Nordic & Swiss Economics Update Riksbank maintains dovishness for now While the Riksbank maintained a very dovish tone today, the strength of the Swedish economy and rising inflationary pressures mean that the Bank will soon have to change its stance. We expect the repo... 15th February 2017 · 1 min read
Nordic & Swiss Central Bank Watch Riksbank to maintain dovish tone for now Recent economic data support our view that the Riksbank will raise interest rates this year. But given the recent appreciation of the krona, the Riksbank is likely to maintain a very dovish tone in... 9th February 2017 · 1 min read
Nordic & Swiss Economics Update Is the Swiss National Bank tolerating a stronger franc? The recent appreciation of the Swiss franc suggests that the Swiss National Bank (SNB) may now be willing to tolerate a (slightly) stronger currency. But we see the franc rising even further to reach... 6th February 2017 · 1 min read
Nordic & Swiss Data Response Swedish Industrial & Services Production (Dec.) Both Swedish industrial production and services output growth picked up over Q4 and are thus consistent with a rise in GDP growth. Meanwhile, this morning’s services PMI is consistent with strong... 3rd February 2017 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jan.) January’s PMIs add to the evidence that the Swedish economy has made a strong start to the year. They also suggest that price pressures are building in Switzerland. 1st February 2017 · 1 min read
Nordic & Swiss Economics Update Currencies make a strong start to the year The Nordic and Swiss currencies have generally strengthened this month, albeit for different reasons. This is a trend that we expect to continue this year. 31st January 2017 · 1 min read
Nordic & Swiss Data Response Swedish Economic Tendency Survey (Jan.) & Retail Sales (Dec.) Despite falling in January, the Swedish Economic Tendency Indicator is consistent with an acceleration in annual GDP growth to about 6%. As such, underlying price pressures should pick up and the... 27th January 2017 · 1 min read
Nordic & Swiss Data Response Sweden (Dec.) & Norway (Nov.) Labour Market Data December’s labour market data suggest that wage pressures are building in Sweden, supporting our view that the Riksbank will tighten policy this year. But in Norway, despite November’s fall in... 26th January 2017 · 1 min read
Nordic & Swiss Chart Pack Q4 data point to pick-up in GDP growth On the whole, the activity data suggest that GDP growth in the Nordic and Swiss economies has picked up. Granted, Icelandic consumer confidence suggests that growth might have slowed slightly. But it... 25th January 2017 · 1 min read
Nordic & Swiss Economic Outlook Swiss, Swedish and Norwegian currencies set to rise Prospects for the Nordic and Swiss economies’ are fairly good, with Sweden and Iceland likely to be the best performers. But the outlook for inflation, and therefore monetary policy, varies... 20th January 2017 · 1 min read
Europe Economic Outlook Euro-zone back in the spotlight in 2017 The European economies have continued to fare relatively well, with euro-zone growth in particular supported by a weaker currency and low inflation. However, a temporary surge in inflation this year... 17th January 2017 · 1 min read
Nordic & Swiss Economics Update Next Riksbank move will be to tighten monetary policy Today’s minutes confirmed that only half of the Riksbank’s Executive Board supported the extension of its QE programme. And with inflation surpassing expectations in December, there is little cause... 12th January 2017 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Dec.) December’s PMIs suggest that Swiss, Swedish and Danish manufacturers ended 2016 on a strong note, but their Norwegian counterparts are still lagging behind. 3rd January 2017 · 1 min read
Nordic & Swiss Economics Update Discord among Riksbank board points to end of loosening While the Riksbank extended QE today, a number of the Executive Board dissented, suggesting that today’s announcement marks the beginning of the end for policy loosening in Sweden. Indeed, despite its... 21st December 2016 · 1 min read
Nordic & Swiss Data Response Swedish Economic Tendency Survey (Dec.) A huge rise in manufacturing confidence, to within touching distance of a record high, pushed the Swedish Economic Tendency Indicator higher still in December. This calls into question the Riksbank’s... 20th December 2016 · 1 min read
Nordic & Swiss Chart Pack Mixed performance in Q3, but surveys bode well for Q4 Recent national accounts data showed a marked divergence in quarterly economic growth in Q3, with the Swiss economy stagnating while the Icelandic economy expanded by an impressive 4.6% q/q. In the... 20th December 2016 · 1 min read
