Non-Euro Europe Commercial Property Outlook Scandi & Swiss: COVID-19 to drive a plunge in values Given the uncertainty surrounding the impact of COVID-19 on the economy, the hit to real estate markets is still uncertain. The drop in economic output expected in the first half of this year, along... 27th March 2020 · 19 mins read
Nordic & Swiss Data Response Sweden Economic Tendency Indicator (Mar.) The broad-based drop in Sweden’s Economic Tendency Indicator in March is consistent with the economy contracting by about 0.5-1.0% in Q1. Unfortunately, much worse is set to come in Q2. 26th March 2020 · 2 mins read
Nordic & Swiss Economics Weekly NOK carnage; Danish rate hike! The Norwegian krone has endured an extraordinary week and will be vulnerable to further falls until market sentiment improves. Nonetheless, if our forecast for oil prices to start to rise later this... 20th March 2020 · 4 mins read
Nordic & Swiss Economics Weekly Taking stock of the policy responses so far Following the raft of policy measures by Nordic central banks this week, the focus next week will be on what the SNB has up its sleeve. We have pencilled in a cut in the policy rate, to -1.00%. Other... 13th March 2020 · 4 mins read
Nordic & Swiss Chart Pack Policy response to COVID-19 ramping up The policy landscape has changed dramatically over recent weeks and is shifting by the hour. Amid a raft of announcements in recent days, Denmark has grasped the nettle by closing schools and... 12th March 2020 · 4 mins read
Nordic & Swiss Economics Update Repo rate cut to be the Riksbank’s first port of call Against a backdrop of rising pressure on major central banks to loosen policy in response to coronavirus, we now forecast the Riksbank to cut its repo rate back into negative territory at its 28th... 9th March 2020 · 4 mins read
Nordic & Swiss Economics Weekly Policymakers edging closer to a coronavirus response It’s a very close call, but we think that the Riksbank will cut the repo rate back to -0.25% at its next scheduled rate decision on 28th April, if not before. Meanwhile, the recent rise in the Swiss... 6th March 2020 · 6 mins read
Nordic & Swiss Data Response Switzerland CPI & Sweden Services PMI (Feb.) The return of deflation to Switzerland in February will only strengthen the policymakers’ resolve to prevent the franc from rising much further. Following yesterday’s emergency rate cut by the Fed... 4th March 2020 · 2 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Feb.) The increases in the manufacturing PMIs in February in Switzerland and the Nordics suggest that conditions in the industrial sector were improving before the surge in coronavirus cases in Europe... 2nd March 2020 · 2 mins read
Nordic & Swiss Economics Weekly Positive surveys, but they are now old news While the improvements in the latest surveys from Sweden and Switzerland offer some encouragement that the two economies gathered a bit of momentum at the start of 2020, they are already old news... 28th February 2020 · 6 mins read
Nordic & Swiss Data Response Sweden, Finland & Denmark GDP (Q4), Swiss KOF (Feb.) The Swedish economy ended last year on the back foot, and a combination of the rising threat from the coronavirus, weak growth in the neighbouring euro-zone, and persistently below-target inflation... 28th February 2020 · 2 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Retail still in the doldrums All-property rental growth eased across most markets in 2019, but the slowdown was concentrated in the retail sector. Admittedly, the Swiss markets remain a bright spot as prime retail rents increased... 27th February 2020 · 6 mins read
Nordic & Swiss Economics Weekly Riksbank as divided as ever; Swiss industry in a rut While the Riksbank is keen to present a united front, the minutes from its February meeting, published this morning, show that the Executive Board is as divided as ever. Next week, Q4 GDP data from... 21st February 2020 · 7 mins read
Nordic & Swiss Data Response Swedish Consumer Prices (Jan.) The sharper-than-expected fall in Swedish inflation in January may test the Riksbank’s resolve to keep policy unchanged. With subdued GDP growth likely to weigh on underlying inflation this year, we... 19th February 2020 · 2 mins read
Nordic & Swiss Economics Update Riksbank happy to sit on the fence, for now This morning’s decision by the Riksbank to leave its repo rate on hold at zero percent was never in doubt. While policymakers appear happy to stay in wait-and-see mode for the time being, we suspect... 12th February 2020 · 3 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Jan.) The mixed set of manufacturing PMIs from January adds to signs that conditions in the Swedish industrial sector have turned the corner but indicate that activity in Switzerland remains stuck in a rut. 3rd February 2020 · 2 mins read
