Danske Markets

The mess around Cyprus unambiguously increases the attractiveness of Swedish government bonds. If it continues, it could of course have bearing on Riksbank action. At the same time, it is easy to note...

Today's flash PMIs signal that the euro area remains in recession. The setback in PMIs fits well with the temporary weakness in Chinese data and might be due partly to the Chinese New Year. We believe...

The euro area recession deepened at the end of last year, and the beginning of 2013 has been disappointingly weak as well. Headwinds are fading but the outlook has worsened, especially in Italy and...

China's HSBC manufacturing PMI rebounded to 51.7 in March from 50.4 in February, confirming that the weakness evident in February was mostly due to distortions from the Chinese New Year. The rebound...

The Federal Reserve yesterday reaffirmed its commitment to continue quantitative easing until it sees substantial improvement in the US labour market situation.Chinese PMI data for March was stronger...

The Fed's asset purchases will continue at its current USD85bn pace for now; the first Fed funds rate hike is not expected before 2015.Ben Bernanke repeated his dovish message, but acknowledged the...

The levy for deposits, which would have been a policy mistake, has been rejected by the Cypriot Parliament. A deal with Russia now seems to be the most likely outcome. This may include selling rights...

ReviewGlobal economic expansion is gaining strength driven by a strong US, and major central banks backing up recovery by maintaining their dovish stances.The situation with the Cypriot rescue package...

We believe the economy will finally be able to reach sustained growth above trend. Fundamentals in the private sector have improved. The housing market should be a significant positive factor, and...

The situation in Cyprus has intensified after the Cypriot parliament yesterday voted down the controversial deal to tax bank deposits. There are media reports of possible capital controls being...

Focus is on asset purchases and, with a review of the QE programme scheduled for this meeting, we are likely to get new information.We do not expect changes to the current pace of purchase or to the...

Trade recommendation Buy SGBi3105 outright or vs SGB1049 in a BEI spread @ 130bp. P/L: 160bp/110bp Carry: +11bp to 1 June. How about a stable AAA-rated 2Y government bond yielding 1.7% up to maturity...

Turn in housing and lower uncertainty to drive strong US growth.China recovering - but to lower potential growth rate.Euro area set for weak export-driven recovery.Monetary policy to stay very...

Cyprus remains on top of the agenda, but global stock markets recover on hope that the situation is contained. In general it seems that the global markets have resumed 'risk-on' trading.Today,...

A few of our trades are more or less supported by a risk-on mode in the market. However, following the solution offered to Cyprus, the outlook is vague once more. Specifically, the...

The latest IMM data covers the week from 4 to 12 March.Investors are continuing to buy the dollar: The currency strengthened since early February with the DXY dollar index up more than 4%. The dollar...