Nordic & Swiss Data Response Manufacturing PMIs (Jun.) The Swiss manufacturing PMI for June shows that conditions in the industrial sector have worsened going into H2, while the indicator from Sweden suggests that the economy contracted in the second... 1st July 2019 · 2 mins read
Nordic & Swiss Economics Weekly Swiss-EU spat boils over; Riksbank to lower rate path The dispute between Switzerland and the EU has shifted up a gear but is unlikely to prevent the Swiss franc from rising further this year. Meanwhile, although the Riksbank looks certain to leave its... 28th June 2019 · 5 mins read
Nordic & Swiss Economics Update Central Bank of Iceland to cut further this year Following this morning’s decision by the Central Bank of Iceland (CBI) to cut its key interest rate by 25bps, we now think that further cuts are in the pipeline. However, to the extent that a rumoured... 26th June 2019 · 3 mins read
Nordic & Swiss Chart Pack GDP growth set to slow in Q2 Q1 GDP data for Switzerland and the Nordic economies were a mixed big and proved the adage that the devil is in the detail. Switzerland and Sweden both posted the same headline growth rate (0.6% q/q)... 12th June 2019 · 1 min read
Europe Economics Update Eight quick points about the European elections Projections of the results of the European elections confirm that pro-European parties will continue to have a clear majority in the European Parliament (EP) itself, so little will change at EU level... 27th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Swiss franc set to keep on rising The Swiss franc has strengthened in recent weeks, and we think that this trend will continue over the rest of the year. By contrast, despite the Swedish central bank’s concerns about the krona’s... 24th May 2019 · 1 min read
Nordic & Swiss Economics Update Further rate cuts in Iceland unlikely The Central Bank of Iceland’s decision to cut interest rates by 50bp to 4.00% came as a surprise. While it was prompted by a deterioration in the economic outlook, inflation expectations remain high... 22nd May 2019 · 1 min read
Nordic & Swiss Chart Pack SEK sell-off and bond market rally have further to run The recent sell-off in the Swedish krona to decade lows against the euro has been driven by a combination of a flare-up in global trade tensions and a dovish shift in the Riksbank’s policy stance. We... 20th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Norwegian economy takes a breather We suspect that the weather-related weak patch in Norwegian activity in Q1 will prove temporary. Meanwhile, following the recent flare-up in trade tensions and the Swedish Riksbank’s dovish shift, we... 17th May 2019 · 1 min read
Nordic & Swiss Central Bank Watch Norges Bank going it alone, SNB and Riksbank on hold We expect policymakers in Norway, Switzerland, Iceland, and Sweden to all leave interest rates unchanged at their next policy meetings over the coming weeks and months. In the case of the Norges Bank... 8th May 2019 · 1 min read
Nordic & Swiss Economics Weekly Sub-50 Swiss PMI, lower oil prices weigh on NOK As we expected, the KOF Economic Barometer from Switzerland edged down in April and remained consistent with Swiss GDP growth staying subdued in quarterly terms this year. The sub-50 reading for the... 3rd May 2019 · 1 min read
Nordic & Swiss Economics Weekly Mixed messages from the Riksbank The dovish shift in the Riksbank’s policy stance this week was a step in the right direction, but we still think that policymakers and investors are overestimating the potential for interest rate... 26th April 2019 · 1 min read
Nordic & Swiss Economic Outlook In the shadow of the euro-zone Weak growth in the euro-zone overshadows near-term prospects in Switzerland and the Nordics. We expect activity to slow in most countries this year and to stay sluggish in 2020. As a result, price... 18th April 2019 · 1 min read
Nordic & Swiss Economics Weekly Stagnation in Sweden, Norges Bank hawkish Private sector production data for February, released this week, added to the evidence from other indicators that Swedish economic growth slowed sharply at the start of 2019. We think that the Rikbank... 12th April 2019 · 1 min read
Nordic & Swiss Chart Pack Signs of stagnation across Scandinavia The latest indicators have added to the evidence that economic growth in much of Scandinavia slowed at the start of 2019. Indeed, after strong finishes to 2018, surveys suggest that GDP in Sweden... 10th April 2019 · 1 min read
Nordic & Swiss Economics Weekly Manufacturing woes spreading to Switzerland The sharp drop in the manufacturing PMI in Switzerland in March provides the clearest sign yet that the woes in euro-zone industry have spread over the border. Meanwhile, the manufacturing and... 5th April 2019 · 1 min read
