Nordic & Swiss Central Bank Watch SNB & Norges Bank set to maintain the status quo We do not expect the Swiss National Bank or the Norges Bank to throw up any festive surprises at their final policy announcements of the year next Thursday (17th December). Vaccines point to brighter... 10th December 2020 · 6 mins read
Nordic & Swiss Data Response Norway & Sweden Consumer Prices (Nov.) The sharp fall in Norwegian inflation in November was skewed by energy effects, but the decline in the core rate underlines that policymakers will be in no rush to raise rates. Meanwhile, the... 10th December 2020 · 2 mins read
Nordic & Swiss Data Response Norway GDP (Oct.) & Sweden Activity Ind. (Oct.) The stronger-than-expected increase in mainland Norwegian GDP means that the economy will avoid contracting in Q4 and confirms that it will experience a comparatively modest drop in output in 2020... 9th December 2020 · 2 mins read
Nordic & Swiss Economics Weekly Suspect Swedish PMI; from Minkgate to Skigate While the pick-up in the services PMI in Sweden in November was a bit of a surprise, the prospect of restrictions having to be tightened even further means that the sector is far from out of the woods... 4th December 2020 · 6 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Nov.) & Switzerland GDP (Q3) The strong set of manufacturing PMIs from Switzerland and the Nordics in November suggests that the industrial rebound gathered momentum in Q4, in keeping with the picture in German industry. This... 1st December 2020 · 2 mins read
Nordic & Swiss Economics Weekly Riksbank steps up as the SNB settles in The Riksbank justifiably felt the need to give the economy a shot in the arm at its meeting this week. But positive news on the vaccine front means that it should be able to avoid increasing the dose... 27th November 2020 · 7 mins read
Nordic & Swiss Economics Update Factoring in a vaccine to our forecasts Following the run of positive news on the vaccine front, we now expect Switzerland and the Nordic economies to regain pre-virus levels in late 2021. Nonetheless, policymakers will be in no rush to... 27th November 2020 · 3 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Value recovery to pause Economic and property data for Q3 confirmed Switzerland and Scandinavia’s relative resilience in this pandemic. In fact, Scandinavian capital value growth improved across all sectors on an annual... 24th November 2020 · 5 mins read
Nordic & Swiss Economics Weekly Minkgate fallout; Riksbank to expand QE next week The political wrangling in Denmark following the outbreak of COVID-19 in the country’s mink farms shifted up a gear this week and the economic damage from the lockdown in North Jutland is racking up... 20th November 2020 · 4 mins read
Nordic & Swiss Data Response Norway GDP (Q3) This morning’s release of Q3 GDP data from Norway confirmed that the mainland economy bounced back strongly over the summer. However, new restrictions both locally and in key trade partners mean that... 17th November 2020 · 2 mins read
Nordic & Swiss Economics Weekly Mutation in mink; Swiss the first to blink The prospect of a vaccine offers hope of faster growth next year than we have factored into our current forecasts. However, clouds have darkened over Q4 and things will get worse before they get... 13th November 2020 · 5 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Oct.) While Norwegian inflation edged further above target in October, it is set to fall back sharply in H1 2021 and so the Norges Bank will be in no rush to raise interest rates. 10th November 2020 · 2 mins read
Nordic & Swiss Economics Weekly Rebounds set to falter; SNB navigating sub-zero life With further easing by the ECB set to arrive next month, or even sooner, we expect FX interventions to remain Swiss policymakers’ first line of defence. Next week, GDP data from Norway will confirm... 6th November 2020 · 7 mins read
Nordic & Swiss Economics Update Norges Bank set for a prolonged period at zero As expected, the Norges Bank did not set off any fireworks this morning, and the decision to leave its key interest rate on hold at zero was never in doubt. The economy is likely to prove... 5th November 2020 · 3 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Oct.) The positive set of manufacturing PMIs for October suggest that the industrial rebound gathered momentum at the beginning of Q4. However, this is of little comfort given the imposition of new... 2nd November 2020 · 2 mins read
Nordic & Swiss Economics Weekly Swiss recovery at risk of reversal A continued surge in virus cases has forced Swiss and Nordic governments to tighten restrictions this week and there is a risk that Switzerland follows in France and Germany’s footsteps and imposes a... 30th October 2020 · 6 mins read
