Danske Markets

Summary and outlook Global leading indicators generally strengthened over the past month pointing to continued recovery in the world economy. In the US ISM remains very strong relative to other soft...

Market movers today Main focus will be the US labour market report, which will be crucial for timing of Fed tapering. We favour January versus December by 55-45 but a decent payroll report today...

We expect continued low inflation in November, specifically 0.3 percentage points below the Riksbank. However, the forecast is unusually uncertain this time. The money market has reduced the...

Market movers ahead: We expect another strong retail sales report from the US. Hard economic data for November should paint a stable picture of the Chinese economy. The week will bring us news...

The headline for this EMEA Weekly could seem highly unlikely for most people that have been following the Hungarian economy in post-communist times, as the Hungarian central bank has for years...

Market movers today Market focus will be on the ECB meeting. We expect more easing - just not at this meeting. Instead Draghi is likely to simply speak dovishly and signal that the ECB is ready to...

Market movers today The euro retail sales are expected to have moved sideways due to a weak German figure but there is an upside risk owing to an improvement in consumer confidence. Euro GDP...

At the meeting next Thursday, we expect the ECB to keep policy rates unchanged. Danmarks Nationalbank (DN) did not follow the ECB's 25bp refinancing rate cut in November and left the lending rate...

An issue that has been broadly discussed over the past year or so is the obvious divergence between soft and hard data in Sweden. In the past week this problem has become more confusing with the Q3...

Euro area periphery data have shown great improvement, and in line with that sovereign spreads have tightened. The macroeconomic picture should continue to improve as suggested by soft indicators in...

The last auction in real rate bonds this year is a switch auction. In fact, it is split in two occasions, on Thursday and Friday this week. On Thursday SEK3bn of SGBi3105 (December 2015) will be...

The latest IMM data cover the week from 19 to 26 November. The graph on the right gives an overview of the positioning in the different currencies. IMM positioning data released yesterday (delayed...

The ECB will ease again, but in our view the December Governing Council meeting is too early for more stimulus. The latest inflation print showed a small increase, and the ECB is expected to keep the...

In an otherwise busy week we have a very thin calendar today. In terms of data releases the market will focus on UK PMI construction, which is expected to move sideways at a very high level around 59....

Focus will be on global PMIs. We expect the Spanish and Italian flash PMI manufacturing figures to increase and continue to point towards recovery in the periphery. The Spanish increase should be the...

We argue that Riksbank remains wrongly priced. Over the last week the Swedish fixed income market has priced out some of the Riksbank rate cut expectations for the next two meetings and market pricing...