Danske Markets

• There are significant headwinds to the euro area economies at the moment and most indicators currently signal that the euro area is in the middle of a recession.• However, we expect the...

• The US economy has recovered again on the back of a reversal of headwinds from higher oil prices and the Japanese earthquake. Declining yields have contributed to a lift in the housing...

Two rate decisions – both on Tuesday – will dominate the EMEA agenda next week. Most interest will undoubtedly be on the Hungarian rate decision after the recent spike in volatility in the...

Key newsGreek government and IIF fail to reach agreement on voluntary debt swap ahead of today’s Eurogroup meeting, but negotiations continue.There has been a slight reversal of past...

Global• In the US GDP data for Q4 are up for release. We expect to see a growth rate of 3.0% in line with consensus, up from 1.8% in Q3. Stronger consumption growth, a boost from net exports and...

The flash estimate for China’s HSBC manufacturing PMI in January only improved marginally from 48.7 to 48.8. However, the details were stronger with new orders and export orders improving...

We recommend selling GBP/NOK at 9.17 for a 8.80 objective, a level last seen in October, and with a stop at 9.36, just shy of the peak in late December. Main arguments are 1) substantial monetary...

Key newsGlobal equity markets continue to rally on strong numbers, less eurozone debt fears and strong earningsThe rally in risky assets pushed up long-dated yields in the US and the US treasury curve...

Main forecast changesEUR/USD: Eurozone money market rates are expected to fall further and as a result we have opted to lower our 3M EUR/USD forecast to 1.26 from 1.28. We still look for improved...

Key newsRisk sentiment is still slightly positive supported by reports of a possible substantial boost in IMF resources and hopes of an imminent PSI deal.Stock markets continue to edge higher and EUR...

Eurozone forecast  Growth and inflationThe economic data are consistent with the eurozone being in a recession in Q4 11 and going into 2012. However, there are tentative signs of stabilisation in...

• Slower growth and lower inflationary pressure have created room for monetary and fiscal easing across Asia. This is expected to support a gradual recovery in 2012.• China is expected to...

• There are significant headwinds to the euro area economies at the moment and most indicators currently signal that the euro area is in the middle of a recession.• However, we expect the...

• The US economy has recovered again on the back of a reversal of headwinds from higher oil prices and the Japanese earthquake. Declining yields have contributed to a lift in the housing...

• In this scenario the European debt crisis goes from bad to worse. The escalation is caused by a failure to find a lasting solution to Greece’s debt problem and a worsening of the outlook...