- Norges Bank kept the policy rate at 0.5 percent
- Outcome expected by both us and consensus
- The central bank clearly signals that a rate hike in September is still on
- CPI inflation up to 2.5% in July from 2.4% in June; core CPI inflation unchanged at 1.9%
- Headline inflation buoyed by energy price inflation
- Inflation to decelerate ahead
- Unemployment down to 4.0%, total pay down to 2.4% and regular pay down to 2.7% in June
- Unemployment pulled down by drop in labour force
- Trend in line with BoE expectations so far
- Mainland GDP growth estimated at 0.5 percent in Q2; held back by lower electricity supply
- Survey unemployment estimated to be slightly lower in June
- We continue to expect a rate hike in September
- We expect the HOX index to show stable prices in July
- Sales activity is low, but normal for this summer month
- Activity will soon speed up, but the supply will also increase
- Past deleveraging efforts still biting
- Stimuli not yet visible in data
- Monetary policy now being eased