1. Financial collapse in China but no hard landing (slides 3-5).
2. Demand, policy response set to support oil prices in Q4 (slides 7-10).
3. Fed hike postponed but shocks not enough to derail recovery (slides 11-13).
4. Eurozone recovery on track: ECB to be dovish but no imminent easing (slides 14-16).
5. Stay long duration in core EUR FI as markets will price in further ECB easing (slides 17-19).
6. EUR gaining safe-haven appeal: more pain in EM FX (slides 20-23).
7. Riksbank, Norges Bank to react to lower oil: no safe-haven impact in DKK (slides 24-29).
8. Risk factors to the moderate baseline scenario (slides 30-32).
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