Market movers ahead
Global macro and market themes
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- We expect the ISM manufacturing index and the employment report to show improvement in the U.S. economy and labour market.
- We do not expect any significant policy changes at the monetary policy meetings of the Bank of England and European Central Bank next week.
- German factory orders and industrial production are also likely to attract some attention.
- We expect manufacturing PMIs in Sweden and Norway to indicate some improvement.
- We expect the currency reserve figures in Denmark to show that Nationalbanken did not need to intervene to support the DKK in May.
Global macro and market themes
- Focus remains on the increased market volatility and the sell-off in Nikkei. We do not think that an end to the current risk rally is imminent, but volatility is likely to remain high.
- U.S. bond yields spiked following strong consumer confidence figures and increased speculation when the Federal Reserve will start tapering asset purchases.
- Over the past week, we saw more signs of slight improvement in the euro area economy as consumer confidence and business sentiment rose in May.
- Swedish economic growth exceeded expectations in Q1, which may slightly dampen expectations of a Riksbank rate cut in July.
- The Danish economy rebounded in Q1, following the steep downturn in Q4 last year.
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