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Sweden: Can The ECB Save Europe From Italy?‏

ByDanske Markets
Published 03/03/2013, 04:54 AM
Updated 05/14/2017, 06:45 AM
Market Movers ahead

The upcoming ECB meeting should be a non-event as far as rates are concerned, but it will renew focus on the political situation in Italy where it is crucial that the ECB is still prepared to provide support if necessary.

ISM and the jobs report make the week ahead important for US data although we are not expecting any great shift in the numbers.

Political announcements due in China, including the central bank leadership.

Likewise in Japan where three new central bank teamsters will be questioned by parliament and have the opportunity to present their plans.

Danish currency numbers are not expected to show any intervention in February, thus no imminent need for a rate hike.

Improved PMIs may translate into better real data in Norway and Sweden on industrial production in January, while Norwegian credit growth should continue to slow.

Global Update

The election outcome in Italy has created a potentially disastrous situation. However, the country can probably still rely on ECB support to avert a collapse and market reaction has been muted.

There more signs that Germany is picking up and France is slowing.

Strong numbers for the housing market and consumption in the US despite tax hikes and the prospect of cutbacks. No sign of tightening from Bernanke.

Weak PMIs in China presumably mostly due to Chinese New Year.

Sweden's economy fared significantly better than expected in Q4 12 while Danish growth disappointed. Signs of a pick-up in Norway in January.

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