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
Europe Commercial Property Update Oslo office rents at risk from increased remote working Greater remote working looks set to be a legacy of the pandemic. However, given that working from home was already relatively prevalent in Sweden and Denmark, the scope for significant further rises... 30th October 2020 · 5 mins read
Nordic & Swiss Central Bank Watch Don’t expect any fireworks next week The Norges Bank will almost certainly leave its key interest rate on hold at zero next Thursday and will probably reiterate that it is in no rush to hike. However, given the backdrop of rising house... 29th October 2020 · 5 mins read
Nordic & Swiss Economics Weekly From bad to worse in Switz; High noon in Sweden The surge in virus cases in Switzerland means that the government is all but certain to tighten restrictions, probably severely, next week. While the strong finish to Q3 provides a solid platform for... 23rd October 2020 · 5 mins read
Nordic & Swiss Economic Outlook Not immune, but comparatively resilient Having outperformed in H1, the Nordic economies are set for some of the smallest falls in output in Europe this year. Of course, the virus is the key uncertainty for the outlook, but it is encouraging... 20th October 2020 · 13 mins read
Nordic & Swiss Economics Weekly Surging virus cases cast a shadow over Switzerland The appreciation of the Swiss franc to a three-month high against the euro this week opens the door to renewed FX interventions by the SNB. However, if appetite for risk improves next year, as we... 16th October 2020 · 4 mins read
Nordic & Swiss Chart Pack Recoveries slowing, but Nordics are still well placed The slowdown in the pace of monthly GDP growth in Norway in August was driven in large part by a fall in consumer spending. The post-lockdown spending splurge on goods appears to have peaked before... 13th October 2020 · 5 mins read
Nordic & Swiss Economics Weekly Defiant SNB; slowing recoveries Comments this week by Thomas Jordan reiterated that the SNB is not fazed by Switzerland’s inclusion on the US Treasury’s monitoring list of potential currency manipulators, and that policymakers would... 9th October 2020 · 5 mins read
Europe Economics Update Nordics offer salutary tales for harder-hit economies 8th October 2020 · 3 mins read
Nordic & Swiss Economics Nordics offer salutary tales for harder-hit economies The further slowdowns in monthly GDP growth in Norway and Sweden in August support our view that it will take a long time for output to recover to pre-crisis trend levels anywhere in Europe. 8th October 2020 · 3 mins read
Nordic & Swiss Economics Weekly NOK to push for parity against SEK next year We think the combination of a recovery in risk appetite and an expected increase in oil prices will support the Norwegian krone in 2021, and that it will regain ground on its Swedish cousin. Data due... 2nd October 2020 · 5 mins read
Nordic & Swiss Data Response Switzerland CPI (Sep.), Manufacturing PMIs (Sep.) While Swiss inflation has risen since reaching a trough in June, it is likely to stay very weak in the near term. Meanwhile, the positive set of September manufacturing PMIs from Switzerland and... 1st October 2020 · 2 mins read
