Swedbank under scrutiny, WOW Air collapse

The scandal at Swedbank raise questions about transparency, corruption, and the relationship between banks and regulators in Sweden, while the collapse of WOW Air means that the chances of further rate hikes this year are diminishing. Meanwhile, the rebound in the Swiss KOF Economic Barometer in March was a bit of a relief. But if the ECB re-starts QE next year, as we expect, a further cut in interest rates will become more and more likely.