Economic Research

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UK: Unchanged policy stance. Minutes somewhat softer than expected (14. January 2016) Sweden: Low inflation decreases the tolerance for SEK strengthening (14. January 2016) Macro – UK: Undramatic rate meeting (10 December 2015) Macro – Denmark: Government seems too optimistic despite downward revision (10 December 2015) Macro – Sweden: Lower than expected CPI suggests more Riksbank easing is not off the table (10 December 2015) Macro – Sweden: Imminent risks in the housing market (7 December 2015) Macro – Sweden: Record high immigration brings challenges (4 December 2015) Macro – Sweden: Households turn more cautious (25 November 2015) Macro – Global update: Challenges await in 2016 (16 November 2015) Sweden: Expectations of deteriorated public finances lift yields (13 November 2015) Sweden: October CPI preview (9 November 2015) Macro – Denmark: Currency reserves put off interest rate hike until 2016 (4 November 2015) Norway: Norges Bank preview (2 November 2015) Sweden: Unexpectedly small upward revision of borrowing requirements (28 October 2015) Sweden: The Riksbank expands it purchases by another SEK 65bn (28 October 2015) Riksbank preview: Steady rates, but prolonged QE programme (26 October 2015) ECB: We now expect further easing (23 October 2015) Denmark: Soft rhetoric from the ECB postpones Danish rate hike to spring 2016 (23 October 2015) UK: Bank of England is in no hurry to lift rates (8 October 2015) Norway: Another expansionary budget (7 October 2015) Denmark: Slowdown in currency outflows delays rate hike (5 October 2015) USA: Only small step from Federal Reserve this year (5 October 2015) Sweden: Mixed news on production (5 October 2015) Denmark: Six months of declining currency reserves (2 October 2015) Norway: Unemployment is rising, but at a fairly slow pace (2 October 2015) Denmark: House prices drop for second month in a row (30 September 2015) Denmark: Tight budget stretched to the limit (30 September 2015) Sweden: Weak retail sales no reason for concern (28 September 2015) Denmark: Large budget deficit despite recovery (25 September 2015) Norway: Norges Bank preview (22 September 2015) Sweden: A broadly neutral budget (21 September 2015) Sweden: A more relaxed Riksbank (16 September 2015) Sweden: GDP growth surged in Q2 (11 September 2015) Denmark: Inflation down in August (10 September 2015) Norway: High inflation clouds the outlook ahead of the 24 September rate meeting (10 September 2015) Sweden: August inflation was broadly in line with expectations (10 September 2015) Denmark: Fall in oil prices shocks upswing (8 September 2015) FX focus: EUR/SEK (4 September 2015) Sweden: Another disappointment from industrial production (4 September 2015) Sweden: The Riksbank stays on hold despite worsened inflation outlook (3 September 2015) Denmark: Upswing losing momentum (31 August 2015) Sweden: The Riksbank will go deeper into negative (31 August 2015) Norway: Labour market weakening continues (28 August 2015) FX: NOK/SEK reflections and recommendations (28 August 2015) Sweden: Poor weather boosted retail sales in July (28 August 2015) Denmark: Reduction of current-account limits and resumption of government bond issuance (27 August 2015) Sweden: Broad-based improvement in sentiment (26 August 2015) Norway: Q3 petroleum survey more resilient than feared (25 August 2015) Denmark: Upward revision of deficit not alarming (24 August 2015) Denmark: Interest rate rise puts damper on Danish sentiment (21 August 2015) Norway: Growth is slowing (20 August 2015) Sweden: Surprising decline of unemployment – but details are less impressive Sweden: High inflation increases uncertainty around 3 September rate meeting (13 August 2015) Norway: Inflation turned lower in July (10 August 2015) Denmark: Inflation unchanged in July (10 August 2015) Sweden: Industrial data continue to signal moderate improvement (10 August 2015) Denmark: Largest leap in housing prices since mid-2000s Fall in currency reserves lower than expected Denmark: Upswing feeding through to labour market (30 July 2015) Denmark: Largest rise in home loans since 2010 (30 July 2015) Sweden: Very strong growth in Q2 (30 July 2015) Denmark: