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Supply issues biting in Sweden; e-krona has a logo!

We assume that Swedish output recovered about two thirds of August’s precipitous plunge in September, and that preliminary Q3 GDP data due for release next week will show that the economy grew by 0.7% q/q in the quarter. But the risks lie to the downside. Meanwhile, following the weakness of the euro-zone PMIs in October and amid growing signs of supply shortages biting, the releases of the ETI from Sweden and the KOF from Switzerland are likely to show that manufacturing output weakened at the start of Q4.

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