Nordic & Swiss Data Response Switzerland KOF Economic Barometer (Nov.) The decline in the KOF Economic Barometer in November adds to signs that the rebound in Swiss GDP shifted into reverse in Q4. However, given the government’s decision to resist a nationwide lockdown... 30th November 2020 · 2 mins read
Nordic & Swiss Economics Weekly Riksbank steps up as the SNB settles in The Riksbank justifiably felt the need to give the economy a shot in the arm at its meeting this week. But positive news on the vaccine front means that it should be able to avoid increasing the dose... 27th November 2020 · 7 mins read
Nordic & Swiss Economics Update Factoring in a vaccine to our forecasts Following the run of positive news on the vaccine front, we now expect Switzerland and the Nordic economies to regain pre-virus levels in late 2021. Nonetheless, policymakers will be in no rush to... 27th November 2020 · 3 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Value recovery to pause Economic and property data for Q3 confirmed Switzerland and Scandinavia’s relative resilience in this pandemic. In fact, Scandinavian capital value growth improved across all sectors on an annual... 24th November 2020 · 5 mins read
Nordic & Swiss Economics Weekly Minkgate fallout; Riksbank to expand QE next week The political wrangling in Denmark following the outbreak of COVID-19 in the country’s mink farms shifted up a gear this week and the economic damage from the lockdown in North Jutland is racking up... 20th November 2020 · 4 mins read
Nordic & Swiss Economics Weekly Mutation in mink; Swiss the first to blink The prospect of a vaccine offers hope of faster growth next year than we have factored into our current forecasts. However, clouds have darkened over Q4 and things will get worse before they get... 13th November 2020 · 5 mins read
Nordic & Swiss Economics Weekly Rebounds set to falter; SNB navigating sub-zero life With further easing by the ECB set to arrive next month, or even sooner, we expect FX interventions to remain Swiss policymakers’ first line of defence. Next week, GDP data from Norway will confirm... 6th November 2020 · 7 mins read
Nordic & Swiss Data Response Switzerland CPI (Oct.) The absence of price pressures in Switzerland will remain a headache for the SNB over the coming years. And with the ECB set to loosen policy again next month, Swiss policymakers’ focus will remain... 3rd November 2020 · 2 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Oct.) The positive set of manufacturing PMIs for October suggest that the industrial rebound gathered momentum at the beginning of Q4. However, this is of little comfort given the imposition of new... 2nd November 2020 · 2 mins read
Nordic & Swiss Economics Weekly Swiss recovery at risk of reversal A continued surge in virus cases has forced Swiss and Nordic governments to tighten restrictions this week and there is a risk that Switzerland follows in France and Germany’s footsteps and imposes a... 30th October 2020 · 6 mins read
Nordic & Swiss Economics Weekly From bad to worse in Switz; High noon in Sweden The surge in virus cases in Switzerland means that the government is all but certain to tighten restrictions, probably severely, next week. While the strong finish to Q3 provides a solid platform for... 23rd October 2020 · 5 mins read
Nordic & Swiss Economics Update SNB focused on how, rather than if, ECB loosens again We think that Swiss policymakers would be prepared to match any small interest rate cut by the ECB, albeit reluctantly. However, if policymakers in the euro-zone opt to ease policy in other ways, as... 22nd October 2020 · 3 mins read
Nordic & Swiss Economic Outlook Not immune, but comparatively resilient Having outperformed in H1, the Nordic economies are set for some of the smallest falls in output in Europe this year. Of course, the virus is the key uncertainty for the outlook, but it is encouraging... 20th October 2020 · 13 mins read
Nordic & Swiss Economics Weekly Surging virus cases cast a shadow over Switzerland The appreciation of the Swiss franc to a three-month high against the euro this week opens the door to renewed FX interventions by the SNB. However, if appetite for risk improves next year, as we... 16th October 2020 · 4 mins read
Nordic & Swiss Chart Pack Recoveries slowing, but Nordics are still well placed The slowdown in the pace of monthly GDP growth in Norway in August was driven in large part by a fall in consumer spending. The post-lockdown spending splurge on goods appears to have peaked before... 13th October 2020 · 5 mins read
Nordic & Swiss Economics Weekly Defiant SNB; slowing recoveries Comments this week by Thomas Jordan reiterated that the SNB is not fazed by Switzerland’s inclusion on the US Treasury’s monitoring list of potential currency manipulators, and that policymakers would... 9th October 2020 · 5 mins read
