Danske Markets

Key newsThe slightly positive risk sentiment appears to be intact with no major market moving news overnight.Stock markets are mostly higher and EUR has strengthened slightly across the board.Focus...

China’s GDP growth in Q4 beat expectations and declined only slightly from 9.1% y/y to 8.9% y/y. Industrial production and retail sales were also better than expected in December, suggesting...

Key newsS&P downgrades EFSF one notch to AA+, as expected. Better-than-expected Chinese industrial production, retail sales and Q4 GDP figures. Asian stock indices are up this morning and EUR/USD...

The latest IMM data cover the week from 3-10 January. Extreme euro positioning: Investors added to already record EUR shorts, which have now reached 53 percent of open interest. Extreme positioning...

Key newsS&P downgraded nine euro-area countries including France, Austria, Spain and Italy. The AAA rating of Germany, Finland and the Netherlands was affirmed.Rumours of the rating verdict...

S&P downgraded nine euro area countries on Friday night after the US close. France and Austria were downgraded by one notch, while Italy and Spain were downgraded two notches. Germany, Finland and...

Global• In the US regional business surveys in terms of the Empire index and Philadelphia Fed survey should show further improvement. The Philadelphia Fed survey rose to 10.3 in December from 3.6...

Market commentCDS indices have performed during the week with iTraxx Europe currently at 168bp and iTraxx Crossover currently at 704, i.e. down by 9bp and 47bp, respectively.While we have seen a very...

Key newsStrong Spanish bond auction underpins risk sentiment.Equity markets shrug off weak US data and finish higher.EUR/USD moves higher as ECB stays put and points to signs of stabilisation.Oil...

SEK: quality pays offThe mere fact that the Swedish krona is trading stronger, rather than weaker, when the global business cycle is on the defence is at odds with normality  –  the...

Key newsStocks close unchanged in US, slightly lower in Asia. Yields fall.Chinese inflation falls less than expected.Fed’s Beige Book shows moderate expansion.Monti and Merkel focus on growth...

Buoyant UK data:December spending strongUK numbers have been quite good recently, much better than expected by most. Data yesterday showed BRC’s like-for-like sales climbed 2.2% in December, the...

Key newsMitt Romney wins primary election in New Hampshire.Stock markets higher in US. EUR/USD back below 1.275.Focus today will be on German 2011 GDP data, Italy Q3 budget figures and themeeting...

Chinese import growth slowed more than expected in December, suggesting that imports have now finally begun to adjust to the unsustainably strong growth in the previous months. Given that imports of...

Key newsChinese trade surplus widens as import growth declines sharplyStock markets higher in Asia. Bond yields and EUR/USD up a bitUK RICS housing survey surprises to the upsideUS consumer credit...

This week, the scorecard recommends buying CHF, EUR and AUD while selling JPY and USD (see suggested weights in portfolio in table below).  The signals from the scorecard this week are broadly...