Nordic & Swiss Economic Outlook Comparatively well placed to weather the carnage Low levels of government debt mean that Switzerland and the Nordic economies are comparatively well placed to withstand the acute stresses being placed on the public finances – particularly compared... 21st April 2020 · 16 mins read
Nordic & Swiss Economics Weekly The gradual process of reopening begins While activity in the Swiss economy has fallen off a cliff, the stereotypical efficiency with which loans have been channelled to businesses means that the country is well placed to recover. Next week... 17th April 2020 · 4 mins read
Nordic & Swiss Economics Weekly The Ides of March do it again The ramp-up in containment measures in mid-March dealt a huge blow to the Norwegian economy. While restrictions will start to be lifted slowly later this month, we think that it is increasingly likely... 9th April 2020 · 5 mins read
Nordic & Swiss Chart Pack Scale of the economic carnage is becoming apparent The scale of the economic damage in Switzerland and the Nordics following the imposition of draconian virus-related containment measures is becoming all too apparent. Business surveys have plunged... 8th April 2020 · 5 mins read
Nordic & Swiss Economics Update Carnage in the Swiss labour market The fact that almost one-third of the Swiss workforce has reportedly applied for short-time work is a sobering illustration of the scale of the virus-related economic disruption. While the headline... 7th April 2020 · 2 mins read
Nordic & Swiss Data Response Switzerland CPI (Mar.) Having fallen further into negative territory in March, Swiss inflation is likely to remain below zero for the rest of 2020. This will strengthen policymakers’ resolve to prevent the franc from rising... 2nd April 2020 · 2 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Mar.) The eye-watering declines in the manufacturing PMIs for March from Switzerland and the Nordics simply confirm that economic activity has dropped off a cliff following the introduction of containment... 1st April 2020 · 2 mins read
Nordic & Swiss Economics Update SNB may be forced to live with a stronger franc While the SNB clearly favours using FX interventions to weaken the franc at present, persistent concerns about the size of its balance sheet would make it reticent to step in on an ever-greater scale... 30th March 2020 · 4 mins read
Nordic & Swiss Data Response Swiss KOF Economic Barometer (Mar.) While the Swiss KOF Economic Barometer registered its biggest monthly decline in five years in March, the fact that many of the responses to the survey component of the indicator predated the... 30th March 2020 · 2 mins read
Non-Euro Europe Commercial Property Outlook Scandi & Swiss: COVID-19 to drive a plunge in values Given the uncertainty surrounding the impact of COVID-19 on the economy, the hit to real estate markets is still uncertain. The drop in economic output expected in the first half of this year, along... 27th March 2020 · 19 mins read
Nordic & Swiss Economics Weekly SNB puts its moral hazard worries to the side The virus-related hit to activity appears to be even deeper than the 15% q/q declines in GDP that we tentatively pencilled in a few weeks ago. Data released next week are likely to show that Swiss CPI... 27th March 2020 · 6 mins read
Nordic & Swiss Economics Weekly NOK carnage; Danish rate hike! The Norwegian krone has endured an extraordinary week and will be vulnerable to further falls until market sentiment improves. Nonetheless, if our forecast for oil prices to start to rise later this... 20th March 2020 · 4 mins read
Nordic & Swiss Economics Update SNB does what it can with its little ammunition left While the Swiss National Bank left its key policy rate on hold at -0.75% this morning, it made all the right noises by making its exemptions to the banking sector from negative interest rates even... 19th March 2020 · 3 mins read
Nordic & Swiss Economics Weekly Taking stock of the policy responses so far Following the raft of policy measures by Nordic central banks this week, the focus next week will be on what the SNB has up its sleeve. We have pencilled in a cut in the policy rate, to -1.00%. Other... 13th March 2020 · 4 mins read
Nordic & Swiss Chart Pack Policy response to COVID-19 ramping up The policy landscape has changed dramatically over recent weeks and is shifting by the hour. Amid a raft of announcements in recent days, Denmark has grasped the nettle by closing schools and... 12th March 2020 · 4 mins read
Nordic & Swiss Economics Update How big a threat is COVID-19 to Swiss insurers? As it stands, we think that the direct impact of the coronavirus on the Swiss insurance industry is likely to be manageable. However, the indirect impact from lower-for-longer bond yields will only... 10th March 2020 · 4 mins read
