Nordic & Swiss Data Response Norwegian & Danish Consumer Prices (Apr.) Norwegian inflation data for April, released this morning, remained well above the Norges Bank’s 2.0% target and will reinforce policymakers’ current hawkish stance. 10th May 2019 · 1 min read
Nordic & Swiss Data Response Norway Policy Rate Decision (May) Today’s decision by the Norges Bank to leave its policy rate on hold at 1.00% is just a brief pause in its tightening cycle, with another hike now almost certain in June. With core inflation set to... 9th May 2019 · 1 min read
Nordic & Swiss Central Bank Watch Norges Bank going it alone, SNB and Riksbank on hold We expect policymakers in Norway, Switzerland, Iceland, and Sweden to all leave interest rates unchanged at their next policy meetings over the coming weeks and months. In the case of the Norges Bank... 8th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Sub-50 Swiss PMI, lower oil prices weigh on NOK As we expected, the KOF Economic Barometer from Switzerland edged down in April and remained consistent with Swiss GDP growth staying subdued in quarterly terms this year. The sub-50 reading for the... 3rd May 2019 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Apr.) The manufacturing PMIs from Switzerland and the Nordics for April make for grim reading and suggest that economic conditions have stayed weak at the start of the second quarter. This supports our... 2nd May 2019 · 1 min read
Nordic & Swiss Economics Weekly Mixed messages from the Riksbank The dovish shift in the Riksbank’s policy stance this week was a step in the right direction, but we still think that policymakers and investors are overestimating the potential for interest rate... 26th April 2019 · 1 min read
Nordic & Swiss Economics Update Higher oil prices not a game changer for Norway We expect that higher oil prices will result in the Norges Bank raising interest rates twice this year and that the krone will outperform its Nordic peers. However, if we are proved correct in our... 24th April 2019 · 1 min read
Nordic & Swiss Economic Outlook In the shadow of the euro-zone Weak growth in the euro-zone overshadows near-term prospects in Switzerland and the Nordics. We expect activity to slow in most countries this year and to stay sluggish in 2020. As a result, price... 18th April 2019 · 1 min read
Nordic & Swiss Economics Weekly Stagnation in Sweden, Norges Bank hawkish Private sector production data for February, released this week, added to the evidence from other indicators that Swedish economic growth slowed sharply at the start of 2019. We think that the Rikbank... 12th April 2019 · 1 min read
Nordic & Swiss Chart Pack Signs of stagnation across Scandinavia The latest indicators have added to the evidence that economic growth in much of Scandinavia slowed at the start of 2019. Indeed, after strong finishes to 2018, surveys suggest that GDP in Sweden... 10th April 2019 · 1 min read
Nordic & Swiss Data Response Norwegian & Danish Consumer Prices (Mar.) The pick-up in core inflation pressures in Norway in March suggests that the Norges Bank will stay in tightening mode for now. However, given our forecast for oil prices to fall this year, we think... 10th April 2019 · 1 min read
Nordic & Swiss Economics Weekly Manufacturing woes spreading to Switzerland The sharp drop in the manufacturing PMI in Switzerland in March provides the clearest sign yet that the woes in euro-zone industry have spread over the border. Meanwhile, the manufacturing and... 5th April 2019 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Mar.) The manufacturing PMIs for March provide further evidence that the Swiss and Swedish economies made a weak start to 2019. This underlines our view that policymakers there will be in no rush to tighten... 1st April 2019 · 1 min read
Non-Euro Europe Commercial Property Outlook Scandi retail to tread water; full steam ahead in CEE In Scandinavia and Switzerland, retail will be the clear loser over the next few years, whereas Scandinavian office and industrial markets are set to outperform, led by Stockholm. In emerging Europe... 29th March 2019 · 1 min read
Nordic & Swiss Economics Weekly Norway going it alone, but tightening cycle to be short In a week when the Fed called time on its tightening cycle, and further signs of weakness in euro-zone activity lent extra support to our view that the ECB will ultimately have to do more to ease... 22nd March 2019 · 1 min read
Nordic & Swiss Economics Update Monetary policy likely to prevent weaker NOK We are now more hawkish than the consensus about the outlook for monetary policy in Norway this year. But we don’t expect the krone to keep strengthening, as we forecast that oil prices will fall. 22nd March 2019 · 1 min read
