Nordic & Swiss Economics Update Stronger data to delay Norges Bank rate cut Recent Norwegian economic data suggest that a September rate cut is less likely than we had previously thought. But we still think the Norges Bank will cut its key policy rate, currently at 1.5%, by... 19th August 2014 · 1 min read
Nordic & Swiss Economics Update Sanctions on Russia a further blow to Finnish economy Finland’s close economic ties with neighbouring Russia mean that the EU’s stiffer sanctions on Russia announced yesterday are likely to deal another blow to the Finnish economy. Even if the direct... 30th July 2014 · 1 min read
Nordic & Swiss Economics Update Norway set for several bouts of monetary loosening The Swedish Riksbank’s interest rate cut last week will put pressure on the Norges Bank to follow suit. We expect the Bank to cut its policy rate by the end of the year. And as spending in the energy... 8th July 2014 · 1 min read
Nordic & Swiss Economics Update Swedish Riksbank takes steps to tackle deflation Sweden’s central bank today cut its main policy rate by a bigger-than-expected 50bp to 0.25% and pushed back the date at which it first expects to raise rates until the end of 2015 in order to fight... 3rd July 2014 · 1 min read
Nordic & Swiss Economics Update SNB on hold for now, but further action will be needed The Swiss National Bank (SNB) today maintained its strongly supportive policy stance, pledging to enforce the ceiling on the Swiss franc with “the utmost determination”. We think that the SNB will... 19th June 2014 · 1 min read
Nordic & Swiss Economics Update Norges Bank opening its eyes to weakening economy As we expected given signs of a slowdown in the energy sector, the Norges Bank pushed back its first projected rate hike until 2016. Although the krone weakened on the news, the economic slowdown may... 19th June 2014 · 1 min read
Nordic & Swiss Economics Update Finland struggling to re-orientate its economy Finland has gone from being one of the euro-zone’s strongest performers pre-crisis to one of the worst, following the demise of its key industries. Reforms to boost growth will take time and effort... 12th June 2014 · 1 min read
Nordic & Swiss Economics Update Sedlabanki on hold, but rates to rise later this year Iceland’s central bank kept interest rates unchanged at 6% at its meeting today, despite raising its medium-term forecasts for GDP growth. We continue to think that the Sedlabanki will have to raise... 21st May 2014 · 1 min read
Nordic & Swiss Economics Update Dismal Q1 suggests Finland will stagnate at best in 2014 The 0.4% fall in Finland’s trend output indicator over Q1 is a clear indication that the country is struggling to exit recession. We expect the Finnish economy to stagnate this year, undermining... 19th May 2014 · 1 min read
Nordic & Swiss Economics Update Growth slowdown to delay rate hikes in Norway until 2016 The Norges Bank left its monetary policy stance unchanged today and we continue to think that a slowdown in the economy will prevent the Bank hiking until 2016. 8th May 2014 · 1 min read
Nordic & Swiss Economics Update Deflation to trump Riksbank’s household debt concerns The Riksbank’s report on household indebtedness underscores the magnitude of the problem and the need for it to be addressed. But we continue to think that the Bank will cut interest rates as... 7th May 2014 · 1 min read
Nordic & Swiss Economics Update Labour market still a constraint on Finland’s recovery The prolonged deterioration in Finland’s labour market may finally be coming to an end, according to data published earlier this week. But we suspect that employment will pick up very slowly at best. 25th April 2014 · 1 min read
Nordic & Swiss Economics Update Riksbank signals greater chance of a rate cut The Swedish Riksbank pushed back the date at which it expects to start raising interest rates and signalled that the probability of a rate cut in the near term has grown. We continue to think that low... 9th April 2014 · 1 min read
Nordic & Swiss Economics Update Norwegian interest rates may be on hold until 2016 Although the Norges Bank left its monetary policy stance unchanged today, the Bank may yet need to push back its first projected interest rate hike from mid-2015 to 2016. 27th March 2014 · 1 min read
Nordic & Swiss Economics Update Danish central bank unlikely to tolerate further krone falls The fall in the Danish krone to its weakest level against the euro since early 2006 has increased speculation that Denmark’s central bank will have to respond to maintain the krone’s peg. We agree... 24th March 2014 · 1 min read
Nordic & Swiss Economics Update SNB’s battle with deflation goes on The combination of a sluggish economic recovery, very low inflation and a still strong currency will keep the Swiss National Bank (SNB) in very accommodative mode for the foreseeable future. 20th March 2014 · 1 min read
