Europe Economic Outlook Stagflation to drag on, rates near peak We expect the mild recession in the euro-zone to drag on for the rest of the year. The drop-back in energy prices will provide some relief for households and companies but will be partly offset by... 21st June 2023 · 32 mins read
Europe Economics Update Inflation falling but SNB set to hike rates further Policymakers are likely to raise the policy rate by 50bp to 2% next Thursday, despite inflation falling sharply this year. And SNB Chairman Thomas Jordan’s view that Switzerland’s neutral interest... 15th June 2023 · 4 mins read
Europe Data Response Switzerland CPI (May.) Another sharp fall in headline and core inflation in May brought Switzerland within touching distance of the 0-2% range the SNB equates with price stability. But with recent comments from Chairman... 5th June 2023 · 2 mins read
Europe Data Response Switzerland GDP (Q1) The rebound in the Swiss economy in Q1 was due to robust domestic private sector demand, which more than offset a weakening in net trade. However, we expect the economy to slow over the remainder of... 30th May 2023 · 2 mins read
Europe Economics Update Nordic labour markets remain tight The labour markets in Norway and Sweden remain very tight, in line with conditions in the euro-zone. This is likely to keep services inflation high over the coming months and encourage the Norges Bank... 26th May 2023 · 2 mins read
Europe Commercial Property Chart Pack Scandinavia & Switzerland: Yield surge cools As in the euro-zone, the rise in prime property yields in Scandinavia slowed sharply in Q1 after the surge in H2 2022. Along with decent gains in rents, where Oslo offices and industrial saw the... 26th May 2023 · 6 mins read
Nordic & Swiss Data Response Switzerland CPI (Apr.) Falling headline inflation in Switzerland will provide relief to consumers but does not change the picture for the SNB. Underlying price pressures remain near all-time highs, which will convince the... 5th May 2023 · 2 mins read
Nordic & Swiss Economics Weekly Riksbank’s dovish hike, Credit Suisse Q1 results Credit Suisse's Q1 results revealed the scale of the crisis that led to its demise, with CHF67bn of deposit outflows during the quarter. The quantum of SNB lending to Credit Suisse during the quarter... 28th April 2023 · 6 mins read
Nordic & Swiss Economics Weekly Krona versus Krone, Switzerland outperforming We expect the Norwegian krone and the Swedish Krone to appreciate against the euro this year. The krone looks significantly undervalued to us, whereas the krona is likely to benefit from the Riksbank... 21st April 2023 · 6 mins read
Nordic & Swiss Economic Outlook Tightening cycle not yet over The outlook for economic activity in the Nordics and Switzerland remains poor. GDP is already contracting sharply in Sweden and we think Norway and Switzerland will only narrowly avoid recessions... 14th April 2023 · 12 mins read
Nordic & Swiss Economics Weekly Credit Suisse post mortem, Norwegian stagflation Swiss lawmakers' vote against the Credit Suisse rescue package this week does not impact the bank's takeover by UBS or the associated government guarantees. However, it has highlighted the need for... 14th April 2023 · 4 mins read
Nordic & Swiss Data Response Inflation falls sharply, but interest rates set to rise further. March’s sharp fall in headline inflation in Switzerland will provide some relief for the SNB as the decrease was spread across a wide range of goods. However, underlying price pressures remain strong... 3rd April 2023 · 2 mins read
Nordic & Swiss Economics Weekly Lessons in liquidity from Credit Suisse Despite meeting its regulatory requirements, it took only a matter of days of stressed conditions for Credit Suisse to be forced into a takeover. A closer look at Credit Suisse's liquidity position... 31st March 2023 · 6 mins read
Nordic & Swiss Economics Weekly Keep calm and carry on hiking The UBS takeover of Credit Suisse may tighten lending conditions slightly due to reduced competition and potentially tighter regulation. But we don’t think there will be a significant impact on... 24th March 2023 · 5 mins read
Nordic & Swiss Economics Update SNB focuses on inflation and raises rates This morning’s 50bp interest rate hike by the Swiss National Bank (SNB), to 1.50%, was in line with expectations and shows that, like the ECB and Fed, Swiss policymakers have not been distracted from... 23rd March 2023 · 3 mins read
Nordic & Swiss Rapid Response Swiss National Bank Policy Meeting (March 2023) 23rd March 2023 · 2 mins read
