Danske Markets

Markets OvernightYesterday Italian PM Monti announced a EUR30bn package of austerity and growth measures. It contains EUR20bn of austerity measures as well as EUR10bn of proposals to spur growth....

It looks as though the IMF will attempt to create a third line of defence against the European debt crisis by increasing its involvement and sending a clear signal that in a worst case scenario the...

Global The coming week should be relatively quiet in terms of US data releases. We expect the ISM non-manufacturing index to increase modestly to 53.3 from 52.9 last month. The index has been hovering...

It increasingly looks like the IMF will attempt to construct a third line of defence against the European debt crisis. As a standalone defence mechanism EFSF is no longer credible as financial markets...

Relief again, what's next?The market is back on the runway for another EU summit take off. Over the past few days news flow has turned increasingly constructive in terms of the meeting outcome and the...

• The US employment report was overall a bit stronger than expected. Payrollsrose less than expected at 120k (consensus 125k, Danske Markets 150k) but an upward revision of 72k and a sharp drop...

Summary and outlookGlobal leading indicators sent mixed signals in November, but were largely negative, as Asia joined Europe in posting deteriorating PMIs. On a more positive note, US figures were...

Summary: Volatility to persist while we wait for the EU and the ECB. Details on bail-in directive circulating in the media. S&P takes rating action on banks following methodology...

Key news :In a key speech, the French president stated that Germany and France must converge to ensure European stability. ECB President Draghi, in his first testimony to the European Parliament,...

The ISM surprised on the upside – rising to 52.7 in November from 50.8 in October – in yet another sign that the US is on track for 2½-3% growth in Q4. We look for a further rise in...

Fixing rates – we take a look at issues related to fixing problems in Euroland and Sweden.Trades:Profit taken, Buy 2DEC11 against SchatzDEC11. In last week’s edition of RtM Sweden we moved...

Russian parliamentary elections should bring no surpriseThe ruling party, United Russia is expected to win the parliamentary elections in Russia on Sunday. In the latest election four years ago,...

Baltic inflation pressures to ease in NovemberWe forecast that inflationary pressure in the Baltic countries would ease somewhat in November: in Estonian CPI growth decelerated to 4.2% y/y down from...

The NBS manufacturing PMI declined below 50 in November, in line with the HSBC manufacturing PMI released last week. Hence, both China’s manufacturing PMIs suggest renewed weakness in the...

Key news Stocks shoot higher on global central bank easing and strong US data. Bond yields in Italy, Spain and France decline strongly. Chinese PMI declines more than expected in...

• In October, the US Manufacturing ISM index disappointed slightly, falling from 51.6 to 50.8. However, the details were overall positive, with a considerable increase in the new orders component...