Bank deposit surplus continues to rise (30 July 2015) Denmark: Inflation rises – but only slowly (10 July 2015) Denmark: Greek crisis will not cause renewed speculative attack on DKK (9 July 2015) Denmark: Decline in forced sales long in coming (6 July 2015) Denmark: Currency reserves not affected by Greek crisis (2 July 2015) Denmark: Unchanged house prices in April – flat prices continue their rise (1 July 2015) Denmark: Danes' net wealth was never greater (30 June 2015) Denmark: Confirmed – recovery headed in the right direction (30 June 2015) Denmark: Unemployment at lowest level in six years (30 June 2015) Denmark: Business confidence largely unchanged in June (29 June 2015) Sweden: The Riksbank to stay put on 2 July (26 June 2015) Denmark: New public budget deficit (25 June 2015) FX focus: EUR/SEK (19. juni 2015) Norway: Rate path suggests 70% probability of another rate cut this year (18 June 2015) Sweden: Sentiment edges lower but still indicates robust GDP growth (17 June 2015) Danes' net worth all-time high – but majority of funds tied up (16 June 2015) Norway: Norges Bank to deliver a 25bp rate cut on Thursday (16 June 2015) Norway: Tougher regulations and slowing economy to cool off the housing market (15 June 2015) Sweden: Unemployment stable, but employment growth accelerates (15 June 2015) Norway: Q2 survey suggests petroleum investments will be flat in 2016 (12 June 2015) Sweden: May inflation clearly reduces probability of more monetary policy easing (11 June 2015) Denmark - Inflation rises – but only slowly (10 June 2015) Norway - May inflation does not change call of rate cut next week (10 June 2015) Sweden - Industrial data give reasons for cautious optimism (10 June 2015) Exports started 2015 with flying colours despite decline in April (9 June 2015) Denmark: Recovery still not reflected in forced sales or bankruptcies (4 June 2015) Denmark: Housing prices up in March for the third month running (3 June 2015) Denmark: Currency reserve is diving – but rate hike has moved further into the future (2 June 2015) Denmark: Popularity of interest-only loans has dropped to 2010 level (2 June 2015) Denmark: Recovery takes root in Danish economy (29 May 2015) Sweden: Q1 GDP broadly in line with expectations (29 May 2015) Norway: Labour market weakening continues (28 May 2015) Denmark: Off to the races (27 May 2015) Sweden: NIER survey indicates solid growth (27 may 2015) Germany: Ifo continues to signal robust growth (22 May 2015) Euro area: PMI disappoints somewhat, but broad-based recovery is still on track (21 May 2015) Norway: Robust headline GDP, but details paint weaker picture (20 May 2015) Sweden: Labour market remains robust (20 May 2015) Sweden: CPI declines below zero (12 May 2015) Denmark: Inflation largely unchanged in April (11 May 2015) Norway: Waning domestic inflation pressure (11 May 2015) Sweden: April CPI preview (8 May 2015) Denmark: Danmarks Nationalbank to hike interest rates in May (7 May 2015) Norway: Cut in June is still on the table following today's steady rate decision (7 May 2015) Denmark: Forced sales stabilised around 300 a month (7 May 2015) Denmark: Danmarks Nationalbank reduced currency reserves in April (5 May 2015) Norway: Norges Bank preview (4. maj 2015) Norway: Regional network survey suggests continued moderate slowdown (4. maj 2015) Denmark: New data indicate currency reserve decline of just over DKK 30bn in April (30 April 2015) Norway: Unemployment continues to trend higher (30 April 2015) Denmark: Significant housing price rise again in February (29 April 2015) Sweden: Unhanged rates, but aggressive QE purchases (29 April 2015) Sweden: Weaker confidence no reason for concern (28 April 2015) Sweden: Riksbank preview (27 April 2015) Germany: Ifo rises for a sixth month in a row (24 April 2015) Denmark: The demand for fixed-rate and repayment loans has intensified (22 April 2015) Sweden: Labour market remains robust (21 April 2015) Denmark: Rising import prices drive up inflation (16 April 2015) Euro area: Higher inflation forecast (15 April 2015) Sweden: Cautious budget bill (15 April 2015) Sweden: Inflation surprises on downside (14 April 2015) Denmark: Forced sales up in March (9 April 2015) Norway: Red-hot housing market