Europe Rapid Response ECB Policy Announcement (December 2025) Today’s ECB press release suggests that the strength of recent economic data has not changed policymakers’ assessment of the monetary policy outlook. Changes in interest rates early next year look... 18th December 2025 · 2 mins read
Europe Rapid Response Norges Bank Policy Announcement (December 2025) Today’s decision to leave the policy rate at 4.0% came as no surprise and the Bank’s messaging repeated that any further rate cuts will be very gradual. We are forecasting the next cut to come in... 18th December 2025 · 2 mins read
Europe Rapid Response Riksbank Policy Announcement (December 2025) While the Riksbank left its policy rate at 1.75% and its forward guidance unchanged today, the economic data have improved significantly over the past few months and have given us greater confidence... 18th December 2025 · 2 mins read
Europe Rapid Response Germany Ifo Survey (December 2025) The fall in the German Ifo in December chimes with the drop in the Composite PMI and suggests that the long-awaited recovery in the German economy still has not materialised, with the fiscal stimulus... 17th December 2025 · 2 mins read
Europe Rapid Response Euro-zone Flash PMIs (December 2025) December’s flash PMI was a little weaker than the reading in November but is still consistent with the economy expanding moderately in the fourth quarter while inflationary pressures remain too high... 16th December 2025 · 2 mins read
Europe Rapid Response Swiss National Bank Policy Meeting (December 2025) The SNB shrugged off lower-than-expected inflation in the fourth quarter and kept its policy rate at zero. However, we think it will be less relaxed next year, when we expect inflation to average just... 11th December 2025 · 2 mins read
Europe Rapid Response German Industrial Production (October) The rise in German industrial production in October was stronger than expected but it still left output close to a post-pandemic low. And though defence spending appears to be supporting production... 8th December 2025 · 2 mins read
Europe Rapid Response Swiss CPI (November) The fall in Swiss inflation to zero will raise significant concerns in the SNB as officials had expected it to rebound and average 0.4% in Q4. This makes it more likely that the SNB will cut into... 3rd December 2025 · 2 mins read
Europe Rapid Response Euro-zone HICP (November 2025) November’s inflation data will do nothing to alter ECB policymakers’ view that current monetary policy settings are appropriate. Next year, we think that headline and core inflation will fall below 2%... 2nd December 2025 · 2 mins read
Europe Rapid Response Germany, France, Italy & Spain HICP (November 2025) The national inflation data for November published today suggest that headline and core inflation in the euro-zone edged up. 28th November 2025 · 2 mins read
Europe Rapid Response Germany Ifo Survey (November 2025) The fall in the German Ifo in November chimes with the drop in the Composite PMI and suggests that the German economy remains weak, with the fiscal stimulus is not yet having a meaningful impact. We... 24th November 2025 · 2 mins read
Europe Rapid Response Euro-zone Flash PMIs (November 2025) November’s flash PMI for the euro-zone was little changed from the reading in October and suggests that the economy has continued to expand only slowly in the fourth quarter, while inflationary... 21st November 2025 · 2 mins read
Europe Rapid Response Swiss Flash GDP (Q3 2025) The 0.5% q/q fall in GDP in Q3 shows that US trade policies have been much more disruptive for Switzerland than was anticipated. But a deal agreed last Friday will reduce the tariff on Swiss exports... 17th November 2025 · 2 mins read
Europe Rapid Response EZ GDP (2nd est.) & Employment (Q3) Data released today confirm that economic growth in the euro-zone picked up in Q3 but remained fairly subdued and that the labour market is cooling. We expect growth to remain sluggish and the labour... 14th November 2025 · 2 mins read
