Nordic & Swiss Economics Weekly Mixed signs from the Swiss industrial sector The improvement in annual Swiss industrial production growth in Q4 suggests that the wider economy returned to positive quarterly growth at the end of last year. Nonetheless, while the data appear... 22nd February 2019 · 1 min read
Nordic & Swiss Chart Pack Activity expected to slow The latest data paint a mixed picture of the performance of the Swiss and Nordic economies at the end of 2018, with signs of weakness in Switzerland and Sweden offset in part by robust quarterly GDP... 21st February 2019 · 1 min read
Nordic & Swiss Economics Weekly Implications of Riksbank’s FX and QE policies The Riksbank delivered a slightly more hawkish message than anticipated at its meeting this week, but we still think that the chance of an interest rate hike this year is falling. Meanwhile, despite... 15th February 2019 · 1 min read
Nordic & Swiss Economics Weekly Riksbank to strike a dovish note next week At its meeting next week, the Riksbank is likely to deliver a dovish message, perhaps hinting that even the single rate hike that it has pencilled in for this year is now in doubt. 8th February 2019 · 1 min read
Nordic & Swiss Economics Update Interest rates hikes in Iceland looking less likely The Central Bank of Iceland had hinted only a few weeks ago that interest rate hikes were likely at the start of this year, but the recent economic data have been weak enough for it to hold fire today... 6th February 2019 · 1 min read
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
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
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
