Nordic & Swiss Economics Weekly Sweden’s property issues flare up again The fragility of Sweden’s property sector hit the headlines again this week as commercial real estate firm SBB suffered a downgrade of its credit rating to “junk” status and cancelled its dividend... 12th May 2023 · 6 mins read
Europe Commercial Property Update Sweden's property credit crunch intensifies The recent downgrading of Swedish property company SBB’s credit rating to “junk” and the ensuing market fallout have highlighted financing fragilities in the Swedish property market. But, while SBB is... 11th May 2023 · 4 mins read
Nordic & Swiss Economics Weekly Sweden struggling, Norges Bank hiking Business surveys published this week suggest that Sweden's economy began Q2 on the back foot and is not seeing the increase in services sector activity that is taking place in the euro-zone. We still... 5th May 2023 · 5 mins read
Nordic & Swiss Data Response Switzerland CPI (Apr.) Falling headline inflation in Switzerland will provide relief to consumers but does not change the picture for the SNB. Underlying price pressures remain near all-time highs, which will convince the... 5th May 2023 · 2 mins read
Nordic & Swiss Economics Update More Norges Bank rate hikes to come The Norges Bank raised its policy rate by 25bp today, to 3.25%, but unlike the Fed we think the tightening cycle in Norway has further to run. That said, we think that inflation will fall more quickly... 4th May 2023 · 3 mins read
Nordic & Swiss Economics Weekly Riksbank’s dovish hike, Credit Suisse Q1 results Credit Suisse's Q1 results revealed the scale of the crisis that led to its demise, with CHF67bn of deposit outflows during the quarter. The quantum of SNB lending to Credit Suisse during the quarter... 28th April 2023 · 6 mins read
Nordic & Swiss Central Bank Watch Another 25bp Norges Bank hike is on its way We expect the Norges Bank to follow through on its plan to raise its policy rate by 25bp next week, to 3.25%. We have pencilled in a peak of 3.5% in June but the risks are skewed towards it reaching a... 27th April 2023 · 3 mins read
Nordic & Swiss Data Response Sweden GDP Indicator (Q1) News that the Swedish economy expanded slightly in Q1, and thereby narrowly avoided a recession, adds to the evidence that economic activity in Europe as a whole has held up well in Q1. That said, we... 27th April 2023 · 2 mins read
Nordic & Swiss Economics Update Riksbank shows the way with 50bp With the ECB poised to raise rates next Thursday, the Riksbank has got its retaliation in early, hiking its key rate by 50bp. The statement indicates that policymakers expect to raise rates by another... 26th April 2023 · 3 mins read
FX Markets Update Undervalued krone likely to rebound later this year The Norwegian krone has been the worst G10 performer against the US dollar by some way in recent months. Though lower energy prices and weakening risk sentiment have likely played a role, we suspect... 21st April 2023 · 4 mins read
Nordic & Swiss Economics Weekly Krona versus Krone, Switzerland outperforming We expect the Norwegian krone and the Swedish Krone to appreciate against the euro this year. The krone looks significantly undervalued to us, whereas the krona is likely to benefit from the Riksbank... 21st April 2023 · 6 mins read
Nordic & Swiss Economic Outlook Tightening cycle not yet over The outlook for economic activity in the Nordics and Switzerland remains poor. GDP is already contracting sharply in Sweden and we think Norway and Switzerland will only narrowly avoid recessions... 14th April 2023 · 12 mins read
