Global Macro Forecast - Meagre shelter for the global economy

Fast Comment Sweden — March housing prices slightly up as the trend remains remarkably stable

1. Housing prices up compared to a year ago, but start to 2019 not particularly strong
2. Broad-based stabilisation in prices for existing homes, but concerns about new construction have not vanished
3. Week ahead: plenty of interest in housing market developments (Riksbank, NIER Survey)

Fast Comment China — Strong economic data confirms policy-driven rebound

1. GDP growth higher than expected
2. Less stimulus in the pipeline

Fast Comment Finland — Election results in a fragmented parliament in Finland

1. Social Democrats win, but by a very thin margin
2. Protest votes went to the Finns Party
3. Process of forming a government likely to be difficult

Economic Calendar — April 12-18, 2019

Fast Comment Sweden — Calm down! Inflation is "low" but March reading offered little news

1. Inflation remains far below Riksbank path, but no new surprises today
2. Cases for both sides of the argument about hiking the policy rate or not
3. Our main scenario is still a Riksbank hike in September

EMU Comment — Downbeat ECB - details on TLTROIII and mitigating tools coming up

1. Growth momentum slowing - no details of TLTROIII and mitigating tools yet
2. We expect focus on ECB easing to strengthen