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
Nordic & Swiss Central Bank Watch Stage set for hawkish tweaks to Riksbank’s exit strategy The momentum in the Swedish economy, and jump in inflation in August, gives the Riksbank plenty to ponder at next week’s policy meeting. While repo rate hikes are not on policymakers’ agenda, the... 14th September 2021 · 5 mins read
Nordic & Swiss Data Response Sweden Consumer Prices (Aug.) The stronger-than-expected pick-up in Swedish headline inflation in August ups the ante for the Riksbank ahead of next week’s policy meeting. While repo rate hikes are low down on policymakers’ agenda... 14th September 2021 · 2 mins read
Nordic & Swiss Economics Weekly Norway’s “climate election”; Riksbank’s QE dilemma The run-up to Norway’s parliamentary elections on Monday 13 th has been dominated by a debate over the speed at which the country should transition away from its reliance on energy. Labour’s Jonas... 10th September 2021 · 5 mins read
Nordic & Swiss Data Response Norway Consumer Prices (Aug.) The fact that the Norges Bank’s target measure of inflation fell for the fifth month in a row in August, and is likely to remain steady at about half the Bank’s target rate over the next six months... 10th September 2021 · 2 mins read
Nordic & Swiss Economics Update Riksbank’s asset purchase pace is ripe for reduction The fact that the Swedish GDP indicator was nearly 2% above its pre-virus level in July puts a question mark over the wisdom of the Riksbank’s plan to exhaust its asset purchase envelope by end-2021... 8th September 2021 · 3 mins read
Europe Commercial Property Update Zurich office returns rank poorly over next five years Weak near-term rental prospects and squeezed valuations mean that we expect Swiss office returns to perform poorly in the coming years, particularly in Zurich. 6th September 2021 · 3 mins read
Nordic & Swiss Economics Weekly ABBA redux; Swiss government spending splurge The news this week that ABBA are re-forming chimes with the current up-beat mood about the Swedish economy . While we doubt that the Riksbank will be in a rush to raise the repo rate, we expect it to... 3rd September 2021 · 5 mins read
FX Markets Update We expect the Swedish krona to outperform the UK pound We think that the prospects for monetary tightening point to an appreciation of the Swedish krona relative to the UK pound over the next 6-18 months. 2nd September 2021 · 3 mins read
Nordic & Swiss Data Response Switzerland Consumer Prices (Aug.) & GDP (Q2) Data released this morning show that Swiss GDP is on track to re-gain its pre-pandemic level in Q3 and that inflation is creeping higher. Nonetheless, the near-term outlook is not as rosy as it was... 2nd September 2021 · 3 mins read
Nordic & Swiss Economics Focus Riksbank to take a chance on “QT” next year Housing market valuations in Sweden are even more stretched than on past occasions when the Riksbank has “leant against the wind” – that is, set policy tighter than needed to contain consumer price... 1st September 2021 · 17 mins read
Nordic & Swiss Economics Weekly Survey synchronisation; NOK resurgence The sharp fall in the forward-looking Swiss investor sentiment indicator in August mirrored the pattern seen in the German Ifo. While sentiment was bound to soften sooner or later and Switzerland has... 27th August 2021 · 6 mins read
Nordic & Swiss Data Response Sweden GDP (Q2) & ETI (Aug.) The release of GDP data from Sweden this morning confirmed that the economy surpassed its pre-virus peak in Q2, and we expect output to make further gains in Q3. 27th August 2021 · 2 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Strong investor demand Data for Q2 confirm that, as with the economic recovery, the property upturn is more advanced in Scandinavia than in western Europe. Investment activity grew strongly, even when excluding a large one... 25th August 2021 · 6 mins read
Nordic & Swiss Economics Weekly Norges Bank in the final furlong; CHF on the up We expect the Norges Bank to deliver on its plan to start to raise interest rates, in September, which could offer some respite for the beleaguered krone. Meanwhile, data released next week are likely... 20th August 2021 · 4 mins read
