Danske Markets

Market MoversThe big event today will be US retail sales for April. Following disappointments in the previous months, we look for an increase of 0.6% m/m in core sales (control group), slightly higher...

European government bond yields have suddenly reversed course, and after a multi-year rally we have seen a historic jump in yields. There is no longer a QE 'scarcity premium' in German bonds and...

On the back of increasing underlying interest rates, we saw a continued drift wider for spreads in the European high yield market. The 5Y iTraxx Crossover widened by some 4bp over the week. Volatility...

As a bolt from the blue, April inflation printed not only way below our own forecast but also way below market consensus. CPI and CPIF were 0.3 and 0.4 percentage points below the Riksbank's brand new...

Sideways moves in spreads last week. Weak macro numbers weighed mildly on high-yield spreads. UK election outcome benefited corporations with UK activities. Oil price rally underpins Nordic...

Market Movers It's a very quiet day on the global data front today. UK industrial production and US NFIB small business optimism are the only key figures of interest. UK industrial production has...

The latest IMM data covers the week from 29 April to 5 May 2015. Aggregate USD positioning dropped last week, with USD33.2bn outstanding as of last Tuesday compared with a peak of above USD50bn late...

As expected, the Monetary Policy Committee (MPC) voted to maintain the Bank Rate and the stock of purchased assets at 0.50% and GBP375bn, respectively. We will get much more information about the...

People's Bank of China (PBoC) on Sunday cut its one-year benchmark lending rate and its one-year benchmark deposit rate by 25bp to 5.1% and 2.25%, respectively. The ceiling for the deposit rate was...

In Sweden, the weeks ahead contain three interesting data points, two of them published simultaneously on Tuesday (12 May at 09.30 CEST): The consumer price index and Riksbank minutes from the latest...

This week the scorecard recommends buying CHF, EUR and GBP while selling SEK, CAD and AUD. Last week's signals resulted in a 0.5% gain. Especially the long GBP performed well, while short SEK was...

The fierce fixed income sell-off has been mostly technical in nature and in our view created value in the short end of the German yield curve. However, increasing US yields ahead of the first Fed hike...

Market Movers Focus will be on Greece and the Eurogroup meeting. Last week the European Commission published a joint statement after president Juncker and Greek Prime Minister Tsipras spoke on the...

Another 223,000 was added to US employment in April and the unemployment rate declined one notch to 5.4% . The net revision to March and February was -39,000. This leaves three-month average monthly...

Market movers ahead The focus remains on Greece ahead of the euro group meeting on Monday. We continue to see the summer crunch time as the real deadline. We forecast GDP growth in the euro area of...

The Conservative Party is the big winner of the UK election. In contrast to all pre-election predictions, the Tories have won an absolute majority in parliament and will form the government for the...