is cooling off (8 April 2015) Denmark: Danish central bank celebrates DKK victory, showing its force (7 April 2015) Sweden: Disappointing industrial data (7 April 2015) Denmark: Housing prices off to a flying start in 2015 (1 April 2015) First Danish budget surplus since 2008 (25 March 2015) Germany: Ifo confirms positive growth momentum (25 March 2015) Sweden: Surprisingly lukewarm confidence (25 March 2015) Euro area: Economic growth is gaining momentum (24 March 2015) Norway: Norges Bank defies widespread expectations of rate cut (19 March 2015) Sweden: Stronger SEK provokes another bold Riksbank move (18 March 2015) Denmark: Steep rise in current-account limits (18 march 2015) Denmark: Danmarks Nationalbank lifts current-account limits (18 March 2015) Norway: Norges Bank to cut rates by 50bp before summer (17 March 2015) Scandinavian Focus (16 March 2015) Sweden: February inflation (11 March 2015) Sweden: February CPI preview (9 March 2015) USA: Another strong payroll report – but wage growth moderated (6 March 2015) EUR/SEK: Pain threshold in terms of SEK strength nearly reached (6 March 2015) Norway: Regional network survey supports our view of a 50bp rate cut (6 March 2015) Norway: Q1 survey suggests petroleum investments will drop 15% in 2015 (5 March 2015) Sweden: Industrial data finally about to turn the corner? (5 March 2015) Denmark: Housing prices ended 2014 at a lower level (4 March 2015) Danish central bank may earn DKK 3.5bn on DKK defence in 2015 (4 March 2015) Currency reserves breaking all records once again – but pressure on DKK has eased (3 March 2015) Sweden: Riksbank minutes broadly as expected (25 February 2015) Further easing of DKK pressure (25 February 2015) Germany: Ifo confirms positive growth momentum (23 February 2015) Sweden: NIER sentiment suggests moderate economic growth Danish central bank shoots down possible purchase programme (19 February 2015) Sweden: January inflation broadly in line with expectations (17 February 2015) Sweden: January CPI preview (16 February 2015) Denmark: More central bank measures in store (13. February 2015) Sweden: Riksbank makes unexpectedly bold move (12 February 2015) Norway: Q4 GDP somewhat stronger than expected (11 February 2015) Sweden: The Riksbank to cut rates into negative territory (10 February 2015) Norway: Higher than expected inflation to have small effects on Norges Bank (10 February 2015) USA: Strong payroll report increases pressure on the Fed (6 February 2015) Denmark: New interest rate slash by Danmarks Nationalbank (5 February 2015) Denmark: Focus on Danmarks Nationalbanks balance sheet (5 February 2015) Sweden: Encouraging industrial data (5 February 2015) Norway: Housing prices continue to accelerate (4 February 2015) Denmark: Intervention smashed all records (3 February 2015) Denmark: Focus on Danmarks Nationalbank's balance sheet (2 February 2015) Denmark: Downward revision of interest rate forecasts (2 February 2015) Denmark: New interest rate slash by Danmarks Nationalbank (29 January 2015) Sweden: The business sector is in good spirits (29 January 2015) Norway: Yesterday's ECB move strengthens case of 50bp rate cut on 19 March (23 January 2015) Sweden: ECB move adds further pressure on the Riksbank (22 January 2015) Denmark: Second rate cut this week by Danmarks Nationalbank (22 January 2015) Euro area: Bazooka with provisos (22 January 2015) Denmark: Consumer optimism feeds through to private consumption (22 January 2015) Denmark: Homeowners migrate towards fixed-rate repayment loans (21 January 2015) Denmark: Unilateral rate cut from Danmarks Nationalbank (19 January 2015) Sweden: Higher than expected inflation eases the pressure on the Riksbank (13 January 2015) Denmark: Inflation down to lowest level since early 1950s (12 January 2015) Sweden: December CPI preview (9 January 2015) Norway: Inflation no headache for Norges Bank (9 January 2015) Sweden: Industrial data continue to disappoint (9 January 2015) Norway: Economic slowdown continues (8 January 2015) Sweden: Unusually bland minutes (8 January 2015) Denmark: Forced sales at lowest level for six years (7 January 2015) Denmark: Housing prices dropped in October (7 January 2015) Denmark: Real labour market recovery (6 January 2015) Denmark: Currency reserves slightly up (5 January 2015)  

