Nordic & Swiss Data Response Sweden Consumer Prices (Feb.) Swedish inflation came in weaker than expected in February, and we continue to expect the Riksbank to keep the repo rate on hold for the foreseeable future. 15th 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
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 Data Response Sweden Consumer Prices (Jan.) Swedish inflation rose sharply, as expected, in January and is set rise above the Riksbank’s 2% target in Q2. In any case, policymakers have signalled that they will look through any temporary breach... 18th February 2021 · 2 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 Economics Update Asset purchases set to divide opinions at the Riksbank This morning’s announcement that the Riksbank left its policy settings unchanged will have come as a surprise to no one. Policymakers are in no rush to raise the repo rate from zero, but there are... 10th February 2021 · 3 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
Nordic & Swiss Central Bank Watch Riksbank to keep its powder dry for now The Riksbank is highly likely to leave its repo rate and other policy settings on hold next Wednesday (10th February), but we expect it to beef up its asset purchase programme again before long. 3rd February 2021 · 5 mins read
Nordic & Swiss Data Response Sweden GDP Indicator (Q4) & Man. PMIs (Jan.) The strong set of January manufacturing PMIs from Switzerland and the Nordics indicates that industry continued to cushion the blow from virus restriction-driven declines in services activity at the... 1st February 2021 · 2 mins read
Nordic & Swiss Economics Weekly Swiss economy in for a tough few months This week's data support our view that the Swiss economic recovery has shifted into reverse this quarter. Meanwhile, next week’s data are likely to show that Sweden’s economy expanded relatively... 29th January 2021 · 5 mins read
Nordic & Swiss Data Response Sweden Economic Tendency Indicator (Jan.) The rise in Sweden’s Economic Tendency Indicator (ETI) in January was a welcome surprise and shows that the manufacturing sector remains in rude health. That said, retail is struggling, and with... 28th January 2021 · 2 mins read
Nordic & Swiss Economic Outlook At the front of the pack Having experienced some of the smallest falls in output in Europe in 2020, GDP in Switzerland and the Nordics is likely to rise back to pre-virus levels in H2 2021 – about a year ahead of the euro... 27th January 2021 · 13 mins read
Nordic & Swiss Economics Weekly Slow vaccine rollout key risk to the outlook In a quiet week for data, the Norges Bank left its key policy rate at a record low of zero, where we suspect it will stay until at least 2023. Meanwhile, we think the extension of some virus measures... 22nd January 2021 · 5 mins read
Nordic & Swiss Economics Weekly Rate cut more likely than not in Denmark Another week another set of data which add to the signs that Norway’s and Sweden’s economies ended Q4 on a decent note and outperformed even the best-performing major euro-zone economies in 2020... 15th January 2021 · 4 mins read
