Nordic & Swiss Chart Pack Rotation trade to resume and to drag the franc lower The partial unwinding in the reflation trade in recent weeks has stopped the decline in the Swiss franc in its tracks. Having depreciated against both the US dollar and the euro since the start of... 14th April 2021 · 5 mins read
Nordic & Swiss Economics Weekly Manufacturing to cushion blow from rising virus cases The spaghetti-tree hoax of 1957, which centred on a Swiss family harvesting spaghetti, is widely regarded as one of the most successful April Fools’ jokes, but Swiss manufacturers are far too busy at... 1st April 2021 · 5 mins read
Nordic & Swiss Data Response Switzerland CPI & Manufacturing PMIs (Mar.) Swiss inflation looks set to continue its upward trend over the coming months, but with temporary factors likely to fade in H2, and underlying price pressures likely to remain much weaker, this won’t... 1st April 2021 · 3 mins read
Nordic & Swiss Economics Weekly Denmark charts new course as the SNB steams ahead While lockdowns are being tightened and/or extended in much of mainland Europe, the attention in Denmark is shifting towards easing restrictions, which should allow activity there to rebound sooner... 26th March 2021 · 6 mins read
Nordic & Swiss Economics Update The good ship SNB set to maintain its course This morning’s decision by the Swiss National Bank to keep its policy settings unchanged came as no surprise. The prospect of further falls in the franc should allow the Bank to largely stay out of... 25th March 2021 · 3 mins read
Nordic & Swiss Central Bank Watch Weaker franc doesn’t change the picture for the SNB The Swiss National Bank will have cheered on the recent fall in the franc against the euro. However, policymakers are unlikely to offer up any surprises at the policy announcement next Thursday. 18th March 2021 · 4 mins read
Nordic & Swiss Data Response Switzerland CPI (Feb.) Swiss inflation surprised on the downside in February, but temporary forces look set to push it higher over the coming months. However, with underlying price pressures likely to remain much weaker... 3rd March 2021 · 2 mins read
Nordic & Swiss Economics Weekly Bond market jitters; SNB cracks open the champagne We suspect that Swedish and Swiss government bond yields will come down again before long given the strong relationship with Bunds and the prospect of the ECB stepping in. However, our hawkish view... 26th February 2021 · 5 mins read
Nordic & Swiss Data Response Switzerland GDP (Q4 2020) & KOF Barometer (Feb.) The 0.3% q/q expansion in Swiss GDP in Q4 was slightly better than expected and means that output was just 1.6% smaller than in Q4 2019. Tighter virus-related restrictions and a renewed slump in the... 26th February 2021 · 2 mins read
Nordic & Swiss Economics Update What to make of the weaker Swiss franc? The recent fall in the Swiss franc against the euro will be music to the SNB’s ears, and we think that there is plenty of scope for the currency to drift lower over the coming years. 24th February 2021 · 3 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Investor demand returning Office and industrial yields edged lower in Q4 as the recovery in Scandinavian investment took hold. However, the pandemic continued to weigh on occupiers, with retail rents declining further in most... 22nd February 2021 · 6 mins read
Nordic & Swiss Economics Weekly Norges Bank to hike first; look out for off-colour mink We now forecast the Norges Bank to be the first advanced central bank to begin raising interest rates, in the second half of this year. This will provide a further fillip to the NOK, which we expect... 19th February 2021 · 6 mins read
Nordic & Swiss Chart Pack Super-sized boosts to energy inflation on the way Higher oil prices will provide a boost to energy inflation in most countries over the coming months, including in Switzerland and the Nordics. In Sweden and Norway, the energy component will be... 12th February 2021 · 5 mins read
Nordic & Swiss Economics Weekly Divisions to test compromises at the Riksbank While the Riksbank presented a united front at its meeting this week, we suspect that differences in opinion amongst Board members on how to proceed with the asset purchase programme will become more... 12th February 2021 · 7 mins read
Nordic & Swiss Data Response Norway GDP (Q4 2020) & Swiss CPI (Jan. 2021) This larger-than-expected increase in Norwegian mainland GDP in Q4 confirms that Norway is faring much better than its European peers. Activity is likely to have weakened at the start of 2021, but... 12th February 2021 · 2 mins read
Nordic & Swiss Economics Weekly Swedish resilience, Swiss reluctance The latest data show that the Swedish economy is proving more resilient to virus containment measures than we had feared, giving the Riksbank some breathing room ahead of next week’s meeting. Having... 5th February 2021 · 7 mins read
