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Manufacturing PMI Falls In Jan; Riksbank Decision at 0830GMT Main Focus

SWEDEN
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The Swedish January manufacturing PMI was 47.1 compared to a downwardly revised 48.6 prior (the consensus of 49.5 comprised of three analysts). However, main focus will be on today's Riksbank decision at 0830GMT/0930CET.

  • Policy rates are expected to be held at 4.00%, with more interest in any guidance changes and/or increases to the pace of QT. The decision will be followed by a press conference (in Swedish) at 1000GMT/1100CET.
  • Our full preview is here.
  • The dip in the PMI comes in contrast to this month's Economic Tendency Indicator manufacturing component, which rose to 99.3 (vs 95.1 prior).
  • The internals of the PMI signalled a continuation of the weak demand outlook in Sweden, with new orders and production falling further into contractionary territory and inventories rising almost 7 points.
  • Raw material prices fell to 45.0 (vs 46.9), while employment moderated a touch to 49.2 (vs 49.5 prior).


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The Swedish January manufacturing PMI was 47.1 compared to a downwardly revised 48.6 prior (the consensus of 49.5 comprised of three analysts). However, main focus will be on today's Riksbank decision at 0830GMT/0930CET.

  • Policy rates are expected to be held at 4.00%, with more interest in any guidance changes and/or increases to the pace of QT. The decision will be followed by a press conference (in Swedish) at 1000GMT/1100CET.
  • Our full preview is here.
  • The dip in the PMI comes in contrast to this month's Economic Tendency Indicator manufacturing component, which rose to 99.3 (vs 95.1 prior).
  • The internals of the PMI signalled a continuation of the weak demand outlook in Sweden, with new orders and production falling further into contractionary territory and inventories rising almost 7 points.
  • Raw material prices fell to 45.0 (vs 46.9), while employment moderated a touch to 49.2 (vs 49.5 prior).