Danske Markets

SummaryCDS indices are slightly up compared with year-end. Primary market activity was high during the first few days of the year. New issue premiums were elevated in the region of 10-30bp. We expect...

GlobalIn the  US  the main mover next week is expected to be retail sales. We look for continued decent growth in both core and headline retail sales of 0.3% m/m. This would put private...

• US non-farm payrolls surprised on the upside, rising 200k. Net revisions in previous months were -8k. This was overall stronger than consensus of 155k and our estimate of 170k. • The...

We have seen some improvement in sentiment as we enter the year, on the back of better than expected forward-looking indicators in the US, Asia and even in Europe. Despite the improvement the market...

Key newsThis morning the Chinese central bank allowed the yuan  to weaken  by setting the daily fixing 0.18% weaker against the dollar, which has lifted Asian stock markets. US stock markets...

Four themes, five tradesA new year has begun but the world economy still faces the major challenges of 2011. With no politically feasible quick fix, the European debt crisis is here to stay. If...

• Banks’ deposits at the ECB have increased sharply following the first 36 months LTRO.• However, it  is wrong to conclude from this that the LTRO has failed to stimulate...

Key newsThe gradual improvement in the US economy continues and the global equity markets gain after better-than-expected US ISM data. However, limited response in the Treasury market where 10Y yields...

Key newsAsian equity markets follow the positive trend from the European markets. Some of the major Asian stock markets (including Japan)  are closed due to a public holiday, however.Plenty of...

• The  National Bureau of Statistics (NBS) manufacturing PMI in December improved slightly from 49.0 to 50.3 suggesting that while growth remains subdued in Q4 the Chinese economy does not...

Key newsEU debt crisis remains in focus given the very wide 10Y spread between Italy and Germany as well as a larger Spanish deficit in 2011 than previously thought. Merkel and Sarkozy are scheduled...

Led by financials and homebuilders, the US stock indices managed to close the second to last trading day in 2011 with around 1% gains. Gains were continued in the Asian trading, with Asian equity...

The negative sentiment from the European trade that was triggered by concerns over ECB’s increasing balance sheet, carried over to the US stock markets. The S&P 500 ended the session down...

Markets overnightFollowing a calm session US equity markets ended the trade at close to the same levels as Friday. The last week of the year is traditionally the slowest market week of the year, and...

Over Christmas, Japan and China have deepened their financial ties, announcing plans on a currency pact on Sunday. Specifically, Tokyo and Beijing have agreed to increase direct yuan-yen trade,...

SummaryIn our 2011 outlook we concluded that “we are positioned for strong company fundamentals and ongoing sovereign debt concerns”. One year later we are in the middle of a system-wide...