Nordic & Swiss Data Response Norwegian & Danish CPI (Feb.) The stronger-than-expected rise in core Norwegian inflation in February makes it all but certain that the Norges Bank will increase interest rates at its policy meeting later this month. However... 11th March 2019 · 1 min read
Nordic & Swiss Economics Weekly Interest rates to be lower for longer The more dovish stance adopted by the ECB at its monetary policy meeting this week suggests that the upside risks to Nordic and Swiss currencies – particularly the franc – will intensify. Indeed, if... 8th March 2019 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Feb.) The slight pick-up in the Swiss and Swedish manufacturing PMIs in February provides some comfort that the recent downward pressure on their industrial sectors has not intensified. However, weakness in... 1st March 2019 · 1 min read
Nordic & Swiss Economics Weekly Mixed signs from the Swiss industrial sector The improvement in annual Swiss industrial production growth in Q4 suggests that the wider economy returned to positive quarterly growth at the end of last year. Nonetheless, while the data appear... 22nd February 2019 · 1 min read
Nordic & Swiss Chart Pack Activity expected to slow The latest data paint a mixed picture of the performance of the Swiss and Nordic economies at the end of 2018, with signs of weakness in Switzerland and Sweden offset in part by robust quarterly GDP... 21st February 2019 · 1 min read
Nordic & Swiss Economics Weekly Implications of Riksbank’s FX and QE policies The Riksbank delivered a slightly more hawkish message than anticipated at its meeting this week, but we still think that the chance of an interest rate hike this year is falling. Meanwhile, despite... 15th February 2019 · 1 min read
Non-Euro Europe Commercial Property Chart Pack Office sector outperforms; retail in the doldrums Occupier markets are seeing diverging fortunes, with occupier demand for office and industrial space extremely strong, but retailers battling a number of headwinds. This is likely to set the tone for... 15th February 2019 · 1 min read
Nordic & Swiss Data Response Switzerland & Norway Consumer Prices (Jan.) We think that inflation in Switzerland will fall below zero by the middle of the year, so the SNB is likely to stick to its very dovish policy stance. By contrast, we think that inflation in Norway... 11th February 2019 · 1 min read
Nordic & Swiss Economics Weekly Riksbank to strike a dovish note next week At its meeting next week, the Riksbank is likely to deliver a dovish message, perhaps hinting that even the single rate hike that it has pencilled in for this year is now in doubt. 8th February 2019 · 1 min read
Nordic & Swiss Data Response Norway’s GDP (Q4) Norway’s economy ended 2018 on a high note, but we doubt that this will last. We suspect that lower oil prices and weaker activity elsewhere in Europe will weigh on growth, prompting the Norges Bank... 8th February 2019 · 1 min read
Nordic & Swiss Economics Weekly Surveys point to contagion from euro-zone weakness Manufacturing PMIs for Switzerland, Sweden and Denmark, released on Friday, dropped sharply in January, suggesting that the recent weakness in the euro-zone is spilling over to its neighbours. Next... 1st February 2019 · 1 min read
Nordic & Swiss Economics Update Norway housing market stabilising, Sweden slowing Norway’s housing market struggled last year but looks set to do better in 2019. By contrast, construction in Sweden is likely to contract this year, causing the economy to slow sharply. 31st January 2019 · 1 min read
Nordic & Swiss Economics Weekly Slightly more dovish ECB not a game-changer The turn towards a slightly more dovish tone by the ECB at its meeting on Thursday will have made policymakers at the SNB and the Riksbank even more hesitant to hike rates anytime soon. Next week, we... 25th January 2019 · 1 min read
Nordic & Swiss Economics Update Norges Bank too optimistic on GDP growth Following today’s monetary policy announcement, the Norges Bank is almost certain to raise interest rates in March. But we think that it is still too optimistic about prospects for the economy this... 24th January 2019 · 1 min read
Nordic & Swiss Economic Outlook Central banks to tighten very slowly We expect GDP growth in Switzerland and across the Nordics to slow this year and next. As a result, price pressures should generally remain subdued and central banks look set to raise interest rates... 21st January 2019 · 1 min read
Nordic & Swiss Economics Weekly Swedish fiscal boost to have a limited impact Sweden’s new government has agreed to cut income taxes and relax labour laws. It has also brought an end to four months of political uncertainty, at least for now. But we suspect that all this will... 18th January 2019 · 1 min read
