Nordic & Swiss Data Response Swiss KOF (Nov.), Finnish & Danish GDP (Q3) November’s fall in the KOF Economic Barometer adds to the evidence that Swiss growth has shifted down a gear. And with inflation weak, we expect the SNB to keep policy ultra-loose until at least 2020. 30th November 2018 · 1 min read
Nordic & Swiss Economics Weekly Swedish housing risks won’t stop rate hikes The Riksbank’s Financial Stability Report highlighted the risks that higher interest rates would pose to the housing market and to households. But we continue to expect a first rate hike in December... 23rd November 2018 · 1 min read
Nordic & Swiss Economics Weekly Riksbank still on course for December hike October’s weaker-than expected inflation data, published this week, are unlikely to deter the Riksbank from raising interest rates in the coming months, with a December hike most likely in our view... 16th November 2018 · 1 min read
Nordic & Swiss Chart Pack Strength of Nordic activity surveys won’t last Economic growth in Switzerland, Sweden and Norway looks set to slow next year. In fact, survey evidence in Switzerland suggests that the economy has already shifted down a gear, with the KOF Economic... 15th November 2018 · 1 min read
Nordic & Swiss Economics Weekly Central Bank of Iceland hikes, Riksbank to follow The Central Bank of Iceland this week raised interest rates slightly sooner than we had anticipated and we expect it to tighten policy further in the coming months. The Riksbank is also set to raise... 9th November 2018 · 1 min read
Non-Euro Europe Commercial Property Chart Pack Emerging European cycle still has further to go Office occupier demand was again strong this quarter, driving vacancy rates lower and rental values higher in a number of markets. The retail and industrial sectors saw only limited rental growth... 9th November 2018 · 1 min read
Nordic & Swiss Economics Weekly Swiss outlook darkens, Riksbank rate rises ahead Surveys published this week suggest that the Swiss economy is faltering after a strong first half of 2018, while inflationary pressures remain weak. This supports our view that the SNB will keep... 2nd November 2018 · 1 min read
Nordic & Swiss Economics Weekly Riksbank and Norges Bank signal rate rises ahead While both the Riksbank and the Norges Bank kept monetary policy unchanged this week, they signalled in their policy statements that they intend to raise interest rates in the coming months. With... 26th October 2018 · 1 min read
Nordic & Swiss Chart Pack Higher inflation to prompt Nordic rate rises The latest data suggest that underlying inflation is picking up in Sweden, Norway and Iceland and we expect the central banks in all three countries to respond by tightening monetary policy. In Sweden... 23rd October 2018 · 1 min read
Nordic & Swiss Economics Weekly Italian tensions will keep Swiss franc in demand Safe-haven demand for the Swiss franc increased this week as the Italian Government clashed with the EU over its 2019 Budget. With worries about Italy set to persist, we think that the franc will... 19th October 2018 · 1 min read
Nordic & Swiss Central Bank Watch Riksbank to lay groundwork for tightening While the Riksbank, the Norges Bank and the ECB are likely to keep interest rates unchanged next week, we expect them all to signal tighter policy ahead. The recent rebound in underlying inflation... 19th October 2018 · 1 min read
Nordic & Swiss Economic Outlook SNB and Riksbank policy to diverge The era of record-low interest rates is nearly over in Sweden, but it is a long way from finished in Switzerland. The Swedish economy is powering ahead, generating inflationary pressure that the... 18th October 2018 · 1 min read
Nordic & Swiss Economics Weekly Inflation pressures mounting in Sweden and Norway Inflation data published this week showed that price pressures are building in Sweden and Norway. We expect the Riksbank to begin raising interest rates in December. But while the Norges Bank looks... 12th October 2018 · 1 min read
Nordic & Swiss Economics Weekly Swiss price pressures set to remain muted The fall in Swiss inflation in September is a sign of things to come. Indeed, exchange rate effects and weak wage growth are set to ensure that price pressures remain very weak, keeping the SNB on... 5th October 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Sep.) September’s falls in the Swiss and Norwegian manufacturing PMIs leave them still pointing to strong growth in the sector. But it is in Sweden that price pressures seem to be strongest. 1st October 2018 · 1 min read
Nordic & Swiss Economics Weekly Case for 2018 hikes in Sweden and Iceland building There are still no signs that domestic political uncertainty is weighing on the Swedish economy, so we continue to expect the Riksbank to raise rates in December. Meanwhile, rising inflation... 28th September 2018 · 1 min read
