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ECB on the dovish side

  • ECB kept all key interest unchanged
  • Asset purchases will continue as planned, and no formal discussions on tapering have taken place
  • Forward guidance kept unchanged as inflation stays subdued
Read analysis here

Jes Asmussen

Chief Economist Denmark

Denmark and The Netherlands

jeas01@handelsbanken.dk

Latest analyses

2017-07-20

EMU Comment

2017-07-20

Fast Comment Denmark

2017-07-20

Danish Comment
Latest from Speakers´ corner

Riksbankens protokoll från 3 juli mötet

Visar bl a på viss oro för för snabb kronförstärkning och att en varaktig inflation på 2 procent är inte detsamma som att inflationen snuddar vid 2 procent. Ett par ledamöter poängterade vikten av att marknaden inte tar ut framtida räntehöjningar i förskott, då det skulle försvåra Riksbankens arbete att klara inflationsmålet. Läs hela protokollet här

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Keywords: The Riksbank

The chart of the day

Calendar

Fri, Jul 21
      Graph Period Cons. fc Our fc Previous Actual
09:00 Denmark Retail Sales June 0.1
Mon, Jul 24
      Graph Period Cons. fc Our fc Previous Actual
09:00 France Markit PMI Composite July 56.2 56.6
09:30 Germany Markit PMI Manufacturing July 59.2 59.6
09:30 Germany Markit PMI Composite July 56.3 56.4
10:00 Eurozone Markit PMI Composite July 56.2 56.3
10:00 Eurozone Markit PMI Manufacturing July 57.2 57.4
10:00 Eurozone Markit PMI Services July 55.5 55.4
16:00 US Existing Home Sales June 5.6M 5.6M
Tue, Jul 25
      Graph Period Cons. fc Our fc Previous Actual
08:00 Finland Unemployment Rate June 10.7
08:00 Norway Industrial Confidence Q2 0.9
10:00 Germany IFO - Business Climate July 114.9 115.1
10:00 Germany IFO - Expectations July 106.5 106.8
10:00 Germany IFO - Current Assessment July 123.8 124.1
15:00 US House prices S&P/Case-Shiller May 0.2/5.7 0.3 / 5.6
16:00 US Consumer Confidence July 116.0 118.9
16:00 US Richmond Fed Man. Activity Index July 7 7
Wed, Jul 26
      Graph Period Cons. fc Our fc Previous Actual
09:00 Sweden Economic Tendency Survey July 111.5 112.1
09:00 Sweden Consumer Confidence (CCI) July 103.1 102.5
09:00 Sweden Manufacturing Confidence July 117.1 119.9
10:30 UK GDP April 0.3/1.7 0.2 / 2
16:00 US New Home Sales June 615K 610K
20:00 US FOMC rate decision 7/26/2017 1.25 1.2
20:00 US FOMC target rate, lower band 7/26/2017 1.0 1
Thu, Jul 27
      Graph Period Cons. fc Our fc Previous Actual
08:00 Finland Consumer Confidence July 23.9
08:00 Finland Retail Trade ex auto May 1.3
08:00 Germany GfK Consumer Confidence Survey July 10.6 10.6
08:00 Norway Unemployment Rate (LFS) May 4.6
09:30 Sweden Unemployment Rate, sa June 6.6 6.7
09:30 Sweden Unemployment Rate June 7.6 7.2
09:30 Sweden Household Lending June 6.9 / 6.8
14:30 US Durable Goods Orders June 3.0 -0.8 / 3.1
14:30 US Initial Jobless Claims W29 233K
14:30 US Capital Goods Shipment Nondef ex Air June 0.1
14:30 US Chicago Fed National Activity Index June -0.3
Fri, Jul 28
      Graph Period Cons. fc Our fc Previous Actual
01:05 UK Consumer Confidence July -10 -10
01:50 Japan CPI Core June 0.4/-0.1 0.1 / -0.2
07:30 France GDP Q2 0.5/1.6 0.5 / 1.1
08:00 Finland House Prices June 0.2 / -0.1
08:00 Norway Retail Sales ex auto sa June 1.3
08:00 Norway Household goods consumption June 12.4 / 3.9
09:00 Denmark Industrial Confidence Indicator July 2
09:30 Sweden GDP Q2 0.9/2.7 0.4 / 2.2
09:30 Sweden Retail Sales, sa June 0.2 0.4
09:30 Sweden Retail Sales June /2.9 / 2.4
10:00 Norway Unemployment Rate (NAV) July 2.6
11:00 Eurozone Industrial Confidence Indicator July 4.7 4.5
11:00 Eurozone Service Confidence Indicator July 13.7 13.4
11:00 Eurozone Economic Confidence July 110.8 111.1
14:00 Germany HICP preliminary July 0.2/1.3 0.2 / 1.5
14:00 Germany CPI preliminary July 0.2/1.6 0.2 / 1.6
14:30 US GDP annualized, Q2 2.5 1.4
16:00 US U. of Mich. Sentiment 93.0 93.1
Fri, Jul 21|
Mon, Jul 24|
Tue, Jul 25|
Wed, Jul 26|
Thu, Jul 27|
Fri, Jul 28
View the complete calendar

Latest publications in

EMU Comment — ECB on the dovish side

  1. ECB kept all key interest unchanged
  2. Asset purchases will continue as planned, and no formal discussions on tapering have taken place
  3. Forward guidance kept unchanged as inflation stays subdued

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Denmark — Upbeat Danish consumers

  1. The miserable Danish summer so far has had little impact on consumers' moods
  2. Consumer confidence increased from 7.1 to 10.5 in July - the highest reading in more than two years
  3. Indicates that private consumption will continue to act as a driver for the economy

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment Sweden — June consumer prices in line with our expectations

  1. June consumer prices in line with our expectations
  2. Package tours and international flights pull up inflation

Pierre Carlsson, Strategist | pica01@handelsbanken.se

Fast Comment Norway — A brief preview of Norwegian key data this summer

  1. LFS and registered unemployment, and retail spending (Thursday and Friday, July 27-28)
  2. Manufacturing output and credit indicator growth (Monday and Tuesday, August 7 and 8)
  3. Core inflation (Friday, August 10)

Marius Gonsholt Hov, Senior Economist | maho60@handelsbanken.no