GILTS: Opening Calls

Gilt Opening Calls, 93.12/93.20 range.

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• Although the Norwegian economy has been resilient through this year, fading offshore tailwinds and a more neutral fiscal policy stance may present downside risks in the years ahead. This may open the door to a faster pace of easing than currently signalled by Norges Bank. That said, no changes to the policy rate nor guidance are expected at next Thursday’s November decision.
• After peaking at 2.7% Y/Y in April/May, Norwegian non-financial corporate lending growth was fallen back to 1.7% Y/Y.
• Household credit growth instead accelerated to 4.4% Y/Y (vs 4.2% prior).
• This week’s Norwegian calendar includes September retail sales (Wednesday) and October unemployment claims data (Friday).