Danske Markets

Euro area M3 growth stood at 2.3% y/y in August, up from 2.3% in July, in line with market expectations. At the same time, M1 growth declined to 6.8% y/y, from 7.1%. The high M1 is driven primarily by...

Thursday's Market Movers With the deadline looming on Monday focus in the US will continue to be on the negotiations about an agreement for funding non-mandatory government spending for the new...

Tap auction in SGBi3107. Given the last auction, favourable pricing and this linker bond standing out among the others as being expensive in the repo market, we expect the auction to be well...

Wednesday's Market Movers In the data calendar focus is on durable goods orders and new home sales in the US. It will be interesting to see if there are any signs of a negative impact on home sales...

Market movers today In Europe the main focus will be the IFO business survey in Germany. We expect IFO to have improved in September to around 105 and if we are right this would suggest annualised GDP...

With Fed's tapering of its QE programme postponed - now not likely until December in our view - the FX market has made a turn for a weaker USD. While the near-term support to USD has certainly waned...

The eurozone manufacturing PMI declined slightly from 51.4 to 51.1, while the service sector PMI increased from 50.7 to 52.1. The same pattern was seen for both Germany and France. It might indicate a...

This week the socre card recommends buying the AUD, CHF and GBP while selling the SEK, NZD and EUR (see suggested weights in portfolio in table below). For the third consecutive week, the scorecard...

Moody's altered Ireland's rating outlook to stable from negative after market close on Friday. Moody's kept the rating unchanged at Ba1. Hence, Moody's is still lagging both S&P and Fitch who both...

Market movers today: After financial markets have digested the outcome of the general election in Germany, focus will shift to flash PMIs for the euroarea in September. The better than expected...

We argue that, with a more bond-friendly global environment and a Riksbank priced too aggressively, it is a good opportunity to take more risk in Sweden. We recommend extensions along the covered bond...

After Sunday's German elections, it seems much easier to point out the losers than the winners. Alternative für Deutschland got 4.9% of votes according to the preliminary results late Sunday...

With Fed's dovish stance, and the withdrawal of Lawrence Summers as candidate for Fed chairman, the biggest tail risks for risk assets were removed this week. In combination with lower tail risk from...

Portugal needs to return to the market or get further assistance in 2014. A solution must be found well before June 2014 when there is a funding gap of EUR6bn. Initial steps towards a return to the...

Market movers today Euro area September consumer confidence is due for release. We expect an above-consensus improvement. Tonight Fed's George and Kocherlakota speak. Both are non-voters but we will...

Is the Fed shifting the markets' focus from QE tapering to forward guidance as it fears rising rates? If it is, it would explain why it has postponed tapering. After the Fed, the trend in long-term...