Credit Writedowns » Sweden

Sweden and Norway are reporting strong economic numbers

Marc Chandler — Fri, 30 Mar 2012 16:30:50 +0000

Sweden reported stronger business and manufacturing confidence numbers earlier this week, but the Feb retail sales report was a more significant catalyst. There are four new developments from Norway today. Individually and collectively, they are positive for the NOK. The Norwegian krone and Swedish krona are the strongest major currencies today, appreciating about 0.85% and 0.6% respectively. While the fundamental justification of the more modest gains in the other major foreign currencies may be more elusive, in the Scandi's case, fundamental developments are supportive

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Why are Irish taxpayers bailing out unsecured bank creditors?

Edward Harrison — Sat, 03 Mar 2012 09:00:42 +0000

This was the question put to the ECB’s Klaus Masuch by one persistent Irish journalist. The answer from Masuch was a complete dodge, a non-answer, because everyone knows that the Irish government has heaped what rightfully should be bondholder burdens onto the Irish taxpayer. The video below is wonderful in getting at the heart of

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Ten Observations To Start the Week

Marc Chandler — Mon, 13 Feb 2012 12:27:18 +0000

Ten thoughts on the economy and markets that include events in Greece, the US, Sweden, the EU and China

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Robert Shiller: “Sweden has a bubble”

Edward Harrison — Tue, 17 Jan 2012 19:30:02 +0000

Sweden may have a bubble in its housing market. But now that housing prices have begun to fall, it is too late to deploy countermeasures

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Euro Squeezed Higher, Takes Others With It, Positive Newstream

Marc Chandler — Tue, 20 Dec 2011 12:30:23 +0000

Successful Spanish and Greek bill auctions and better than expected German IFO caught the market wrong-footed, if the record net speculative short at the IMM is anything to go by. The euro has shot up to almost $1.3090 and pulled up the other major currencies and emerging market currencies in its wake

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French and bank downgrades likely while Sweden blows away growth estimates

Marc Chandler — Tue, 29 Nov 2011 12:30:00 +0000

A French press report warned that S&P could put France on negative credit watch within a couple of weeks. Moody's warned that all 27 EU countries are at risk from the euro zone debt crisis. Moody's also placed subordinated debt, junior debt and tier 3 capital of 87 banks in 15 European countries on negative watch. The market impact seemed marginal at best. There was some unadulterated good news today in the form of Sweden's Q3 GDP. It blew away expectations of a 0.3% quarter-over-quarter increase with a 1.6% showing

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On Sweden and Capital Preservation

Marc Chandler — Mon, 22 Aug 2011 16:00:47 +0000

Capital preservation has once again has become mantra. The safety offered by Japan and Switzerland are meeting resistance from policy makers. As the market looks for alternatives, the Swedish krona has much to offer, including a relatively robust economy, low public debt and a current account surplus

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The Irish stress tests and euro zone options: monetisation, default, or break-up

Edward Harrison — Thu, 31 Mar 2011 13:23:24 +0000

The results of the Irish stress tests are going to be released this afternoon at 430PM Irish time. I will be talking about the implications for investors in European markets on CNBC's Power Lunch show. I think one has to be cautious about the sovereign debt of any of the periphery countries at this point. I also think haircuts on Irish bank debt is coming as well as a Portuguese bailout. But there are a lot of unsolved issues concerning Spanish banks and as well as the German, British and French holders of Irish bank debt. Here's the background to what I will say on the show

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The krona is easily the strongest currency within the G10 this year

Marc Chandler — Mon, 28 Feb 2011 14:40:19 +0000

By Marc Chandler The Swedish krona is surging today. Hawkish central bank comments have offset disappointing retail sales figures and there is some talk of some month-end related demand. The euro recorded multi-year lows against the krona on Feb 16 just above SEK8.7 and had recovered to a high near SEK8.8550 earlier today before reversing

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In a Disappointing Europe, Sweden Stands Out

Marc Chandler — Mon, 29 Nov 2010 16:30:00 +0000

Europe is engulfed in a financial crisis that is also becoming a political crisis. Sweden stands out as an exception and we affirm our expectation of the krona’s out performance in period ahead. Sweden’s economy contracted 5.3% last year but has rebounded smartly this year. Q3 GDP was reportedly earlier today and at 2.1% quarter-over-quarter

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