Europe Commercial Property Update Can Oslo office yields continue to edge lower? Although much of 2020’s fall in Norwegian government bond yields has been reversed, we think that improving economic activity and supportive valuations will allow prime office yields to reach new... 25th January 2021 · 3 mins read
Nordic & Swiss Economics Weekly Slow vaccine rollout key risk to the outlook In a quiet week for data, the Norges Bank left its key policy rate at a record low of zero, where we suspect it will stay until at least 2023. Meanwhile, we think the extension of some virus measures... 22nd January 2021 · 5 mins read
Nordic & Swiss Economics Update Tighter Policy in Norway still a long way off As expected, the Norges Bank left its policy rate on hold at a record low of zero once again this morning and reiterated that it “will most likely remain at today’s level for some time ahead”. This... 21st January 2021 · 3 mins read
Nordic & Swiss Economics Weekly Rate cut more likely than not in Denmark Another week another set of data which add to the signs that Norway’s and Sweden’s economies ended Q4 on a decent note and outperformed even the best-performing major euro-zone economies in 2020... 15th January 2021 · 4 mins read
Nordic & Swiss Chart Pack Vaccines rollouts to boost GDP & Nordic currencies The latest data suggest that activity was more resilient in Q4 than we had previously feared, with GDP in Norway and Sweden likely to have grown relative to the previous quarter, for example. That... 14th January 2021 · 5 mins read
Nordic & Swiss Central Bank Watch Norges Bank eyeing tighter macroprudential policy The Norges Bank will almost certainly leave its key interest rate on hold at zero next Thursday, but there is an outside chance that it could start to re-tighten macroprudential policy to tame the... 14th January 2021 · 5 mins read
Nordic & Swiss Data Response Norway GDP (Nov.) & Sweden Activity Ind. (Nov.) The smaller-than-expected fall in mainland Norwegian GDP in November shows that activity was reasonably resilient to tighter virus-related restrictions and was well placed coming into 2021. While... 12th January 2021 · 2 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Dec.) While core Norwegian inflation edged further above target in December, it is set to fall back swiftly this year and so the Norges Bank will be in no rush to raise interest rates. 11th January 2021 · 2 mins read
Nordic & Swiss Economics Weekly In store for a bumpy start to 2021 The gloomy backdrop of rising virus cases casts a dark shadow over Q1. However, we expect the rollout of vaccines will pave the way to a rebound in economic activity in May/June, and that Nordic... 8th January 2021 · 6 mins read
Nordic & Swiss Economics Update The Nordic currencies could rise further in 2021 We expect both the Swedish krona and the Norwegian krone to appreciate against the euro and the dollar in 2021. However, in contrast to 2020, we expect the NOK to outperform the SEK slightly this year... 7th January 2021 · 4 mins read
Global Markets Update The Nordic currencies could rise further in 2021 We expect both the Swedish krona and the Norwegian krone to appreciate against the euro and the dollar in 2021. However, in contrast to 2020, we expect the NOK to outperform the SEK slightly this year... 7th January 2021 · 4 mins read
Nordic & Swiss Economics Weekly SNB pleads “not guilty”; Denmark to close down The designation of Switzerland as a “currency manipulator” by the US Treasury means that the SNB will enter 2021 on the economic equivalent of the naughty step. However, we suspect that the incoming... 18th December 2020 · 6 mins read
Nordic & Swiss Economics Update Norges Bank plotting (gradual) path back to normality As was widely expected, the Norges Bank left its policy rate on hold at zero this morning. However, it brought forward the projected start of rate hikes and signalled that it will retighten... 17th December 2020 · 3 mins read
Non-Euro Europe Commercial Property Outlook Scandi & Swiss: Property recovery to prove gradual The positive news on the vaccine has improved the economic outlook and should allow output in the Swiss and Scandinavian economies to recover to their pre-virus levels in late 2021. This will support... 17th December 2020 · 18 mins read
Nordic & Swiss Chart Pack SNB not out of the woods yet As well as being a game-changer for economic prospects next year, the positive news on the vaccine front has also helped to ease the upward pressure on the Swiss franc against the euro. The franc... 11th December 2020 · 5 mins read
Nordic & Swiss Economics Weekly Riksbank divided; SNB & Norges Bank to hold rates The minutes from the Riksbank’s November meeting confirmed that a repo rate cut is not completely off the table. However, the vaccine has brightened the outlook next year, and we no longer forecast a... 11th December 2020 · 4 mins read
