In Sweden , we believe that the Riksbank meeting on Thursday could turn out to be quite unexciting, and we expect both the inflation forecast and repo rate forecast to be kept intact (first hike in Q3 18). We have had two CPIF prints slightly above, and one (the latest) slightly below, the Riksbank projection. However, the deviations are too small to be meaningful. One thing to monitor though is whether anything more specific is mentioned in the report regarding recent signals of a cooling housing market. We expect no QE announcement before the December meeting.
The Swedish Debt Office (Wednesday) will also release new forecasts.
In Norway , we do not expect any changes to interest rates at Norges Bank's meeting on Thursday. This is only an 'interim' meeting, with no new monetary policy report or press conference, just a press release. Traditionally, it has taken a big change in the outlook for Norges Bank to touch interest rates or put out any new signals at all at such meetings. Since the previous 'full' meeting in September, data have been somewhat on the weak side but nowhere near bad enough for Norges Bank to have changed its stance in only a little over a month, especially as some of this weakness is on the back of a period of very strong data, particularly in manufacturing.
While inflation was also somewhat lower than expected in September, this was due almost entirely to lower food prices rather than a broad-based slowdown in prices.
In Denmark , foreign portfolio investments and securities statistics for September follow on Friday. These reports will be scrutinized to see if the strong foreign demand seen this year especially for Danish mortgage bonds continued in September.
To read the entire report Please click on the pdf File Below: