Norway - Macro Research - Handelsbanken Capital Markets

 

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Norway

Fast Comment Norway — Housing prices flatlined (S.A.) in June; somewhat below Norges Bank's estimate, but trivial forecasting error

  1. Housing prices flatlined in June, following solid growth in April and May
  2. Somewhat below Norges Bank's near-term estimate, but trivial forecasting error given the volatility
  3. Norges Bank is widely believe to hike its policy rate in September

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

Fast Comment Norway — Preview: Housing prices in June and manufacturing output in May

  1. How long will the current price acceleration in the housing market last?
  2. Norges Bank is expecting to see a more moderate growth rate already from June
  3. Manufacturing output probably rose further in May

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

Fast Comment Norway — Registered unemployment fell somewhat further in June; as expected

  1. Registered unemployment at 2.2 percent in June, as expected
  2. The seasonally adjusted rate edged down to 2.31 percent, following 2.34 percent in May
  3. Well in line with Norges Bank's short-term estimates

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

Fast Comment Norway — Retail sales rose far more than expected in May

  1. Retail sales rose by 1.8 percent in May, clearly overshooting market expectations
  2. Household spending is now trending clearly upward
  3. Supports Norges Bank's arguments for a rate hike in September

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

Morgenrapport Norge —

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

Fast Comment Norway — Credit indicator growth fell faster than expected in May

  1. C2 at 6.0 percent in May, down from 6.3 percent in April
  2. Below market expectations; we had 6.2 percent, consensus 6.3 percent
  3. Household debt growth fell further in May

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