Nordic & Swiss Central Bank Watch How big a deal is the new lower inflation target? The Norges Bank’s new inflation target strengthens the case for tighter monetary policy. But we think that the Bank will move very cautiously. 9th March 2018 · 1 min read
Nordic & Swiss Data Response Norway CPI (Feb) & Iceland GDP (Q4) Inflation in Norway rose quite sharply in February, but we do not think that it is about to surge. Meanwhile, Icelandic GDP growth would have been negative in Q4 was it not for a one-off intellectual... 9th March 2018 · 1 min read
Nordic & Swiss Economics Update Will Nordic and Swiss equities continue to struggle? After a tough start to 2018, we think that equities in the Nordic countries and Switzerland will continue to struggle over the next couple of years. But their performance will be far from uniform. 7th March 2018 · 1 min read
Nordic & Swiss Chart Pack A robust start to 2018 The official data suggest that the Nordic & Swiss economies recorded fairly mixed performances at the end of last year. So far, only Norway has published national accounts data for Q4. This release... 13th February 2018 · 1 min read
Nordic & Swiss Data Response Norway GDP (Q4) & CPI (Jan.) Norway’s mainland GDP recorded another strong expansion in Q4, rounding off a pretty good year for the economy. However, inflation slowed sharply in January, highlighting that price pressures remain... 9th February 2018 · 1 min read
Nordic & Swiss Economics Update Global forces push exchange rates and bond yields up Following developments in other developed economies this year, Nordic and Swiss currencies have appreciated while equity prices and bond yields have risen. Norway’s currency has outperformed, largely... 1st February 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jan.) January’s Swiss, Swedish and Norwegian manufacturing PMIs generally point to strong growth. But only in Sweden do we expect this to feed through to significant and sustained inflation pressure. 1st February 2018 · 1 min read
Nordic & Swiss Economics Update Housing risks to deter Norges Bank from raising rates While today’s Norges Bank announcement implies that it still expects to raise interest rates this autumn, we think that below-target inflation and weakness in the housing market will cause the Bank to... 25th January 2018 · 1 min read
Nordic & Swiss Economic Outlook Exchange rates to diverge as Swedish krona rises Prospects for the Nordic economies and Switzerland are strong, but there are divergent outlooks for monetary policy. In Sweden, inflation is already close to the Riksbank’s target and, with capacity... 22nd January 2018 · 1 min read
Nordic & Swiss Central Bank Watch Norges Bank to become more dovish With consumer price inflation set to rise gradually, but house prices falling, we think that the Norges Bank will reiterate next week that interest rates will not rise until the autumn. We suspect... 18th January 2018 · 1 min read
Nordic & Swiss Chart Pack A busy month for central banks The three major Nordic and Swiss central banks met in December and provided very different messages about the outlook for monetary policy in their respective countries. First, the Swiss National Bank... 15th January 2018 · 1 min read
Nordic & Swiss Data Response Norwegian and Danish Consumer Prices (Dec.) Despite December’s jump in inflation in Norway, underlying price pressures remain subdued. With house price inflation falling further into negative territory, we suspect that it will be a long time... 10th January 2018 · 1 min read
Nordic & Swiss Economics Update Twenty-fourth time lucky for the Riksbank? After bringing its net asset purchases to a close last month, the Riksbank reiterated that it expects to raise interest rates in September this year. The Bank’s track record suggests that this... 4th January 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Dec.) December’s Swedish and Norwegian manufacturing PMIs suggest that industry in both countries ended 2017 on a strong note. But only in Sweden do we expect healthy economic growth to put sustained upward... 2nd January 2018 · 1 min read
Nordic & Swiss Economics Update Currencies weaken despite hawkish central banks The Swedish and Norwegian central banks delivered fairly hawkish assessments of the outlook for monetary policy this month, but that did not stop their currencies from depreciating. Meanwhile, the... 21st December 2017 · 1 min read
Europe Commercial Property Update Oslo office rents to surprise to the upside in 2018 Prime rental value growth in Oslo is likely to enjoy a bumper year in 2018, with rental values set to climb by around 8%. But the consensus has yet to pick up on the momentum that is starting to build... 20th December 2017 · 1 min read
