Danske Markets

Market MoversMarket focus will continue to be on the developments in Ukraine. We expect euro inflation to decline to a new cycle-low of 0.3% y/y in August. The decline should follow due to lower...

Market movers today Spanish and German inflation data for August are released ahead of the euro figure on Friday. We expect a new-cycle low in Spanish inflation, which could fuel expectations of...

The ECB's aim with the TLTRO is to enhance the functioning of the monetary policy transmission mechanism. In order to assess the effectiveness we consider whether the liquidity will result in greater...

There will be another tap auction of SGBi3109 (June 2025) on 28 August. We recommend buying the bond in the auction, as we continue to recommend real rate flatteners. Despite the recent performance,...

Growth in the broad credit measure total social finance (TSF) in July slowed to 15.7% from 16.5% y/y in June. Seasonally-adjusted TSF slowed markedly to just 0.7% m/m in July after increasing a solid...

We expect the ECB to deliver a very dovish statement next week but not cut interest rates or enact QE. This could trigger a bounce in EUR/USD but we expect it to be short-lived given the USD's...

There are no penalties attached to the TLTRO borrowing that prevent banks from using the funding for government bond carry trades. This should be positive for banks' willingness to take on the TLTRO. ...

In terms of data releases we have a very light global calendar. In Germany the GfK consumer confidence for September is released. It is usually not a figure we follow closely but it is a bit...

Since 2006 there has been a substantial slowdown in new home investments. Our calculations suggest that structural growth in new home investments could already have declined below 7%. The structural...

Focus is expected to be on the Ukraine crisis once again, as there is an event in Belarus's capital Minsk, where top officials from the Eurasian customs union and from the EU, Russia's president...

We expect the TLTROs will boost liquidity. However, the amount of borrowing limits is unknown as it depends on net lending behaviour - we list four different scenarios that give an upper target...

The latest IMM data cover the week from 12 to 19 August 2014. IMM data released last Friday reveal that investors have returned to adding bearish EUR positions builds. The bearish EUR sentiment has...

This week the scorecard recommends buying CHF, SEK and NZD while selling GBP, USD and CAD. Last week's signals resulted in a 0.05% loss. In particular, the short SEK position performed well while...

ECB President Mario Draghi held a dovish speech at the Jackson Hole on Friday evening and the probability of more easing from the ECB has increased (see speech)In light of this, we expect it to be...

Focus is likely to be on comments from the Jackson Hole Central Bank conference. Especially Draghi's dovish ones are likely to be in focus. German IFO expectations are expected to continue the...

Sweden starts off on a slow note, with PPI on Tuesday. On Wednesday, NIER will release August business and consumer confidence surveys as well as its updated forecasts. On the same day Statistics...