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Fast Comment Norway

Fast Comment Norway — Preview: Labour market figures and retail spending

  1. Scope for lower unemployment ahead
  2. Still a tame trend in retail spending, but probably some pickup in February
  3. We maintain our view that the next rate hike will come in September

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

Fast Comment Norway — Norges Bank serves up a well-signalled rate hike and brings the next one forward

  1. Norges Bank hikes the policy rate to 1,00 percent and brings next hike forward
  2. Domestic activity and NOK pulling up while international factors and wage growth pulling down
  3. Norges Bank moves closer to our expectation

Halfdan Grangård, Senior Economist | hagr11@handelsbanken.no

Fast Comment Norway — Norges Bank’s Regional Network: Near-term momentum holding up well, as we expected

  1. Near-term momentum holding up well; mainland GDP hovering around 0.7 pct q-o-q
  2. Well in line with our expectations as well as consensus
  3. Rate hike next week

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

Fast Comment Norway — Core inflation in February: significantly higher than expected

  1. The CPI-ATE rose sharply to 2.6 percent in February, well above expectations
  2. We and consensus had 2.1 percent, Norges Bank 2.0 percent
  3. Important factor in the call for a rate hike at the upcoming policy rate meeting

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

Fast Comment Norway — Preview: Norges Bank’s Regional Network (Q1), and core inflation in February

  1. Regional Network: near-term momentum holding up well
  2. Core inflation close to Norges Bank’s estimate
  3. Rate hike in March

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

Fast Comment Norway — Manufacturing output: slight decline in January, but still robust upward trend

  1. Manufacturing output slightly down by 0.2 percent in January, somewhat weaker than expected
  2. But upward trend remains intact; manufacturing up 1.3 percent over past three months
  3. In particular driven by increasing activity among oil-supplying industries

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