Surveys at their limits; Norges Bank to cut to zero

While the KOF Economic Barometer registered its largest monthly fall on record in April, like many other indicators elsewhere, it is struggling to capture the unprecedented scale of damage wreaked by virus-related restrictions. Next week, we expect the Norges Bank to cut interest rates again, to zero, and data to show that the Swedish economy did not avoid a sharp fall in activity in Q1, despite its light-touch lockdown.