins read
Europe Data Response Switzerland GDP (Q1) The rebound in the Swiss economy in Q1 was due to robust domestic private sector demand, which more than offset a weakening in net trade. However, we expect the economy to slow over the remainder of... 30th May 2023 · 2 mins read
Europe Economics Update Nordic labour markets remain tight The labour markets in Norway and Sweden remain very tight, in line with conditions in the euro-zone. This is likely to keep services inflation high over the coming months and encourage the Norges Bank... 26th May 2023 · 2 mins read
Europe Commercial Property Chart Pack Scandinavia & Switzerland: Yield surge cools As in the euro-zone, the rise in prime property yields in Scandinavia slowed sharply in Q1 after the surge in H2 2022. Along with decent gains in rents, where Oslo offices and industrial saw the... 26th May 2023 · 6 mins read
Nordic & Swiss Data Response Switzerland CPI (Apr.) Falling headline inflation in Switzerland will provide relief to consumers but does not change the picture for the SNB. Underlying price pressures remain near all-time highs, which will convince the... 5th May 2023 · 2 mins read
Nordic & Swiss Economics Weekly Riksbank’s dovish hike, Credit Suisse Q1 results Credit Suisse's Q1 results revealed the scale of the crisis that led to its demise, with CHF67bn of deposit outflows during the quarter. The quantum of SNB lending to Credit Suisse during the quarter... 28th April 2023 · 6 mins read
Nordic & Swiss Economics Weekly Krona versus Krone, Switzerland outperforming We expect the Norwegian krone and the Swedish Krone to appreciate against the euro this year. The krone looks significantly undervalued to us, whereas the krona is likely to benefit from the Riksbank... 21st April 2023 · 6 mins read
