Danske Markets

The upward trend in M3 money supply continued as it improved to 2.5% y/y in September from 2.1% y/y in August. This is the highest rate of increase since May 2013 after bottoming at 0.8% y/y in April...

The latest IMM data cover the week from 14 to 21 October 2014. IMM data released last Friday revealed a slight bearish build in speculative EUR positions. From a historical perspective, however, the...

Market movers today Focus will be on the ECBs asset quality review and stress test, which were released yesterday. Overall, we expect a muted positive reaction, as capital shortfalls were less than...

The result of the ECB's Asset Quality Review (AQR) and stress test, including the fact that 12 out of the 25 have already covered their capital shortfall, is better than feared. Importantly, there...

The main event in Sweden is the Riksbank meeting (Tuesday at 09:30 CEST), where we expect a cut to 0.1% (unchanged corridor) or 0.05% (a decreased interval) but that should not make much of a...

Market movers for the week ahead The most important event in the US this week is the Fed meeting on Wednesday. The Fed is likely to reiterate the 'considerable time' forward guidance and the...

We consider it unlikely the Riksbank will introduce a floor under EUR/SEK. A prolonged period of low inflation is, in our view, a necessary but not sufficient condition for FX intervention. Before...

New research from Danske Bank Markets Over the past week, Danske Research has been on roadshows in Stockholm and London, seeing around 35 investor and corporate clients. There was a large divergence...

The extent of the US soft patch will be important for risk assets and bond yields. We look for an only a moderate slowdown, but expect ISM to come down in the coming quarters. Volatility is expected...

Market MoversA quiet day on the data front. German consumer confidence released at 08:00 is expected to fall slightly to 8.1 in October from 8.3 in September. German manufacturing has slowed...

A flat repo rate path from Riksbank? Fed decision and global inflation. AQR, RB, FOMC, GDP, HICP, PCE: there are a lot of potential market movers next week. To Read the Entire Report Please Click...

Bank Rossii to hike on high inflation Russia's central bank Bank Rossii will announce its decision regarding key rates on Friday, 31 October at 11:30 CET. We expect a 100bp hike of the key rate as...

Norges Bank was slightly less dovish than markets expected today Technicals and positioning support a downward move in EUR/NOK Fundamentally, we are bearish on EUR/NOK on growth, carry Strategy At...

The euro flash PMI was a bit of a mixed bag but overall still shows a declining trend in euro area growth . The composite new orders index fell from 51.4 to 50.6, the weakest level since July last...

Business as usual As expected, Norges Bank (NB) kept interest rates unchanged at today’s meeting. In the press release, NB gave no indication of any imminent change to the strategy published in...

Market overview Risk appetite falls on growth concerns Collapse in Oil prices likely to be temporary Interest rate hedging Limited upside in interest rates until the end of 2014 We recommend...