Research notes

Scandinavian Focus: December 2015 FX forecast 2016 Interest rate forecast 2016 Eurozone: Massive stimulus measures in 2016 United States: Relay race with obstacles Global: Limping into 2016 Global update: Positive surprises to come (15 October 2015) FX focus: EUR/SEK (9 October 2015) FX focus: EUR/GBP (29 September 2015) FX focus: EUR/NOK (25 September 2015) Denmark: Rate hike just around the corner (18 September 2015) Interest rate forecast: Flatter yield curves going forward (16 September 2015) Eurozone: Getting better by the day (16 September 2015) FX forecasts: Dollar strengthening wearing off (15 September 2015) United States: Consumers in focus (14 September 2015) Global update: Unabated growth rotation (11 September 2015) United States: Probability of near-term rate hike has declined (21 August 2015) Scandinavian update: August 2015 (13 August 2015) Global Update - Noblesse Oblige (3 August 2015) FX: Scandies update (8 July 2015) Sweden: The Riksbank goes deeper into negative (2 July 2015) FX focus: EUR/NOK (25 June 2015) Denmark: Historically weak recovery despite very low interest rates (25 June 2015) Denmark: GDP underestimates wealth by DKK 20bn (23 June 2015) Global update: When the people speaks (3 June 2015) Sweden: Solid but unbalanced growth (3 June 2015) Norway: Less risk of a hard landing (3 June 2015) Sweden: Interest rate and FX forecast (3 June 2015) Norway: Interest rate & FX forecast (3 June 2015) Sweden: Medium-term risks to economy have increased (7 May 2015) Global update: Accelerating madness (15 April 2015) Denmark: Housing price rises spreading like ripples in a pond (19 March 2015) Global update: Greek swan song (12 February 2015) FX focus: EUR/USD (9 February 2015) FX Focus EUR/NOK (29 January 2015) ECB preview: What, when, how, how long and how much? (16 January 2015) Denmark: Europe's problems overshadow low oil prices (9 January 2015) Sweden: Housing turnover at stake (22 December 2014) Denmark: Pause in upward housing prices (17 December 2014) Sweden: Downside risks facing the housing market (17 October 2014) Nordic Government Bonds: Cracks in the armour (16 October 2014) FX Strategies: EUR/NOK (30 September 2014) FX: GBP caught in Scottish referendum (16 September 2014) Sweden: Interest rate forecast (16 September 2014) Sweden: Cumbersome government negotiations await (15 September 2014) Sweden: Politics enter uncharted waters (9 September 2014) Denmark: Regional housing price forecast (9 September 2014) Strategic Focus: Update (11 August 2014) Global update: Mixed outlook (11 August 2014) Danish housing market (1 July 2014) Euro area: How to cut the Gordian knot (2 June 2014) Sweden: Regional housing price forecast (2 June 2014) Sweden: Interest rate forecast (28 May 2014) Euro area: ECB, quo vadis? (12 May 2014) Euro area: ECB preview (06 May 2014) Norway: Norwegian housing market outlook (28 April 2014) Nordic countries: Public finances remain robust (25 April 2014) Global overview: Central bank divergence becomes clear (7 April 2014) Sweden: Riksbank preview (7 April 2014) Euro area: ECB preview (4 March 2014) Sweden: Interest rate forecast (27 February 2014) Global overview: More turbulence ahead (28 January 2014) Nordic countries: Sound public finances in the Nordic region (22 January 2014) Norway: Economic update (7 January 2014) Euro area: Prospects of a rate cut (7 January 2014) Denmark: Higher interest rates may challenge housing market (20 December 2013) Denmark: Housing market turnaround evident only in capital area (17 December 2013) Sweden: Riksbank rate meeting to be a nail biter (16 December 2013) Denmark: Risk of labour market mismatch (05 December 2013) The Swedish Housing Market (22 November 2013) Denmark: Job upturn in the largest cities – job crisis in the country (31 October 2013) United States: Worrying trend in the housing market (25 October 2013) Spain: Housing market remains subdued (24 October 2013) United States: Afterthoughts (21 October 2013) Euro area: ECB to lower policy rate (10 October 2013) Global overview: Institutionalised dysfunctionality (8 October 2013) Denmark: Regional housing price forecasts (2 October 2013) Sweden: Interest