Danske Markets

Eurozone forecastGrowth and inflationGDP increased by 0.2% q/q in Q3. Q3 growth was driven by decent private consumption and good numbers from Germany and France. Economic indicators, such as PMIs and...

China’s policymakers this week have signalled that economic policy will become more pro-growth in 2012, although at this stage they see no need to use the ‘big bazooka’. Hence all...

We have revised our outlook for Finland and cut our GDP forecast to -1.0% for 2012. This is mainly due to the continued euro crisis that doesn’t leave export-driven Finland untouched. Risks are...

Euro area PMIs surprised positively in December. However, despite the increase, PMIs remain at recession levels. Composite PMI rose from 47.0 to 47.9. The improvement supports our view that the...

HSBC manufacturing PMI improved slightly in December from 47.7 to 49.0, but still suggests that GDP growth will remain below 7% q/q AR in Q4 11. Export orders fell but remained above 50, suggesting...

Key newsStocks move lower for a third day – risk sentiment remains weak in Asian trading. Mixed economic data in Asia – slightly higher Chinese PMI, weak Japanese Tankan.EUR/USD falls...

#1: Sell EUR/SEK strangleWe recommend selling a six-month 35D EUR/SEK strangle. Sell an 8.95 EUR/SEK put option and a 9.40 EUR/SEK call option for a premium of 2,660 SEK pips upfront –...

Six themes, 10 tradesFor the third time we present our FX Top Trades for the coming year. In 2010 and 2011 our top trades delivered an average return of 3.7% and 3.5%, respectively, with a hit ratio...

Six themes, 10 tradesFor the third time we present our FX Top Trades for the coming year. In 2010 and 2011 our top trades delivered an average return of 3.7% and 3.5%, respectively, with a hit ratio...

Key newsNo surprises from Fed - slightly more upbeat on the economy and no hints of imminent QE3.Merkel reluctant to increase firepower of ESM.EUR continues to slide and the stock market is lower.Not...

Key newsWith no signs of more aggressive bond purchases from the ECB and fear of an imminent downgrade of France, it appears markets are still in risk-off mode. However, there have only been modest...

The Fed meeting on Tuesday is expected to be a non-event with no changes to policy and limited change to the language. The change to the FOMC’s communication policy that is currently under way...

The latest IMM data covers the week from 30 November to 6 December. Stretched positioning ahead of last week’s ECB meeting: The IMM report. provides a good snapshot on how investors were...

Growth in China’s exports and imports both beat expectations substantially in November, but the year-on-year growth in exports and imports nonetheless continues to decline. However, sequentially...

At the time of writing, the ECB has cut the refi rate to 1% and signalled that it offers three-year fixed rate repos with full allotment at the ongoing refi rate at the same time as collateral...