Nordic & Swiss Economics Weekly Riksbank leaves door ajar for rate hike reversal Having resumed its interventions to weaken the Swiss franc after the recent flare-up in geopolitical tensions, we think that it will only be a matter of time before a rate cut comes back on the agenda... 10th January 2020 · 5 mins read
Nordic & Swiss Data Response Switzerland CPI & Sweden Services PMI (Dec.) Having seen inflation fall into negative territory in the previous two months, the increase in Swiss CPI back into positive territory in December will be welcomed by policymakers. Nonetheless, with... 7th January 2020 · 2 mins read
Nordic & Swiss Economics Update What to watch for in 2020 Our big calls for 2020 are that economic growth and inflation will generally be weaker than the consensus expects, and that rates cuts are on the cards in Switzerland and Sweden. 23rd December 2019 · 6 mins read
Nordic & Swiss Economics Update Riksbank set to reverse course next year While today’s decision by the Riksbank to raise the repo rate back to zero was never really in doubt, the fact that two of the Deputy Governors opposed the move lends support to our non-consensus view... 19th December 2019 · 3 mins read
Nordic & Swiss Economics Weekly NOK and SEK diverge; Riksbank to hike back to zero The weak Regional Network Survey triggered a sell-off in the Norwegian krone on Tuesday, but it has since made up all the ground that it lost, and more. We are comfortable with our forecast for it to... 13th December 2019 · 4 mins read
Nordic & Swiss Data Response Swedish Consumer Prices (Nov.) The pick-up in Swedish inflation in November means that a rate hike by the Riksbank next week is all but guaranteed. But with surveys continuing to show that the economy is struggling, and core... 11th December 2019 · 2 mins read
Nordic & Swiss Economics Weekly Weak Swedish data; SNB to maintain the status quo The latest run of weak data from Sweden is unlikely to sway the Riksbank from hiking on the 19 th December, but only reaffirms our view that the Bank will have to loosen policy next year. We think... 6th December 2019 · 6 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Nov.) The falls in the Swiss and Swedish manufacturing PMIs in November dash any hopes that the manufacturing sectors have gathered momentum in Q4. With the manufacturing recession in Germany set to rumble... 2nd December 2019 · 2 mins read
Nordic & Swiss Economics Weekly Q3 GDP data are not a sign of things to come While Q3 GDP data from Switzerland and Sweden, released this week, were stronger than what we had pencilled in, they do not change our views on the outlooks for monetary policy in either case. We... 29th November 2019 · 5 mins read
Global Markets Update Swiss & Swedish govt. bond yields likely to drop back We doubt that the global pick-up in government bond yields will resume anytime soon, so domestic monetary policy is likely to be the key driver of bonds in Switzerland and the Nordics. With that in... 25th November 2019 · 3 mins read
Nordic & Swiss Economics Update Swiss & Swedish govt. bond yields likely to drop back We doubt that the global pick-up in government bond yields will resume anytime soon, so domestic monetary policy is likely to be the key driver of bonds in Switzerland and the Nordics. With that in... 25th November 2019 · 3 mins read
Nordic & Swiss Economics Update Riksbank preparing for life after physical cash While the Riksbank’s plans for an official digital currency are still in the early stages, we think it is more likely than not that it will launch the e-krona by the mid-2020s. Moreover, we suspect... 20th November 2019 · 7 mins read
Nordic & Swiss Economics Update Swishing in Stockholm We have just returned from two days of client meetings in Stockholm from which the key takeaway is that we are not alone in being puzzled by the Riksbank’s stance. Policymakers seem determined to... 14th November 2019 · 4 mins read
Nordic & Swiss Data Response Swedish Consumer Prices (Oct.) Despite October’s increase in CPIF inflation, underlying inflation in Sweden remains below target and serves as proof that the economy is not ready for the Riksbank’s planned rate hike in December... 13th November 2019 · 2 mins read
Global Markets Update Riksbank hike wouldn’t do much for embattled krona The Riksbank appears determined to raise interest rates into an economic slowdown. While higher policy rates may provide some support for the Swedish krona, we still think that it will continue to... 1st November 2019 · 3 mins read
Nordic & Swiss Economics Update Riksbank hike wouldn’t do much for embattled krona The Riksbank appears determined to raise interest rates into an economic slowdown. While higher policy rates may provide some support for the Swedish krona, we still think that it will continue to... 1st November 2019 · 3 mins read
