After a busy week, with the Norges Bank meeting and new proposal in Denmark in respect of the funding of social housing, the coming week looks much quieter in the Scandi markets.
This will be the last issue of Scandi markets before the summer holiday. We will be back in August.
In Sweden , we have trade balance and PPI data (both due to be released on Tuesday at 09:30 CEST). On Thursday (at 09:30 CEST), Statistics Sweden is scheduled to publish retail sales and financial market statistics (including household credit growth).
In Norway , the week's most important release is NAV unemployment for June. We estimate an unchanged jobless rate of 2.6% in June, with gross unemployment falling by 400 people m/m.
The decline in inflation over the past six months has increased household purchasing power considerably and is probably the main reason retail sales picked up from -1% y/y in January to almost 2% in May. The data tends to be volatile from month to month but we estimate moderate growth of 0.2% m/m in June.
In Denmark , Tuesday brings figures for retail sales in May. Business confidence data follows on Thursday and we will be interested to see whether sentiment has bounced back in June, after falling in May. Thursday also brings foreign portfolio investments and securities statistics for May.
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