Nordic & Swiss Economics Weekly Swiss recovery at risk of reversal A continued surge in virus cases has forced Swiss and Nordic governments to tighten restrictions this week and there is a risk that Switzerland follows in France and Germany’s footsteps and imposes a... 30th October 2020 · 6 mins read
Nordic & Swiss Economics Weekly From bad to worse in Switz; High noon in Sweden The surge in virus cases in Switzerland means that the government is all but certain to tighten restrictions, probably severely, next week. While the strong finish to Q3 provides a solid platform for... 23rd October 2020 · 5 mins read
Nordic & Swiss Economic Outlook Not immune, but comparatively resilient Having outperformed in H1, the Nordic economies are set for some of the smallest falls in output in Europe this year. Of course, the virus is the key uncertainty for the outlook, but it is encouraging... 20th October 2020 · 13 mins read
Nordic & Swiss Economics Weekly Surging virus cases cast a shadow over Switzerland The appreciation of the Swiss franc to a three-month high against the euro this week opens the door to renewed FX interventions by the SNB. However, if appetite for risk improves next year, as we... 16th October 2020 · 4 mins read
Nordic & Swiss Chart Pack Recoveries slowing, but Nordics are still well placed The slowdown in the pace of monthly GDP growth in Norway in August was driven in large part by a fall in consumer spending. The post-lockdown spending splurge on goods appears to have peaked before... 13th October 2020 · 5 mins read
Nordic & Swiss Economics Weekly Defiant SNB; slowing recoveries Comments this week by Thomas Jordan reiterated that the SNB is not fazed by Switzerland’s inclusion on the US Treasury’s monitoring list of potential currency manipulators, and that policymakers would... 9th October 2020 · 5 mins read
Nordic & Swiss Economics Weekly NOK to push for parity against SEK next year We think the combination of a recovery in risk appetite and an expected increase in oil prices will support the Norwegian krone in 2021, and that it will regain ground on its Swedish cousin. Data due... 2nd October 2020 · 5 mins read
Nordic & Swiss Data Response Switzerland CPI (Sep.), Manufacturing PMIs (Sep.) While Swiss inflation has risen since reaching a trough in June, it is likely to stay very weak in the near term. Meanwhile, the positive set of September manufacturing PMIs from Switzerland and... 1st October 2020 · 2 mins read
Non-Euro Europe Commercial Property Outlook Scandi & Swiss: Virus seals dominance of industrials Investment activity and rents have felt the impact of the virus, with the retail sector bearing the brunt. Indeed, after falling by around 2% this year, we think that Scandinavian retail rents will... 28th September 2020 · 18 mins read
Nordic & Swiss Economics Weekly Fighter jets, wolves, and immigration While Sunday’s vote on restricting freedom of movement between Switzerland and the EU seems unlikely to pass, it puts the strained relations between the Swiss government and the EU back in focus. Next... 25th September 2020 · 6 mins read
Nordic & Swiss Economics Weekly Policymakers to keep their powder dry next week The three scheduled policy meetings next week are unlikely to result in any changes to policy settings. However, we would not be surprised to see the Norges Bank bring forward the projected start-date... 18th September 2020 · 4 mins read
Nordic & Swiss Chart Pack Norway’s fading rebound a warning sign for others Given Norway’s decision to re-open its economy comparatively early, its post-lockdown experience has been watched closely for clues as to how other economies could expect to fare. The latest monthly... 11th September 2020 · 5 mins read
Nordic & Swiss Economics Weekly Norges Bank unlikely to tighten anytime soon While core inflation in Norway rose even further above the Norges Bank’s target in August, things will soon look very different as the inflationary impact of previous falls in the krone fades and goes... 11th September 2020 · 4 mins read
Nordic & Swiss Economics Weekly Riksbank shrugs off krona surge The Swedish krona has risen the most of any G10 currency against the US dollar this year, but its trade-weighted index is not particularly strong, so policymakers don’t seem to be losing much sleep... 4th September 2020 · 6 mins read
Nordic & Swiss Data Response Manufacturing PMIs (Aug.) The positive set of August manufacturing PMIs from Switzerland and the Nordics suggests that the recovery in industrial activity continued over the summer. While the fortunes of industry depend in... 1st September 2020 · 2 mins read
Nordic & Swiss Economics Weekly KOF hits decade-high; retail sugar-rush starting to fade The Swiss economy contracted by more than those in the Nordics in the first half of the year but appears to have rebounded strongly in the third quarter. Rising virus cases in the country are... 28th August 2020 · 5 mins read
