Danske Markets

The macroeconomic outlook Domestic demand has picked up strongly over the past few quarters and shows no sign of abating. Consumption and housing investments are currently the main impetus to growth,...

A quantitative run through of the Swedish fixed income market, starting with the Riksbank and money markets before moving on to government and mortgage bonds. To Read the Entire Report Please Click on...

The latest IMM data covers the week from 13 to 20 May 2014. The IMM data released on Friday revealed yet another build in short speculative EUR positions in the week ending 20 May. The build in short...

Our Swedish GDP estimate is -0.4% q/q and 2.0% y/y, substantially lower than Q4 although we forecast that the details will show 'a better quality'. The inventory contribution should be much smaller...

We believe the ECB will surprise the markets by boosting liquidity through a new 3Y LTRO while at the same time cutting the refi and deposit rate, bringing the latter into negative territory. The...

Financial markets will digest the outcome of the EU-election. We expect the market impact to be limited despite strong gains for anti-EU parties. The two-day ECB forum on central banking starts in...

This week the scorecard recommends buying SEK, NOK and JPY while selling CHF, EUR/USD and GBP/USD. Last week's sell-off in SEK seems overdone according to the model and, as the technical input...

We expect the ECB to take a significant step at the June meeting by introducing a negative deposit rate. In our view, another lowering of the ECB's inflation projections is inevitable and this will...

We think it is almost certain that the ECB will lower its inflation projection for 2014 and we also expect a slightly lower forecast for 2015, but in our view the ECB will keep its 2016 forecast...

Market movers today German IFO and US new home sales will be the main data to watch. We look for a small rise in the German IFO, pointing to continued robust growth in Germany. The short-term...

Q1 14 GDP will be lower than Q4 13 GDP but better quality except for productivity, which is likely to be negative (though data is unreliable). The most interesting information relating to GDP came...

Hungary: to cut or not to cut? Just looking at the inflation numbers -- or rather the deflation numbers -- it should be clear that the Hungarian central bank will deliver yet another rate cut at...

Euro area Euro area PMIs were mixed in May. PMI manufacturing was weaker than expected as it declined to 52.5 in May from 53.4 in April. PMI service increased to 53.5 in May from 53.1 in April and is...

Market overview The ECB seems to be getting ready to cut rates in June and hence introduce a negative deposit rate to combat low inflation. The US recovery is back on track after hitting a soft...

Private consumption is the most important demand driver of the overall global business cycle. Without consumer spending there is little need for companies to expand capacity and investments will be...

The aluminium price seems to have landed relatively safely after a long period of steep decline since the peak in early 2011. During the first half of 2014, the aluminium market has settled around a...