Post Tagged with: "Sweden"
Dollar to Rally After ECB Rate Decision
Highlights The US dollar is softer across the board and is indeed at new lows for the week against most of the major currencies ahead of a relatively constructive string of economic data and rate hikes from New Zealand and Brazil, a healthy reception to the first Spanish bond auction since the credit downgrade at
Euro Advances in Quieter Markets on Short Covering
The US dollar is mostly little changed today. The main feature is the covering of short euro positions and this has lifted the single currency to new four-day highs against the dollar. As we have noted in recent days, its downside momentum had faded and the near-term risk was bout of position squaring. The other notable exceptions today are the Australian and Canadian dollars, with the help of bottom pickers and firmer commodity prices, and the Swedish krona, which has been underpinned by a stronger than expected Q1 GDP and a significant upward revision to the Q4 09 GDP. Lastly, the Israeli shekel, which has been particularly active in recent days amid MSCI re-weighting related adjustments, is giving back yesterday’s late gains and net-net is little changed on the week that saw a 3% range from high to low
Lies, Damn Lies And Statistics In Sweden (of all places)
This post is basically a follow-up to my earlier Just What Is Going On In Sweden? one, and has been stimulated by an article which appeared in Bloomberg earlier in the week, detailing a number of issues which have arisen in conjunction with the Swedish Statistical Office. The Story So Far Basically, most of us
Sweden Cuts GDP Forecasts, Boosts Stimulus
The Swedish government cuts its growth forecasts for this year and increased its spending to boost the economy, ahead of the Sept parliament elections. The krona is gaining against the euro, but this is more a reflection on the euro’s weakness than the krona’s strength. This year’s official GDP forecasts was cut to 2.5% from
Sweden did not nationalize its entire banking system
I hadn’t intended to write this post, but I caught the back end of a lot of chatter about the Swedish banking crisis response and needed to set the record straight on what actually happened in Sweden. Andrew Ross Sorkin wrote what I would consider to be a full-throated defense of the Geithner-Obama bailouts earlier
Just what is going on in Sweden?
This is a post by Edward Hugh, who also blogs at Global Economy Matters. According to data released today from the Swedish statistical office Sweden unexpectedly fell back into recession in the fourth quarter, adding to the impression there has been a growth dip among Europe’s economies and raising further questions about the durability of
Swedish Risks
A post by Marc Chandler, head of Brown Brother Harriman’s Currency Strategy Team. For BBH’s currency views, visit the website here. Many investments houses have been extremely bullish on the Swedish krona. Swedish shares have generally outperformed most European bourses thus far this year, with the exception of Switzerland. Swedish bonds have also fared fine,
The Swedish banking crisis response or the bailout hustle?
I referenced Matt Taibbi’s latest work at Rolling Stone “Wall Street’s Bailout Hustle” recently when talking about a movie on Ponzi schemes and fraud that aired on 60 Minutes. I liked the piece and recommend you read it – fully aware of the awaiting hyperbole Taibbi uses to hype his case. The interesting bit is
Irish and Swedish join chorus of countries seeking austerity for the Greeks
I wanted to highlight a few articles on Greece below. Due to time constraints, I cannot translate this Dagens Nyheter article (Borg tror inte Greklands plan räcker – DN.se). But the general gist is one of Sweden’s premier Borg supporting austerity for Greece and the IMF as an agent to ensure this. If you look
Latvia warns Swedish banks to resume lending
This comes via the FT: Latvia’s prime minister has warned Swedish banks they risk choking off recovery in the Baltic state’s crisis-hit economy unless they resume lending. Banks such as Swedbank and SEB, which dominate the Latvian market, have reined in credit as they struggle to contain rising bad loans amid the deepest recession in
GM to liquidate Saab
From the Guardian: General Motors announces closure of 62-year-old Swedish carmaker after collapse of negotiations with Spyker One of the most famous names in European motoring, Saab, is set to be consigned to automotive history following a decision today by its owner, General Motors, to shut down the business after a last-ditch attempt at a
Expect continued losses from Nordic bank exposure outside home market
Moody’s anticipates continued losses at Danske Bank, SEB, and Swedbank due to large exposure outside of the Nordic markets. In particular, exposure in the Baltics is likely to lead to continued writedowns for Nordic banking institutions. The Irish Independent reports: Danske Bank A/S, SEB AB and Swedbank AB will keep suffering losses from their non-Nordic