Nordic & Swiss Economics Update Bond yields rise on prospect of tighter global monetary policy Bond yields across the Nordic and Swiss economies increased in June, in line with global market moves following major central bank speeches that prompted investors to bring forward their expectations... 30th June 2017 · 1 min read
Nordic & Swiss Economics Update Is below-target inflation in Norway a problem? The Norges Bank’s latest projections suggest that it is unwilling, or unable, to loosen policy by enough to hit its inflation target. This will weigh on economic growth over the coming years, and... 28th June 2017 · 1 min read
Nordic & Swiss Economics Update Norway rate cut off the table, but a long way from rate hikes The Norges Bank revised up its forecast for interest rates this year, so a cut now looks unlikely. But while the Bank expects to raise its policy rate in 2019, we think that it will be unchanged until... 22nd June 2017 · 1 min read
Nordic & Swiss Chart Pack Decent Q1 for most and surveys bode well for Q2 The latest national accounts data showed that quarterly GDP growth in most of the Nordic and Swiss economies picked up in Q1, led by Finland. The Finnish economy expanded by 1.2% q/q, followed by... 16th June 2017 · 1 min read
Nordic & Swiss Central Bank Watch Norges Bank to cut interest rate forecast The Norges Bank is likely to leave interest rates unchanged at its meeting in June, but we think that it will revise its rate forecast down. After all, while economic growth has strengthened since the... 15th June 2017 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (May) Norwegian inflation resumed its decline in May, and we think that the fall has further to run. So we still forecast one interest rate cut by the Norges Bank later this year. 9th June 2017 · 1 min read
Nordic & Swiss Economics Update The outlook for Nordic and Swiss equities Nordic and Swiss equities have generally performed very well this year, but prospects differ significantly between countries. We expect Norwegian equities to outperform over the next 18 months as oil... 7th June 2017 · 1 min read
Nordic & Swiss Economics Update Currencies rise against dollar while bond yields decline The Nordic and Swiss currencies all appreciated against the US dollar in May, but performances against the euro were mixed. Following global trends, government bond yields generally declined. While... 31st May 2017 · 1 min read
Nordic & Swiss Data Response Norwegian GDP (Q1) & Finnish GDP (Q1) Norway’s recovery gathered pace in Q1, and forward-looking indicators suggest that this should continue. That said, we doubt that this will have much of a bearing on monetary policy. Meanwhile... 16th May 2017 · 1 min read
Nordic & Swiss Chart Pack Riksbank loosens while Norges Bank stands pat In the past month, central bank meetings have highlighted contrasts in the responses of policymakers towards inflation. In Sweden, inflation has been on an upward trend recently and is close to the... 12th May 2017 · 1 min read
Nordic & Swiss Data Response Norwegian & Danish Consumer Prices (Apr.) The sharp decline in Norwegian CPI-ATE inflation has paused over the past three months, but it should soon resume. We think that it will fall to 1.0% later in the year, and remain well below the... 10th May 2017 · 1 min read
Nordic & Swiss Economics Update Norges Bank stands pat, but a rate cut not far off The Norges Bank’s decision to leave interest rates unchanged came as no surprise, but we are among a very small minority of forecasters who think that the Bank will cut rates later in the year. 4th May 2017 · 1 min read
Nordic & Swiss Economics Update Nordic & Swiss currencies to rebound from April’s falls After depreciating against the euro in April, we think that the Swiss franc, Swedish krona and Norwegian krone will rebound, but for different reasons. Political risk could yet re-escalate in Europe... 3rd May 2017 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Apr.) The PMIs weakened in April, but still point to faster manufacturing growth. And the Swedish survey suggests that inflation there will rise, supporting our view that the Riksbank erred in extending its... 2nd May 2017 · 1 min read
Nordic & Swiss Economics Update French election pushed currencies down and yields up Following Mr Macron’s victory in the first round of the French presidential election, Nordic and Swiss currencies depreciated and government bond yields rose. And dovish comments from policymakers at... 28th April 2017 · 1 min read
Nordic & Swiss Central Bank Watch Norges Bank to continue signalling possible rate cut The Norges Bank is almost certain to leave monetary policy unchanged at its meeting next week. After all, the Bank will not be updating its forecasts, and there has been little to change policymakers’... 27th April 2017 · 1 min read
