Riksbank steps up as the SNB settles in

The Riksbank justifiably felt the need to give the economy a shot in the arm at its meeting this week. But positive news on the vaccine front means that it should be able to avoid increasing the dose of policy support next year. Much of the data due for release next week is already old news, but the manufacturing PMIs for November are likely to confirm that industrial activity has largely taken the ramp-up in virus restrictions in its stride.