Nordic & Swiss Economics Update SNB hikes, but outlook blurred by market turmoil The Swiss National Bank (SNB)’s decision to hike rates adds to the evidence that the recent market turmoil does not preclude further policy tightening from central banks, especially when rates are... 13th September 2007 · 1 min read
Nordic & Swiss Economics Update Strong Swiss growth supports case for September hike The further strong gain in Swiss GDP in Q2 suggests that capacity pressures are continuing to build. This could keep the SNB in tightening mode, despite recent financial market turbulence and still... 4th September 2007 · 1 min read
Nordic & Swiss Economics Update Norges Bank signals business as usual Today’s decision by the Norges Bank to press ahead with the previously indicated rise in its key interest rate from 4.5% to 4.75% supports our view that central banks are unlikely to be deflected from... 15th August 2007 · 1 min read
Europe Economic Outlook Growth prospects still strengthening (Q3 07) The European economic upturn still appears to have considerable momentum. The one piece of the jigsaw still missing is a significant pick-up in activity in the consumer sector. With growing signs that... 6th August 2007 · 1 min read
Europe Economics Focus Measured fiscal leniency will boost French growth Recent moves towards granting France a little leniency around the EC’s strict fiscal rules suggest that the economy could receive a significant fiscal boost, over the next few years at least. We think... 1st August 2007 · 1 min read
Nordic & Swiss Economics Update Hawkish SNB points to further rate hikes to come Today’s decision by the Swiss National Bank (SNB) to raise the target mid-point for 3 month interbank interest rates (Libor) by 25bps to 2.5% came as no surprise – indeed, the 3 month Libor itself had... 14th June 2007 · 1 min read
Nordic & Swiss Economics Update Norges Bank will raise rates aggressively in H2 Today’s decision by the Norges Bank to hike Norwegian interest rates by 25bps to 4.25% leaves rates comfortably in line with the Bank’s own forecast published in March’s Monetary Policy Report... 30th May 2007 · 1 min read
Europe Economics Focus Can euro-zone consumers take the baton? If US consumers have been the driving force behind the world economy over the last decade or so, then European consumers might perhaps be described as a sleeping giant. But the giant could be about to... 22nd May 2007 · 1 min read
Europe Economics Focus Europe's demographic time bomb On the face of it, the impact of demographic change on the euro-zone economy could be pretty disastrous. But with higher immigration flows, an older retirement age, an increase in the employment rate... 11th May 2007 · 1 min read
Europe Economic Outlook Europe takes the baton (Q2 07) Europe looks set to take over from the US as the strongest-growing region of the developed West this year, driven by the continued strength of the euro-zone and, in particular, Germany. Although the... 30th April 2007 · 1 min read
Nordic & Swiss Economics Update Norges Bank won’t wait long to continue tightening Although the Norges Bank unexpectedly kept rates on hold at 4% today, we do not think that this represents a fundamental change in the outlook for Norwegian interest rates ahead. 25th April 2007 · 1 min read
Europe Economics Focus French election unlikely to end economic malaise There are hopes that the Presidential election will rid France of its tag as the new “sick man of Europe”. But while the leading candidate Nicholas Sarkozy has proposed measures to tackle the problems... 16th April 2007 · 1 min read
Nordic & Swiss Data Response SNB hints that tightening cycle is nearing peak Today’s decision by the Swiss National Bank (SNB) to raise the target mid-point for the 3 month Libor by 25bps to 2.25% was fully expected – indeed, the 3 month Libor itself had already reached 2.25%... 15th March 2007 · 1 min read
Nordic & Swiss Economics Update Norge Bank signals significant further tightenin The Norges Bank hiked interest rates today by 25bps to 4.0%, marking a fourth consecutive move and the ninth step in the tightening cycle which began in June 2005. This also keeps rates a step ahead... 15th March 2007 · 1 min read
Nordic & Swiss Economics Update Modest growth eases pressure on SNB to hike Data released earlier today showed Swiss GDP growth picking up only slightly in Q4, to 0.5% q/q from Q3’s disappointing 0.4%. The outturn was below the consensus forecast, which had been for arise of... 6th March 2007 · 1 min read
