Nordic & Swiss Economics Weekly Riksbank hawkish, Norwegian housing recovering The main event this week was the Riksbank meeting , at which the Bank reiterated that it expected to raise interest rates in December. And data released since the meeting support the case for the... 6th July 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jun.) Switzerland’s manufacturing PMI survey for June suggested that the economy is growing strongly, but inflationary pressures are weak. By contrast, Sweden’s survey implies that growth will slow, but... 2nd July 2018 · 1 min read
Nordic & Swiss Economics Weekly Swiss-EU talks at risk, Riksbank to signal Q4 rate rise The Swiss Government this week made no progress towards reaching a deal with Brussels that would see Switzerland retain its unrestricted access to the Single Market. With the anti-immigrant SVP party... 29th June 2018 · 1 min read
Nordic & Swiss Economics Update Norway labour data bolster case for September rate hike Norway’s labour market recovery should continue to push up wage growth over the coming years. But with wage expectations still quite low, wage growth will probably rise only slowly, so the Norges Bank... 27th June 2018 · 1 min read
Nordic & Swiss Economics Weekly SNB dovish, Norges Bank hawkish, Sweden ETI strong This week’s quarterly policy statement from the Swiss National Bank strengthened our view that tighter monetary policy in Switzerland is a long way off. By contrast, higher interest rates are imminent... 22nd June 2018 · 1 min read
Nordic & Swiss Economics Update Krone to weaken despite Norges Bank tightening Today’s policy announcement by the Norges Bank shows that it is on the brink of raising interest rates. But once it has started, it will tighten policy only very slowly. And because we forecast oil... 21st June 2018 · 1 min read
Nordic & Swiss Chart Pack Strong start to the year likely to be sustained In contrast to the euro-zone and UK, the Swiss and Nordic economies grew fairly quickly in Q1. Finland was the top performer, with GDP rising by 1.2% on the quarter. Iceland was hot on its heels... 19th June 2018 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (May) May’s weak inflation data in Norway strengthen the case for the Norges Bank to move only very slowly towards tightening monetary policy. We suspect that it will wait until early 2019 before raising... 11th June 2018 · 1 min read
Nordic & Swiss Economics Update Is Italy a worry for Switzerland and the Nordics? Political turmoil in Italy has rocked Swiss and Nordic financial markets over the past few weeks, but the economic fallout is likely to remain limited. That said, if the situation in Italy worsens... 5th June 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (May) May’s manufacturing PMIs suggest that the Swiss and Norwegian economies continued to perform well in Q2 after decent starts to the year. Sweden’s PMI was yet again quite weak, but other survey... 1st June 2018 · 1 min read
Nordic & Swiss Data Response Norwegian Unemployment (Mar.) Norway’s labour market recovery looks set to gather pace in the coming months, but wage growth is likely to remain subdued. So we still think that the Norges Bank will wait longer than most expect... 25th May 2018 · 1 min read
Nordic & Swiss Data Response Norway & Finland GDP (Q1) Norway’s economy did not perform as well in Q1 as the headline growth numbers imply. But we remain optimistic about growth over the rest of the year. Meanwhile, Finland’s economy put in a strong... 15th May 2018 · 1 min read
Nordic & Swiss Chart Pack Growth slowed in Q1, but Q2 should be better Ahead of Q1 GDP releases over the coming weeks, the official monthly data suggest that growth slowed in Switzerland and the Nordics. Indeed, retail sales in Switzerland increased by 0.6% in Q4 last... 11th May 2018 · 1 min read
Nordic & Swiss Data Response Sweden, Norway, Switzerland CPI (Apr.) Easter timing effects distorted April’s inflation data. Looking ahead, inflationary pressure is building in Sweden and, to a lesser extent, in Norway. Inflation is much more subdued in Switzerland. 9th May 2018 · 1 min read
Nordic & Swiss Economics Update No rush for higher interest rates in Norway In today’s monetary policy announcement, the Norges Bank reiterated that it expects to raise interest rates this year. But we still suspect that it will ultimately wait until Q1 2019 before beginning... 3rd May 2018 · 1 min read
Nordic & Swiss Economics Update Will Swiss and Nordic currencies recoup their losses? The Swiss franc and Nordic currencies have come under pressure this year. While we think that the franc and the Norwegian krone have further to fall, we suspect that the Swedish krona will rebound. 2nd May 2018 · 1 min read
