Nordic & Swiss Data Response Swiss CPI (Feb.19) & Sweden Priv. Sec. Prod. (Jan.19) The continued lack of price pressures in Switzerland will reaffirm the SNB’s dovish stance. Meanwhile, private sector activity data from Sweden for January suggest that the economy made a weak start... 5th March 2019 · 1 min read
Nordic & Swiss Economics Weekly Impressive GDP figures mask domestic weakness Q4 GDP data from Switzerland and the Nordics released this week mostly showed impressive rates of growth – particularly in Sweden. However, upon closer inspection, the data masked signs of domestic... 1st March 2019 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Feb.) The slight pick-up in the Swiss and Swedish manufacturing PMIs in February provides some comfort that the recent downward pressure on their industrial sectors has not intensified. However, weakness in... 1st March 2019 · 1 min read
Global Markets Update Swedish krona unlikely to recover much lost ground Although the Swedish krona rose following stronger-than-expected GDP data on Thursday, we doubt that it will rebound much, as we are more dovish than investors about the outlook for monetary policy. 28th February 2019 · 1 min read
Nordic & Swiss Data Response Switzerland, Sweden, Denmark, Finland GDP (Q4) Q4 GDP data released this morning show that large parts of the region ended 2018 on a high note. However, more timely indicators suggest that activity has lost momentum into 2019. Against a backdrop... 28th February 2019 · 1 min read
Nordic & Swiss Economics Update Riksbank to keep rates on hold until beyond 2020 We have removed the single 25bp interest rate hike that we had pencilled in for Sweden this year, and forecast rates to remain unchanged at their current level into 2021. In fact, with risks to... 26th February 2019 · 1 min read
Nordic & Swiss Economics Weekly Mixed signs from the Swiss industrial sector The improvement in annual Swiss industrial production growth in Q4 suggests that the wider economy returned to positive quarterly growth at the end of last year. Nonetheless, while the data appear... 22nd February 2019 · 1 min read
Nordic & Swiss Chart Pack Activity expected to slow The latest data paint a mixed picture of the performance of the Swiss and Nordic economies at the end of 2018, with signs of weakness in Switzerland and Sweden offset in part by robust quarterly GDP... 21st February 2019 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Jan.) The weaker-than-expected outturn for Swedish inflation in January underlines our view that the Riksbank will be in no rush to raise interest rates again. Indeed, with core inflation remaining... 19th February 2019 · 1 min read
Nordic & Swiss Economics Weekly Implications of Riksbank’s FX and QE policies The Riksbank delivered a slightly more hawkish message than anticipated at its meeting this week, but we still think that the chance of an interest rate hike this year is falling. Meanwhile, despite... 15th February 2019 · 1 min read
Non-Euro Europe Commercial Property Chart Pack Office sector outperforms; retail in the doldrums Occupier markets are seeing diverging fortunes, with occupier demand for office and industrial space extremely strong, but retailers battling a number of headwinds. This is likely to set the tone for... 15th February 2019 · 1 min read
Nordic & Swiss Economics Update Chance of Riksbank rate hikes falling The Riksbank seems to be in denial about the weakening of Sweden’s economy. While it reiterated today that it expects to raise interest rates in the second half of this year, with the economy... 13th February 2019 · 1 min read
Nordic & Swiss Economics Weekly Riksbank to strike a dovish note next week At its meeting next week, the Riksbank is likely to deliver a dovish message, perhaps hinting that even the single rate hike that it has pencilled in for this year is now in doubt. 8th February 2019 · 1 min read
Nordic & Swiss Economics Weekly Surveys point to contagion from euro-zone weakness Manufacturing PMIs for Switzerland, Sweden and Denmark, released on Friday, dropped sharply in January, suggesting that the recent weakness in the euro-zone is spilling over to its neighbours. Next... 1st February 2019 · 1 min read
Nordic & Swiss Economics Update Norway housing market stabilising, Sweden slowing Norway’s housing market struggled last year but looks set to do better in 2019. By contrast, construction in Sweden is likely to contract this year, causing the economy to slow sharply. 31st January 2019 · 1 min read
Nordic & Swiss Data Response Swiss KOF & Swedish Econ. Tendency Indicator (Jan.) January’s surveys suggest that growth has slowed sharply in both Switzerland and Sweden. The SNB will see this as supporting its ultra-accommodative policy. But for the Riksbank it creates downside... 30th January 2019 · 1 min read
