Danske Markets

Big time surprise from the Riksbank: a 50bp rate cut and more than a 100bp downward adjustment of the rate path (unseen). We believe it is on the right track but the rate path is still fairly steep...

Focus in the global Oil market looks to be slowly shifting from the insurgence in Iraq to the potential near-term downside risks. Attention is likely to shift to the prospect of an Iranian nuclear...

In May Danish investors net purchased foreign shares and bonds, while foreign investors net purchased Danish shares and bonds. Foreign investors increased their holdings of government bonds, treasury...

Market movers today A relatively light data calendar. The most interesting release is the ADP private employment report in the US that will give us some input on the direction of the important...

China’s official manufacturing PMI published by China’s National Bureau of Statistics (NBS) improved slightly in June to 51.0 (consensus: 51.0, DBM: 51.2) from 50.8 in May. This is the...

Market movers today While ISM manufacturing has recovered a lot from the winter lows, we believe it can improve a bit further in the short term before moderating in Q3. Hence, we expect ISM...

The ECB took a significant easing step in June and the meeting on Thursday is likely to provide much less new information. Despite a lot of questions, we do not think the ECB is ready with further...

The latest IMM data covers the week from 17 to 24 June 2014 The IMM reports of recent weeks have shown considerable changes in non-commercial FX positioning. Friday's report revealed the largest...

This week the scorecard recommends buying GBP, CHF and USD while selling AUD, NZD and JPY. Last week's sell-off in the GBP seems overdone according to the model. In addition, most other input...

We expect today's euro-area inflation to increase to 0.7% y/y (from 0.5% y/y in May) from an initial forecast of just 0.5% y/y on the back of the higher-than-expected German inflation numbers released...

In Sweden all focus will be on the monetary policy announcement on Thursday at 09:30 CET. Anything but a rate cut from the Riksbank would be a major surprise, so all focus will be on the accompanying...

Market Movers aheadScandi Markets will be on its toes ahead of the Riksbank meeting on Thursday. We expect a 25bp cut and a lowering of its interest rate path.The ECB meeting, also on Thursday, should...

Central banks create inflation - but not in consumer prices Risk of creating new bubbles New bond yield conundrum on the way? US housing and capex picking up, core inflation rises furtherIn...

In the euro area German and Spanish HICP will give the first set of information about inflation in June. German HICP declined to 0.6% y/y in May where a large part of the decline was a result of lower...

Is pricing on the Riksbank stretched? We review current MM pricing relative to the situation the day ahead of the previous seven MP meetings. We close our recommendation to receive red FRAs. To Read...

Belka should cut but will not The newsflow out of Poland in recent weeks has been dominated by a major scandal that has hit both the Polish government and the Polish central bank (NBP), after two...