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Fast Comment Norway

Fast Comment Norway — Preview: Policy rate on hold; neutral statement

  1. The policy rate is expected to remain unchanged at 0.75 percent; we also expect a neutral statement
  2. We maintain our call that NB will hike again in March
  3. Other upcoming data: We expect unemployment to continue to level out; still solid manufacturing signals

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

Fast Comment Norway — Norges Bank’s lending survey: higher lending rates, but unchanged demand

  1. Household credit demand mostly unchanged; as expected
  2. Credit standards for households mostly unchanged as well
  3. Our expectations for the housing market remain unchanged; modest rise in 2019

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

Fast Comment Norway — Inflation data continues to point to a rate hike in March

  1. CPI-ATE slightly down to 2.1 percent in Dec, following 2.2 percent in Nov
  2. A touch higher than expected: We and consensus had forecast 2.0 percent
  3. Norges Bank expected 1.9 percent, although signalled risks to the upside

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

Fast Comment Norway — Positive outlook for manufacturing (2019), despite global headwinds

  1. Manufacturing output unchanged in Nov, following 1.5 percent in Oct
  2. Manufacturing output up 0.9 percent over the past three months
  3. Outlook for the manufacturing sector remains positive for 2019, but how will other sectors perform?

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

Fast Comment Norway — Through the volatility, housing prices have levelled out (S.A)

  1. Housing prices rise 0.7 percent in December after falling 0.6 percent in November
  2. Housing prices have generally stabilised since June
  3. Oslo a little weaker than the national average, but the deviation is not large

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

Fast Comment Norway — Preview: Core inflation and manufacturing output

  1. CPI-ATE expected at 2.0 percent in December, down from 2.2 percent in November
  2. Neutral to Norges Bank (expecting 1.9 percent)
  3. Manufacturing output expected down by 0.5 percent, following a solid 1.5 percent increase in October

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