Nordic & Swiss Data Response Sweden Consumer Prices (Sep.) While CPIF inflation in Sweden rose to a 155-month (!) high in September, we expect core inflation to remain at a more moderate level over the coming years, and lower than in the US, say. As a result... 14th October 2021 · 2 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 Weekly Sweden’s August shocker The slump in Sweden’s GDP indicator for August brought its economy back below its pre-pandemic level, whereas Norway – which appears to be unencumbered by these headwinds – saw its economy continue... 8th October 2021 · 5 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
Nordic & Swiss Economics Update What to make of Sweden’s August GDP shocker? The eye-watering decline in Swedish GDP in August suggests that supply shortages and weakening global growth will continue to take the shine off the impressive rebound in the Swedish economy in late... 6th October 2021 · 2 mins read
Nordic & Swiss Data Response Switzerland CPI (Sep.) Inflation is a rare beast in Switzerland at the best of times and the lower-than-expected September print means that we now doubt it will even breach 1% this year. Against this backdrop, the stage is... 4th October 2021 · 2 mins read
Nordic & Swiss Economics Weekly Opinions at Riksbank slowly starting to shift our way The minutes from the Riksbank’s last meeting, which were released this week, indicate that half of the six Executive Board members think the time is approaching to dial the dovishness back a touch... 1st October 2021 · 5 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Sep) The set of manufacturing PMIs from Switzerland and the Nordics for September suggest that industrial activity has so far been pretty resilient in the face of global supply-chain disruptions. That said... 1st October 2021 · 2 mins read
Nordic & Swiss Economics Update Further Nationalbank rate cuts not out of the question While the announcement of a 10bp interest rate cut by Denmark’s Nationalbank this afternoon seemingly goes against the grain of the recent hawkish shifts by the US Fed and Bank of England, it is the... 30th September 2021 · 3 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
Non-Euro Europe Commercial Property Outlook Scandi & Swiss: Returns to converge further ahead The economic recovery and strong investor demand are supporting the property market upturn in Scandinavia and Switzerland. However, we expect 2021 to mark the peak for returns in most markets, except... 23rd September 2021 · 18 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
Nordic & Swiss Economics Update “QT” creeping up the agenda in Sweden The Riksbank stuck firmly to “Plan A” this morning by maintaining the status quo for the repo rate and its asset purchase programme. However, the slight tweak to the Bank’s language on the outlook for... 21st September 2021 · 3 mins read
Nordic & Swiss Economics Update Switzerland and Nordics to sidestep gas price woes The low use of gas, and a reliance on nuclear and renewables for electricity generation, means that Switzerland and the Nordics are less exposed to the recent surge in gas prices than other parts of... 20th September 2021 · 2 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
