Danske Markets

Global indicators have disappointed with Europe being the only pillar of strength. Data in US and China has been weak lately. The US has so far failed to see a boost from the big oil price decline,...

Data released in China overnight were weaker than expected. While GDP growth avoided slipping below the government's 7% target in Q1 15, the weak data released for March suggest that GDP growth will...

Market movers today We do not foresee new signals at today's ECB meeting and we expect ECB president Mario Draghi to continue to adopt a dovish stance. This will not have much market impact in our...

US retail sales rebounded in March but not as much as we had expected. Headline sales increased 0.9% m/m due to a surge in auto sales, which were up 2.7% m/m and sales of building materials up 2.1%...

Last week saw a strong bid for high yield bonds as evidenced by a significant tightening in the DBM Nordic HY index of some 14bp. Strong corporate credit fundamentals and robust appetite for riskier...

UK CPI inflation was unchanged at 0.0% y/y in March (Danske Bank: 0.0% y/y, consensus: 0.0% y/y). As expected, the cuts to electricity and gas prices (as announced by the largest British gas...

Market movers todayThe main release is US retail sales for March. It is important we see a rebound to keep expectations of a growth recovery intact. Retail sales have disappointed in the past months...

EUR/CHF has dipped below 1.04 without the SNB providing support. With EUR weakness ahead, we see a clear risk of a EUR/CHF fall. We close our long EUR/CHF recommendation with a 1.0% loss. Strategy...

The latest IMM data cover the week from 31 March to 7 April 2015. Friday's IMM positioning data reveal investors have cut their bearish EUR positions. However, in an historical context, the move was...

The foreign trade data for March were weaker than expected. Exports (in USD) in March contracted 15.0% y/y after surging 48.3% y/y in February, while imports contracted 12.7% y/y after contracting...

This week the scorecard recommends buying EUR, CAD and SEK, while selling GBP, USD and NOK.Last week's signals resulted in a 1.7%% loss. Especially the long EUR and CHF positions were...

Market movers today It is a very quiet start to the week with no real market movers. Tomorrow US retail sales are due for release. To ease concerns over the US economy we should see a decent...

There are two main figures in Sweden next week. First, we expect March inflation - both CPI and CPIF - to print 0.2 percentage points above the Riksbanks forecasts (at 0.2% and 1.0% y/y respectively)....

Market movers ahead Next week China is due to publish Q1 GDP. We expect the release to show that China's 7% growth for this year is already challenged. We expect no change or new signals on policy...

US neutral policy rate lower -- but not as low as the market prices.US output gap to close faster than expected.We look for higher US yields soon.Time for next leg down in EUR/USD.Euro data...

The overall recovery in the rouble since the start of the year is mostly a result of a stabilisation in global oil prices. However, in our view, the acceleration in the rate of rouble appreciation...