Danske Markets

Headlines • ECB lowers policy rate further and initiates purchase programme for asset-backed securities • Increasing primary market activity Market commentary With reporting season...

The stagnation in euro area GDP in Q2 was confirmed by the second release today. However, the details were better than the headline figure as private consumption continued to strengthen and there was...

Market movers today Focus is on the US labour market report for August. We look for a positive surprise with a solid increase in non-farm payrolls of 260,000 (consensus 230,000) and a decline in the...

The ECB move implies higher excess liquidity (EUR200-400bn) for a prolonged period and a deposit rate further into negative territory. Money market fixings will move lower and the search for yield...

Moody's has Portugal up for a potential review tonight and while an upgrade would be a pleasant surprise we are not expecting it. Portugal has already been upgraded twice this year by Moody's, which...

Market Movers ahead In the US we are heading towards a light week with retail sales and Michigan consumer sentiment survey the most important data releases. Euro area industrial production for...

Hopes of Geopolitical De-Escalation Lift Russian MarketsOn Wednesday, news was released of what seemed to be at least a minor de-escalation in the geopolitical tensions in Ukraine after the Ukrainian...

US car sales for August were surprisingly strong, rising to 17.45m in August (consensus 16.6m) from 16.4m in July. It is the highest level in eight years and is yet another signal that underlying...

Today focus is on the ECB meeting. We do not expect rate cuts or QE in connection with the meeting but all options are expected to be left open. After Draghi's dovish speech at Jackson Hole the...

As expected, the Bank of Japan (BoJ) did not announce any new easing measures in connection with today's monetary meeting. The target for the annual expansion of the monetary base (the main policy...

Main event is the ECB meeting. We do not expect rate cuts or QE in connection with the meeting but all options are expected to be left open. After Draghi's dovish speech at Jackson Hole the statement...

Euro area retail sales declined 0.4% m/m in July after having increased for three consecutive months. The series for retail sales is quite volatile and the decline was in line with expectations. ...

The ECB has cut the refi rate to 0.05% and the deposit rate to -0.2%. The cut in interest rates was probably due to the 5y5y inflation expectations (which the ECB usually uses for defining medium-term...

The periphery was the strong region in the euro area measured in terms of economic growth in Q2. Importantly, private consumption has started to increase in these countries as the unemployment rate...

Prime Minister Shinzo Abe has this morning officially reshuffled his government. Most of the details were already leaked yesterday. Taro Aso and Akira Mari stay as finance minister and economy...

Composite PMI increased in August to 61.8 from 60.2 - the highest reading since August 2000. The new order component increased to 61.7 - also the highest reading since 2000. Recall that Irish GDP...