Danske Markets

It is becoming increasingly evident that the Russian economy is going to take a very hard hit from the ongoing Ukrainian-Russian crisis - mostly due to the substantial capital outflows from Russia,...

Market Movers ahead In the euro area, we expect the flash PMI to have softened slightly in April, indicating GDP growth could ease a bit in Q2 compared with Q1. We expect the ECB to come under...

We have lowered our 3M target for EUR/USD a bit but we still expect the cross to trade slightly higher the EUR/USD on a 3M horizon and hit 1.40 (previously 1.42) as it will take time for the ECB to...

- New five-year Greek government bond first issuance since 2010. - Market sentiment still strong but somewhat muted at the end of the week. - Earning releases from major US companies next week will...

Market movers today The main release will be US consumer confidence for April from University of Michigan. We expect it to be unchanged at 80.0. While the labour market has picked up a bit recently...

In a week with limited news on the economic front, risk markets have been jittery going into the earnings season. The main theme in the stock market has been a move out of growth stocks such as...

Another day with few releases of interest on the global scene. French industrial production is expected to rise moderately by 0.2% m/m in February underlining a slow French recovery. Italian...

Global indicators signals a slowdown in global growth as data is still weak in China and US. However, a few signs indicate that the slowdown might be short-lived and we therefore expect a moderation...

Steeper EUR Curve vs Flatter US CurvesOne of our core views for 2014 is that the EUR curve should steepen from the long end. We base this view on the expectation of continued macro improvement and on...

TradesNew. Sell (receive) JUN15 and buy (pay) JUN16 in a FRA steepener @ 59.5bp. P/L: 75bp/48bp. We expect the front contract to decline but the position will also give some protection to our outright...

Another quiet day on the global agenda. FOMC minutes tonight might be interesting given the upward adjustment to the Fed rate projections at the March meeting. This was also when the 6.5% threshold...

New, sell (Rec) SEKFRAJUN15 at 1.08%. P/L:0.95%/1.20%. Roll down 3bp/m. Take profit, sell (Rec) SEKFRAMAR15 at 1.10%. Profit 14bp. Take profit, Rec 52 versus Pay 2s10s in a swap fly 6M forward at...

There are no big market movers today. The UK releases industrial production for February, which is expected to show a moderate rise of 0.3% m/m. In the US the NFIB small business optimism index...

The price of oil has dropped to the lowest level since November on news that rebels have agreed to reopen oil ports in eastern Libya. This is an important step forward, even though the two oil ports...

March 25 - April 1 IMM data released last Friday revealed the largest single week bullish build in non-commercial AUD-positioning since March 2013. Measured in percentage of open interest the change...

We now pencil in a rate cut from the Riksbank at the July meeting. In our view, the markets' probability distribution should favour a scenario where (1) the Riksbank cuts its repo rate from 0.75% to...