Nordic & Swiss Economics Update Norges Bank leaves door open for another rate hike This morning’s decision by the Norges Bank to raise its policy rate from 1.00% to 1.25% came as no surprise. But while policymakers left the door open for further rates hikes in 2019, we think there... 20th June 2019 · 1 min read
Nordic & Swiss Economics Weekly Perma-doves at the SNB, Norges Bank to hike again The Swiss National Bank’s decision to leave its monetary policy settings unchanged on Thursday was something of a formality. But whereas some commentators have suggested that the Bank is out of... 14th June 2019 · 1 min read
Nordic & Swiss Chart Pack GDP growth set to slow in Q2 Q1 GDP data for Switzerland and the Nordic economies were a mixed big and proved the adage that the devil is in the detail. Switzerland and Sweden both posted the same headline growth rate (0.6% q/q)... 12th June 2019 · 1 min read
Nordic & Swiss Data Response Norwegian & Danish Consumer Prices (May) The weaker-than-expected inflation data for May from Norway are unlikely to prevent the Norges Bank from hiking interest rates again at its policy meeting next week. But they increase the chance that... 11th June 2019 · 1 min read
Nordic & Swiss Data Response Swiss CPI & Manufacturing PMIs (May) The morning’s release of inflation and PMI data from Switzerland for May showed that price pressures remain almost entirely absent and that the industrial sector remains in the shadow of the euro-zone... 3rd June 2019 · 1 min read
Europe Economics Update Eight quick points about the European elections Projections of the results of the European elections confirm that pro-European parties will continue to have a clear majority in the European Parliament (EP) itself, so little will change at EU level... 27th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Swiss franc set to keep on rising The Swiss franc has strengthened in recent weeks, and we think that this trend will continue over the rest of the year. By contrast, despite the Swedish central bank’s concerns about the krona’s... 24th May 2019 · 1 min read
Nordic & Swiss Chart Pack SEK sell-off and bond market rally have further to run The recent sell-off in the Swedish krona to decade lows against the euro has been driven by a combination of a flare-up in global trade tensions and a dovish shift in the Riksbank’s policy stance. We... 20th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Norwegian economy takes a breather We suspect that the weather-related weak patch in Norwegian activity in Q1 will prove temporary. Meanwhile, following the recent flare-up in trade tensions and the Swedish Riksbank’s dovish shift, we... 17th May 2019 · 1 min read
Nordic & Swiss Data Response Norway’s GDP (Q1) The slowdown in mainland Norway GDP growth in Q1, from an upwardly-revised 1.1% q/q in Q4 to 0.3% in Q1, was sharper than we had expected. However, the result was driven in part by a weather-related... 13th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Norges Bank takes a pause, SNB to cut further The Norges Bank held interest rates on hold at 1.00% at its meeting on Thursday but signalled that it will “most likely” resume its tightening cycle at the next meeting, in June. Meanwhile, the... 10th May 2019 · 1 min read
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
