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Weekly Focus Sweden: Market Focus Turning To LTRO Repayments‏

ByDanske Markets
Published 01/20/2013, 03:12 AM
Updated 05/14/2017, 06:45 AM
Market movers ahead

In Europe, attention will be on the ifo and PMI numbers, which are expected to improve. The Eurogroup and Ecofin focus is on the bank union proposals.

The US Markit manufacturing PMI could be negatively affected by the fiscal cliff related uncertainty. US home sales data should continue to grind higher.

China is releasing PMI and we look for the improving trend to continue.

In Japan, all eyes are on the Bank of Japan meeting, when we expect aggressive easing measures to be announced.

Scandinavia sees a quiet week, with Danish consumer confidence and Swedish PPI and labour force survey.

Global update

In Europe, the focus has turned towards the upcoming LTRO repayments, which will start by end-January. Money market rates have moved sharply higher.

In Europe, hard data for IP in November confirmed that we are in a recession. However, survey data indicate an improvement, which we expect to continue.

US data for December has so far been strong and indicators suggest the underlying expansion remains on track. Survey data for January has, however, been softer.

In China, the GDP numbers for Q4 confirmed the expected pickup in growth. We expect growth to remain above trend throughout most of 2013.

In Norway, comments by Jan Qvigstad highlighted that Norges Bank is concerned about the strong NOK. This opened the door for rate cuts.

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