Non-Euro Europe Commercial Property Outlook Softness in bond markets pushes back yield rises Scandinavian property yields are now set to mark time in 2019 before rising from 2020, despite slowing rental growth. Copenhagen industrial is our top pick for the region. Total returns will be higher... 20th December 2018 · 1 min read
Nordic & Swiss Chart Pack Risks still lie to the downside As oil prices have fallen over the past few months, investors’ expectations for interest rates in Norway have fallen roughly into line with our own. Rate expectations in Switzerland have edged down... 18th December 2018 · 1 min read
Nordic & Swiss Economics Weekly SNB outdoves itself, Nordics more hawkish Central bank meetings in Norway and Iceland this week suggested that interest rate hikes are on the horizon in both economies. By contrast, the Swiss National Bank again signalled that it won’t raise... 14th December 2018 · 1 min read
Nordic & Swiss Economics Update Norges Bank to end tightening cycle next year In today’s statement, the Norges Bank clearly signalled that an interest rate hike in March is a near certainty. But beyond that, we think that lower oil prices will prompt the Bank to end its... 13th December 2018 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (Nov.) November’s unexpectedly-sharp rise in inflation in Norway is unlikely to change the Norges Bank’s mind about leaving policy unchanged at Thursday’s meeting. The Bank is likely to raise interest rates... 10th December 2018 · 1 min read
Nordic & Swiss Economics Weekly Swiss-EU tensions rise, Iceland’s economy stagnates Switzerland’s Federal Council has been debating this week on whether to align itself more closely with the EU, a decision with serious implications for the country’s status as an international... 7th December 2018 · 1 min read
Nordic & Swiss Central Bank Watch Riksbank and Norges Bank turning more dovish At next week’s monetary policy meeting, the Swiss National Bank is set to reiterate its ultra-dovish stance. Meanwhile, recent developments in Sweden and Norway suggest that policymakers in both... 7th December 2018 · 1 min read
Nordic & Swiss Data Response Manufacturing PMIs (Nov.) The increase in manufacturing PMIs for Switzerland, Sweden and Norway in November offers hope that the weakness of economic activity in Q3 was not the start of a deeper downturn. But since the surveys... 3rd December 2018 · 1 min read
Nordic & Swiss Economics Weekly Weak Q3 data bode ill for Switzerland and Sweden Data released this week which showed that Swiss GDP contracted in Q3 support our view that the SNB will keep interest rates on hold longer than investors currently expect. Meanwhile, other data showed... 30th November 2018 · 1 min read
Nordic & Swiss Economics Weekly Swedish housing risks won’t stop rate hikes The Riksbank’s Financial Stability Report highlighted the risks that higher interest rates would pose to the housing market and to households. But we continue to expect a first rate hike in December... 23rd November 2018 · 1 min read
Nordic & Swiss Economics Weekly Riksbank still on course for December hike October’s weaker-than expected inflation data, published this week, are unlikely to deter the Riksbank from raising interest rates in the coming months, with a December hike most likely in our view... 16th November 2018 · 1 min read
Nordic & Swiss Chart Pack Strength of Nordic activity surveys won’t last Economic growth in Switzerland, Sweden and Norway looks set to slow next year. In fact, survey evidence in Switzerland suggests that the economy has already shifted down a gear, with the KOF Economic... 15th November 2018 · 1 min read
Nordic & Swiss Economics Update Norway’s economy to slow in 2019 Norway’s economic slowdown in Q3 reflected temporary factors. But growth still looks set to weaken next year as oil prices fall. So we expect the krone to weaken and the equity market to underperform. 13th November 2018 · 1 min read
Nordic & Swiss Economics Weekly Central Bank of Iceland hikes, Riksbank to follow The Central Bank of Iceland this week raised interest rates slightly sooner than we had anticipated and we expect it to tighten policy further in the coming months. The Riksbank is also set to raise... 9th November 2018 · 1 min read
Non-Euro Europe Commercial Property Chart Pack Emerging European cycle still has further to go Office occupier demand was again strong this quarter, driving vacancy rates lower and rental values higher in a number of markets. The retail and industrial sectors saw only limited rental growth... 9th November 2018 · 1 min read
Nordic & Swiss Data Response Norwegian Consumer Prices (Oct.) October’s weaker-than-expected inflation data suggest that the Norges Bank will be in no hurry to raise interest rates again. We expect it to wait until next March before making its next move, and... 9th November 2018 · 1 min read
