Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Values to rise further The rebound in economic activity and robust investor demand paved the way for a continued improvement in Scandinavian and Swiss property markets in Q3. Office and industrial values rose further, as... 23rd November 2021 · 6 mins read
Nordic & Swiss Economics Focus Fossil-like Norway won’t go the way of the dinosaurs The UN’s annual climate change conference, COP26, will not have any discernible impact on Norway’s intention to keep pumping oil and gas over the coming decades. The irony is that Norway’s success in... 10th November 2021 · 13 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Oct.) The fact that the Norges Bank’s target measure of inflation fell to below 1% in October and is likely to remain at around this level until early 2023 will not stop policymakers from pressing on with... 10th November 2021 · 2 mins read
Nordic & Swiss Economics Weekly Déjà vu at the SNB; labour shortages reach Greenland The renewed rise in the Swiss franc has lifted it back to territory that will ring alarm bells at the SNB, and the usual release of sight deposit data on Monday morning will indicate whether the Bank... 5th November 2021 · 5 mins read
Nordic & Swiss Economics Update Norges Bank treads water before rate hike resumption Following yesterday’s taper announcement by the Fed, and ahead of the knife-edge decision by the Bank of England later today (we forecast a 15bp rate hike), this morning’s announcement from the Norges... 4th November 2021 · 3 mins read
Nordic & Swiss Economic Outlook Well placed to navigate choppy waters As highly-open economies, Switzerland and the Nordics are far from immune to the issues of slowing global growth and supply-chain shortages that are currently vexing investors. Sweden is perhaps most... 20th October 2021 · 13 mins read
Nordic & Swiss Economics Weekly Few signs of inflation in Scandinavia While global financial markets are obsessing over the possible rebirth of inflation, there are precious few signs that it is about to take off in Scandinavia. The increases in headline inflation for... 15th October 2021 · 4 mins read
Nordic & Swiss Chart Pack Monetary policy divergences The Norges Bank’s tightening cycle began at the end of last month and we suspect that investors are underestimating the pace of rate hikes to come. By contrast, the Riskbank looks set to leave... 15th October 2021 · 5 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Sep.) There was nothing in today’s release of Norwegian inflation data for September to overly trouble the Norges Bank, or cause it to deviate from its stated intention to raise interest rates again in... 11th October 2021 · 2 mins read
Nordic & Swiss Economics Update We think the Norwegian krone’s rally is nearing its end Although the krone has rallied this year on the back of high energy prices and the expectation of tighter monetary policy, we do not expect this to continue. We think slowing global growth and... 7th October 2021 · 2 mins read
Europe Commercial Property Update Oslo property returns have peaked Rising government bond yields are set to squeeze valuations, resulting in increases in Oslo all-property yields after 2022. This will weigh on returns for Oslo property in the coming years, with... 30th September 2021 · 3 mins read
Nordic & Swiss Economics Weekly Norges Bank and Riksbank to follow different paths Having finally begun its tightening cycle this week, we forecast the Norges Bank to raise its policy rate to 1.50% by end-2022, which is more hawkish than is currently priced into the market... 24th September 2021 · 4 mins read
Nordic & Swiss Economics Update Investors underestimating pace of Norges Bank hikes This morning’s policy decision double-header played out as planned, with the Swiss National Bank maintaining the status quo and the Norges Bank finally pulling the trigger on its tightening cycle. But... 23rd September 2021 · 3 mins read
DM Markets Chart Pack Japan’s stock market may not go from strength to strength We don’t expect the recent surge in Japan’s stock market to last, and think it will make much smaller gains over the next couple of years. 17th September 2021 · 8 mins read
Nordic & Swiss Economics Weekly Monetary policy decisions, served three ways After months of anticipation, the Norges Bank will surely pull the trigger on its long-awaited tightening cycle next Thursday. We suspect that policymakers will portray the rate rise as a “dovish hike... 17th September 2021 · 4 mins read
Nordic & Swiss Central Bank Watch D-day looms for Norges Bank as the SNB watches on While the Swiss National Bank is set to leave interest rates on hold yet again next Thursday, the Norges Bank will finally pull the trigger on its tightening cycle. Given the backdrop of global risks... 16th September 2021 · 6 mins read
