Nordic & Swiss Economics Weekly Is franc strength still a worry? While Swiss politicians have long railed against the strength of the franc, Finance Minister Ueli Maurer appeared to throw in the towel this week. But we doubt that exporters, which fared very well in... 20th July 2018 · 1 min read
Nordic & Swiss Economic Outlook SNB lagging behind in the monetary tightening cycle Economic growth in Switzerland and across the Nordics looks set to remain pretty strong over the coming years. But inflationary pressures vary significantly between countries. We think that central... 20th July 2018 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (Jun.) & Riksbank Minutes June’s rise in Swedish CPIF inflation entirely reflected higher energy inflation. But with domestic price pressures building, and the latest minutes showing that Riksbank officials are increasingly... 12th July 2018 · 1 min read
Nordic & Swiss Economics Weekly Riksbank hawkish, Norwegian housing recovering The main event this week was the Riksbank meeting , at which the Bank reiterated that it expected to raise interest rates in December. And data released since the meeting support the case for the... 6th July 2018 · 1 min read
Nordic & Swiss Data Response Swiss CPI (Jun.) & Swedish Production (May) June’s rise in Swiss inflation was driven by faster imported inflation, which we doubt will last. Domestic price pressures remain subdued, so we expect the SNB to leave interest rates unchanged until... 5th July 2018 · 1 min read
Nordic & Swiss Economics Update Tighter monetary policy on the way in Sweden The Riksbank looks very likely to raise interest rates in December. We think that the Bank will then raise interest rates more quickly in 2019 and 2020 than investors expect, causing the krona to... 3rd July 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Jun.) Switzerland’s manufacturing PMI survey for June suggested that the economy is growing strongly, but inflationary pressures are weak. By contrast, Sweden’s survey implies that growth will slow, but... 2nd July 2018 · 1 min read
Nordic & Swiss Economics Weekly Swiss-EU talks at risk, Riksbank to signal Q4 rate rise The Swiss Government this week made no progress towards reaching a deal with Brussels that would see Switzerland retain its unrestricted access to the Single Market. With the anti-immigrant SVP party... 29th June 2018 · 1 min read
Nordic & Swiss Economics Weekly SNB dovish, Norges Bank hawkish, Sweden ETI strong This week’s quarterly policy statement from the Swiss National Bank strengthened our view that tighter monetary policy in Switzerland is a long way off. By contrast, higher interest rates are imminent... 22nd June 2018 · 1 min read
Nordic & Swiss Chart Pack Strong start to the year likely to be sustained In contrast to the euro-zone and UK, the Swiss and Nordic economies grew fairly quickly in Q1. Finland was the top performer, with GDP rising by 1.2% on the quarter. Iceland was hot on its heels... 19th June 2018 · 1 min read
Nordic & Swiss Data Response Swedish Consumer Prices (May) May’s rise in Swedish CPIF inflation primarily reflected stronger energy and food inflation. But with domestic inflationary pressure building, we continue to think the Riksbank will raise rates in... 14th June 2018 · 1 min read
Nordic & Swiss Economics Update Is Italy a worry for Switzerland and the Nordics? Political turmoil in Italy has rocked Swiss and Nordic financial markets over the past few weeks, but the economic fallout is likely to remain limited. That said, if the situation in Italy worsens... 5th June 2018 · 1 min read
Nordic & Swiss Data Response Swedish Private Production (Apr.) April’s rise in private sector production suggests that Sweden’s economy got off to a decent start to Q2. While the construction sector is likely to remain weak, overall we expect the economy to... 5th June 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (May) May’s manufacturing PMIs suggest that the Swiss and Norwegian economies continued to perform well in Q2 after decent starts to the year. Sweden’s PMI was yet again quite weak, but other survey... 1st June 2018 · 1 min read
Nordic & Swiss Data Response Swedish GDP (Q1) & Swiss KOF The Swedish economy made a strong start to 2018 and the outlook is positive. Healthy growth is set to drive wage growth gradually higher, prompting the Riksbank to raise interest rates at the end of... 30th May 2018 · 1 min read
Nordic & Swiss Economics Update Will Swedish wage growth ever pick up? We expect wage growth in Sweden to pick up to around 3% by the end of the year. This should be enough for the Riksbank to start raising interest rates in December. 23rd May 2018 · 1 min read