rate forecast (16 September 2013) Sweden: Riksbank preview (2 September 2013) FX: Nordic FX (5 July 2013) Denmark: The Danish Housing Market (17 June 2013) Denmark: The Danish central bank nearly mirrors the ECB (3 May 2013) Currency: Sell EUR/NOK (3 May 2013) Denmark: Capital region leads housing market out of the crisis (29 April 2013) Nordic countries: Sound public finances in the Nordic region (25 April 2013) FX: NOK and SEK driven by central banks (24 April 2013) Denmark: House prices have stopped falling (13 February 2013) Euro money market: Rate increases overdone (4 February 2013) Italy: A guide to the 2013 elections (9 January 2013) Global view: Brighter outlook for 2013 (8 January 2013) Spain: Not much to celebrate on Rajoy's first anniversary (11 December 2012) Italy: Mario Monti resigns (10 December 2012) France: Stagnation has a firm grip (5 December 2012) Sweden: One more rate cut in late 2012 (28 November 2012) France: Moody's strips France of Aaa rating (20 November 2012) France: Tax reform a slight step in the right direction (7 November 2012) Nordic countries: Public finances excel in a European comparison (2 November 2012) Spain: Rajoy victory in Galicia a mandate for reforms (22 October 2012) Germany: Government lowers growth forecast (17 October 2012) Denmark: Housing market can tolerate higher interest rates (1 October 2012) Denmark: Danmarks Nationalbank is heading towards rate hike (20 September 2012) Sweden: One more rate cut in late 2012 (19 September 2012) Euro area: ECB: bond programme details emerge (6 September 2012) Euro area: Preview ECB (5 September 2012) Scandinavia: Responding to soaring currencies (22 August 2012) Euro area: Draghi indicates new action from the ECB (27 July 2012) United States: Bernanke's heavy steps towards the exit (19 July 2012) Nordic countries: Facing demographic challenges (9 April 2012) Denmark: Housing price stabilisation a question of confidence (3 April 2012) Sweden: Minor housing price fall ahead, but improvement in 2013 (20 February 2012) Sweden: A model of the Swedish housing market (20 February 2012) Denmark: Traffic light is changing from red to yellow (11 January 2012) Denmark: Fragile housing market stabilisation ahead (10 January 2012) Sweden: The Riksbank to follow the ECB (28 November 2011) Denmark: Foreign currency reserves have boosted government debt (6 October 2011) Denmark: Price drop driven by uncertainty and confidence crisis (4 October 2011) Norway: A model of the Norwegian housing market (28 September 2011) Sweden: From "PIIGS" to Tiger (28 September 2011) Sweden: The Riksbank to take a cautious approach (15 September 2011) Currency: We expect SEK weakening (18 August 2011) Sweden: The Riksbank to pause its rate hiking cycle (17 August 2011) Finland: A model of the Finnish housing market (17 August 2011) Revised interest rate forecasts: Ground rules change (12 August 2011) NORAH - a regional housing price model (08 June 2011) Sweden: Net exports should add to growth also in Q2 (27 June 2011) Norway: Rate path revised a little higher in the front end (22 June 2011) Sweden: Data suggests weaker momentum (22 June 2011) The Danish housing market (9 June 2011) Sweden: Upcoming wage round will put pressure on inflation (5 May 2011) Denmark: Lower inflation ahead (29 April 2011) Spain: Major challenges in 2011 (12 April 2011) Denmark: Housing market in delicate balance for years to come (7 April 2011) Denmark: Private sector still not on solid ground (28 January 2011)   Acrobat Reader

Danish housing market

Macro – Denmark: Housing price leaps in spring an isolated event (18 December 2015) Denmark: Housing cost burden on the rise (9 November 2015) Denmark: Regional housing price forecast (26 October 2015) Denmark: Danger signs in Copenhagen – no housing bubble (21 October 2015) Denmark: Housing price leap in H1 (18 September 2015) Denmark: Housing prices take a breather following interest rate turmoil (2 September 2015) Denmark: Regional housing price forecast (17 August 2015) Denmark: Danish housing market (1 July 2015) Denmark: Housing price rises have accelerated in 2015 (19 June 2015) Danish Housing Market (27 June 2015) Denmark: Housing price rises spreading like ripples in a pond (19 March 2015)