Danske Markets

The emerging market rally has further to go on the Fed, China and balances.The oil recovery is the result of expectations of improving demand, not a supply freeze. The BoJ is set to ease next week but...

Contrary to our expectations, the Riksbank extended QE purchases of nominal government bonds from SEK200bn to SEK230bn (from end-June to end-year) and added SEK15bn in linkers, apparently a...

As we have argued lately, there are increasing signs that the Chinese economy is recovering, pulled not least by the construction sector (see Research: A turn in Chinese construction to be a game...

EUR/DKK FX forwards have bounced back towards levels from early April.We forecast EUR/DKK at 7.4425 on 1-12M with downside risk to around 7.4350. We recommend Danish pension funds hedge EUR exposure...

Focus today will be on the ECB and Riksbank meetings.For the ECB meeting, we do not expect any policy changes but we believe Draghi will sound dovish as inflation expectations are still very low and...

Increased ECB QE purchases put a ceiling on interest ratesTake advantage of yield fall to lock in interest rates USD weakening takes a breather To read the entire report Please click on the pdf File...

Sell (receive) FRAJUN17 and sell SGB1051 at 32bp. Carry/roll down +2.5bp/3M. P/L: 22/40bp.To read the entire report Please click on the pdf File Below

No major economic data releases in Scandinavia nor the euro area today.In the US, existing homes sales for March are due. We look for the recovery of the US housing market to continue. The labour...

The decline in the oil price following the futile Doha talks on Sunday was short-lived with the price on Brent crude rising back above USD43/bbl this morning.This indicates that unless outright...

The overall positive tone in the credit markets returned last week with the iTraxx Main tightening some 5bp to close at 73bp, while the iTraxx Crossover tightened some 13bp to close at 317bp. The...

In the euro area, we get data for the German economic sentiment indicator ZEW expectations, which we expect to remain at the current low level as indicated by the Sentix investor confidence. Despite...

This week the scorecard recommends buying SEK, NOK and CHF while selling NZD, CAD and AUD.Last weeks signals resulted in a 0.4% loss. Next scorecard signals will be sent out on 25 April. To read the...

Talks between OPEC and non-OPEC producers on Sunday on a production freeze accord ended without a result.Brent crude opened USD3/bl lower on Monday at USD40/bl following the disappointing outcome. We...

No major data releases today but financial markets will be digesting the impact of the failed oil talks in Doha and whether this will give rise to a renewed downward trend in the oil price that could...

We expect a dovish tone from Draghi at the ECB meeting this week, but no new measures. Despite the comprehensive package of easing, which was announced in March, the ECB is still under pressure to...

We now think that the probability of the Riksbank expanding and extending its current QE programme at its monetary policy meeting next week (Thursday 21 April at 09.30 CEST) has fallen below 50%. The...