Danske Markets

It is clear by now that we are trading in what we call the blue phase of the business cycle. In financial market terms, blue is an upbeat state. It is the phase where global growth is recovering while...

The euro area composite PMI increased to 53.5 in February from 52.6 in January and is now at the highest level since summer last year. The increase was driven by the services PMI, which rose to 53.9...

Market Movers The main event today is the extraordinary Eurogroup finance minister meeting on Greece in Brussels scheduled to start at 15:00 CET. Greece's current bailout programme is set to expire on...

The Fed will need to balance its dual mandate this year, with the labour market improving fast but core inflation running below the 2% target. The January FOMC minutes showed that there is no...

When the ECB announced that it would broaden the scope of its asset purchases on 22 January, it came as a surprise that bonds issued by European agencies and supranational issuers were included....

Steep declines in US rig count, downward revisions to IEA supply forecasts, a softer stance from OPEC on oil prices and a change in speculative positioning all indicate oil prices have bottomed. ...

The Swedish National Debt Office raised borrowing – will the Riksbank raiseQE too?Sell SGB1051 in various RV trades.TradesNew, sell SGB1051 and receive FRAMAR16 in a spread @ -29bp. P/L:...

Mario Draghi has clearly said that the ECB's QE programme will include bonds, that are already trading in negative territory when it comes to yields. However, a Bundesbank official has recently stated...

Market movers today The first ECB accounts (minutes) are published today, covering the 22 January meeting where the ECB announced its QE programme. Based on president Mario Draghi's comments during...

The minutes from the January FOMC meeting strongly suggest that the FOMC's fed funds rate projections will be lowered at the upcoming 18 March meeting and the minutes were in general more dovish than...

This week, SEK500m in each of the two bonds SGBi3110 (1 June 2019) and SGBi3108 (1 June 2022) will be offered in a tap auction. The SGBi3110 bond and slightly longer SGBi3102 (1 December 2020) have...

The UK labour market report released today shows that the labour market is continuing to improve although at a slower pace compared to the beginning of 2014. The ILO unemployment rate (3M) in December...

In the UK the focus is on the ILO unemployment rate and the weekly earnings figures, which have been rising in recent months. In our view, future wage growth will be a key determinant of when the MPC...

In line with our expectations, UK CPI inflation declined by 0.2 percentage points to 0.3% in January 2015 from 0.5% in December 2014 (Danske Bank: 0.3%, consensus: 0.4%). This is the lowest reading...

SEB is today introducing a new 5Y benchmark bond (SEB573) maturing on 17 June, 2020. The coupon rate is set at 1.5% and the ISIN code is SE0006258406. We would expect it to quickly reach benchmark...

The details of the announced QE programme were much clearer than we are used to when the ECB launches new measures. However, the legal acts have not been published yet and one of the unanswered...