Nordic & Swiss Economics Weekly Flodén leaves no room for ambiguity Riksbank policymaker Martin Flodén dialled up the hawkishness this week, arguing that monetary policy must respond to higher inflation. And with data due next week likely to show Swedish inflation in... 8th April 2022 · 6 mins read
Nordic & Swiss Economics Weekly Hold the press! SNB to join the hiking party this year The fact that we expect the ECB to hike interest rates sooner and faster than we previously anticipated shifts the goalposts for the SNB and, after a prolonged period of policy hibernation, brings... 1st April 2022 · 4 mins read
Non-Euro Europe Commercial Property Outlook Scandi & Swiss: Rising pressure on property yields Property demand in the Scandinavian and Swiss markets is expected to hold up this year, as they are more insulated from the negative impacts of the war in Ukraine on economic activity. However... 24th March 2022 · 18 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Less scope for yield falls There was a material improvement in the Scandinavian and Swiss property markets over 2021. Prime office and industrial capital value growth accelerated. And while prime retail values still declined... 21st February 2022 · 6 mins read
Nordic & Swiss Economics Weekly Ingves overrules logic and the hawkish mutineers The main takeaways from this week’s Riksbank announcement were that a) Governor Ingves is stubbornly dovish, and; b) three of the six members of the Executive Board advocate “QT” this year. Given that... 11th February 2022 · 5 mins read
Nordic & Swiss Economic Outlook Rate hikes showing on all policy radars The re-tightening of restrictions has overshadowed the start of the year in Switzerland and the Nordics, and our GDP growth forecasts for 2022 are about 0.5%-pts lower than the consensus. Nonetheless... 26th January 2022 · 12 mins read
Nordic & Swiss Economics Weekly Green bond germination in Denmark The fact that Denmark’s first “green” bond was nearly five-fold oversubscribed this week, and achieved a 5bp “greenium” over the corresponding conventional 10-year bond, illustrates the depth of... 21st January 2022 · 5 mins read
Europe Commercial Property Update Gradual flexible office recovery underway Having been hit hard in 2020, improving economic conditions supported flexible office take-up in 2021, albeit caution and consolidation limited the net increase in space. While we expect take-up to... 17th January 2022 · 3 mins read
Nordic & Swiss Economics Weekly Nationalbank getting stuck in ahead of likely rate cut Following the chunky DKK 47 billion intervention by Denmark’s Nationalbank in December to weaken the krone, we suspect that the bar for a rate cut has already been cleared comfortably. So while many... 7th January 2022 · 6 mins read
Europe Commercial Property Update Diagnosing the opportunity in European life sciences The pandemic-driven boost in scientific research and development will support demand in the European life science sector, at least for the next few years. This bodes well for several markets we... 20th December 2021 · 3 mins read
Nordic & Swiss Economics Weekly SNB to take ECB’s lead; Stoltenberg for NB? Having drawn flak from domestic banks for keeping interest rates well below zero since 2015, the SNB would surely take the chance to raise its policy rate at the earliest possibility after the ECB... 17th December 2021 · 5 mins read
Non-Euro Europe Commercial Property Chart Pack Scandinavia & Switzerland: Values to rise further The rebound in economic activity and robust investor demand paved the way for a continued improvement in Scandinavian and Swiss property markets in Q3. Office and industrial values rose further, as... 23rd November 2021 · 6 mins read
Nordic & Swiss Economics Weekly Déjà vu at the SNB; labour shortages reach Greenland The renewed rise in the Swiss franc has lifted it back to territory that will ring alarm bells at the SNB, and the usual release of sight deposit data on Monday morning will indicate whether the Bank... 5th November 2021 · 5 mins read
Nordic & Swiss Economic Outlook Well placed to navigate choppy waters As highly-open economies, Switzerland and the Nordics are far from immune to the issues of slowing global growth and supply-chain shortages that are currently vexing investors. Sweden is perhaps most... 20th October 2021 · 13 mins read
Nordic & Swiss Chart Pack Monetary policy divergences The Norges Bank’s tightening cycle began at the end of last month and we suspect that investors are underestimating the pace of rate hikes to come. By contrast, the Riskbank looks set to leave... 15th October 2021 · 5 mins read
Nordic & Swiss Economics Update Further Nationalbank rate cuts not out of the question While the announcement of a 10bp interest rate cut by Denmark’s Nationalbank this afternoon seemingly goes against the grain of the recent hawkish shifts by the US Fed and Bank of England, it is the... 30th September 2021 · 3 mins read
