Nordic & Swiss Economics Weekly Surveys point to contagion from euro-zone weakness Manufacturing PMIs for Switzerland, Sweden and Denmark, released on Friday, dropped sharply in January, suggesting that the recent weakness in the euro-zone is spilling over to its neighbours. Next... 1st February 2019 · 1 min read
Nordic & Swiss Economics Weekly Slightly more dovish ECB not a game-changer The turn towards a slightly more dovish tone by the ECB at its meeting on Thursday will have made policymakers at the SNB and the Riksbank even more hesitant to hike rates anytime soon. Next week, we... 25th January 2019 · 1 min read
Nordic & Swiss Economic Outlook Central banks to tighten very slowly We expect GDP growth in Switzerland and across the Nordics to slow this year and next. As a result, price pressures should generally remain subdued and central banks look set to raise interest rates... 21st January 2019 · 1 min read
Nordic & Swiss Economics Weekly Swedish fiscal boost to have a limited impact Sweden’s new government has agreed to cut income taxes and relax labour laws. It has also brought an end to four months of political uncertainty, at least for now. But we suspect that all this will... 18th January 2019 · 1 min read
Europe Economic Outlook Missing the global tightening cycle The euro-zone should regain some momentum in the coming months, at least compared to its dire performance at the end of last year. But we think the economy will expand by just 1% in 2019 as a whole... 18th January 2019 · 1 min read
Nordic & Swiss Chart Pack Growth likely to slow further in 2019 The latest manufacturing PMIs add to the evidence that economic growth in Switzerland and Sweden will continue to slow. The Swiss index is consistent with annual growth in industrial production of... 18th January 2019 · 1 min read
Nordic & Swiss Central Bank Watch Norges Bank to signal March rate hike At its meeting on 24th January, the Norges Bank is likely to reiterate that it expects to raise interest rates in March, taking the key policy rate to 1.0%. But we think that its tightening cycle will... 17th January 2019 · 1 min read
Europe Commercial Property Update Nordic investment set to maintain its recent strength Outperformance in the Nordic economies will support occupier markets and rental growth prospects this year. As a result, we think that investment volumes in 2019 will be close to the level recorded in... 16th January 2019 · 1 min read
Nordic & Swiss Economics Weekly Riksbank and Norges Bank will tighten very slowly Recent developments suggest that both the Riksbank and Norges Bank will tightening monetary policy more slowly than we had previously anticipated. This is partly because we have revised down our... 11th January 2019 · 1 min read
Nordic & Swiss Economics Weekly PMIs pointing to a weaker 2019 PMIs for December pointed to robust growth in Q4 in Switzerland, Sweden, Norway and Denmark. However, the breakdowns pointed to weak growth ahead in Switzerland and Sweden, and only the Danish economy... 4th January 2019 · 1 min read
Non-Euro Europe Commercial Property Outlook Softness in bond markets pushes back yield rises Scandinavian property yields are now set to mark time in 2019 before rising from 2020, despite slowing rental growth. Copenhagen industrial is our top pick for the region. Total returns will be higher... 20th December 2018 · 1 min read
Nordic & Swiss Chart Pack Risks still lie to the downside As oil prices have fallen over the past few months, investors’ expectations for interest rates in Norway have fallen roughly into line with our own. Rate expectations in Switzerland have edged down... 18th December 2018 · 1 min read
Nordic & Swiss Economics Weekly SNB outdoves itself, Nordics more hawkish Central bank meetings in Norway and Iceland this week suggested that interest rate hikes are on the horizon in both economies. By contrast, the Swiss National Bank again signalled that it won’t raise... 14th December 2018 · 1 min read
Nordic & Swiss Economics Weekly Swiss-EU tensions rise, Iceland’s economy stagnates Switzerland’s Federal Council has been debating this week on whether to align itself more closely with the EU, a decision with serious implications for the country’s status as an international... 7th December 2018 · 1 min read
Nordic & Swiss Central Bank Watch Riksbank and Norges Bank turning more dovish At next week’s monetary policy meeting, the Swiss National Bank is set to reiterate its ultra-dovish stance. Meanwhile, recent developments in Sweden and Norway suggest that policymakers in both... 7th December 2018 · 1 min read
Nordic & Swiss Economics Weekly Weak Q3 data bode ill for Switzerland and Sweden Data released this week which showed that Swiss GDP contracted in Q3 support our view that the SNB will keep interest rates on hold longer than investors currently expect. Meanwhile, other data showed... 30th November 2018 · 1 min read
