Danske Markets

The most important event in the EMEA region next week is the rate decision in Poland. We have been saying for a long time that the Polish central bank (NBP) needs to ease monetary policy further in...

Inflation turning higher now. The Swedish National debt Office proposes lower FX exposure and bond premiums together with tax incomes decrease borrowing requirements. Buy longer-dated bonds in ASW...

Today's ECB meeting was a bit of a disappointment. The main message from President Mario Draghi was that the ECB has introduced a significant amount of measures and that the impact still needs to be...

The main event will be the press conference following the ECB meeting. Since rates have reached the bottom, focus will be on the details of the ABS and covered bond purchase programme, see ECB Preview...

The EUR/USD may bounce around the ECB meeting but this should prove short-lived ahead of a likely strong September non-farm payroll report. Growth and monetary divergence will drive EUR/USD lower...

The US ISM manufacturing report declined more than expected to 56.6 (consensus: 58.5) from 59.0 in August. The details were also on the soft side. ISM reached very high levels over the summer and it...

The Brent crude oil price has dropped below USD95/bbl for the first time since the summer of 2012 as production in Libya continues to surge and demand has weakened on the back of the recent growth...

Market movers today In the US focus turns to ISM manufacturing for September. It has surprised clearly to the upside in the past months but we think it is time for some moderation. It has shown...

China's official manufacturing PMI released by the country's National Bureau of Statistics (NBS) was unchanged at 51.1 (consensus: 51.0, DMB: 50.8) in September compared with August. The details were...

For the first time in a year Danish investors net sold foreign shares. Danish investors net purchased foreign bonds for the 10th straight month. Foreign investors net purchased Danish shares and...

We look for the non-farm payrolls to make a decent rebound in September after last month's disappointing report. Our models predict an increase of 250,000 (consensus 205,000). We expect the...

The euro flash CPI came out as expected at 0.3% y/y in September, down from 0.4% y/y. The unrounded number was 0.2549% – so very close to a 0.2% print. The upside risk from the German inflation...

We expect the ABS and covered bond purchase programmes to be in the spotlight at Thursday’s ECB meeting. As highlighted in the September statement, the Governing Council will reveal the detailed...

German retail sales and French consumer spending figures are due for release this morning. These data are quite volatile so they will not provide much new information. Overall, euro-area retail sales...

We launch Danske Bank’s FX Trading Portfolio, which will include all our directional FX trade recommendations focusing on our footprint markets in Scandinavia, EMEA and G10. The FX Trading...

Revenue in 2014 from taxation of pension returns and early taxation of capital pension schemes looks set to beat the Danish government's estimates by a fair margin. That will drain DKK liquidity...