Nordic & Swiss Central Bank Watch Will the Norges Bank respond to falling inflation? We think that the Norges Bank will leave monetary policy unchanged at its meeting next week. While inflation has fallen much more quickly than policymakers expected, accelerating house prices are a... 10th March 2017 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (Feb.) February’s inflation data revealed that inflation is falling much more quickly than the Norges Bank expected. While activity surveys have strengthened recently, we think that inflation will continue... 10th March 2017 · 1 min read
Nordic & Swiss Economics Update Euro-zone political risk to boost Nordic & Swiss currencies This month see the first of a number of key elections in the euro-zone this year. Investors are likely to become increasingly worried about the potential for anti-euro parties to enter government and... 6th March 2017 · 1 min read
Nordic & Swiss Data Response Finnish GDP (Q4) & National Manufacturing PMIs (Jan.) Activity surveys suggest that Q4’s slowdown in Finland will be short-lived. And February’s PMIs point to faster manufacturing growth in Switzerland, Sweden and Norway. They also imply that price... 1st March 2017 · 1 min read
Nordic & Swiss Economics Update Big movements in Icelandic markets The Icelandic króna has appreciated significantly over the past month, as the central bank reiterated its desire to reduce its foreign exchange intervention. More generally, bond yields have fallen... 28th February 2017 · 1 min read
Non-Euro Europe Commercial Property Outlook Total returns prospects still strong across the region Concerns about higher inflation and potential rises in interest rates have seen bond yields rise in the last few months. Nevertheless, we think the outlook for bond yields and therefore, property... 27th February 2017 · 1 min read
Nordic & Swiss Data Response Norwegian Labour Force Survey (Dec.) December’s sharp decline in Norway’s unemployment rate was not as encouraging as it first appears. And while surveys suggest that employment growth will pick up, we suspect that wage growth will... 22nd February 2017 · 1 min read
Nordic & Swiss Chart Pack Inflationary pressure rising in Sweden, fading in Norway While inflation fell in both Sweden and Norway in January, the outlook for prices in these countries differs significantly. Consumer price inflation in Sweden fell from 1.7% to 1.4% in January. But a... 21st February 2017 · 1 min read
Nordic & Swiss Data Response Norwegian GDP (Q4) Norway’s economic recovery picked up in Q4, and surveys suggest that growth might edge up further in the near term. This should add to the upward pressure on the krone as oil prices rise this year. 9th February 2017 · 1 min read
Nordic & Swiss Economics Update Is the Swiss National Bank tolerating a stronger franc? The recent appreciation of the Swiss franc suggests that the Swiss National Bank (SNB) may now be willing to tolerate a (slightly) stronger currency. But we see the franc rising even further to reach... 6th February 2017 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jan.) January’s PMIs add to the evidence that the Swedish economy has made a strong start to the year. They also suggest that price pressures are building in Switzerland. 1st February 2017 · 1 min read
Nordic & Swiss Economics Update Currencies make a strong start to the year The Nordic and Swiss currencies have generally strengthened this month, albeit for different reasons. This is a trend that we expect to continue this year. 31st January 2017 · 1 min read
Nordic & Swiss Data Response Sweden (Dec.) & Norway (Nov.) Labour Market Data December’s labour market data suggest that wage pressures are building in Sweden, supporting our view that the Riksbank will tighten policy this year. But in Norway, despite November’s fall in... 26th January 2017 · 1 min read
Nordic & Swiss Chart Pack Q4 data point to pick-up in GDP growth On the whole, the activity data suggest that GDP growth in the Nordic and Swiss economies has picked up. Granted, Icelandic consumer confidence suggests that growth might have slowed slightly. But it... 25th January 2017 · 1 min read
Nordic & Swiss Economic Outlook Swiss, Swedish and Norwegian currencies set to rise Prospects for the Nordic and Swiss economies’ are fairly good, with Sweden and Iceland likely to be the best performers. But the outlook for inflation, and therefore monetary policy, varies... 20th January 2017 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (Dec.) In December, the Norges Bank’s favoured measure of inflation edged down to a 19- month low. We think that it will fall further, prompting the Bank to cut its key policy rate by 25 basis points in the... 10th January 2017 · 1 min read
