Danske Markets

The People’s Bank of China (PBoC) has announced it will cut the reserve requirement for commercial banks by 50bp across the board. The move today came as a surprise to the market, because...

Macro- and flow-oriented arguments are expected to push EUR/SEK higher in December. The cyclical outlook has deteriorated sharply. The Riksbank is likely to make a U-turn on 20 December by delivering...

At the Eurogroup-meeting, Finance Ministers agreed on the remaining details of the EFSF. The firepower of the EFSF will be boosted by introducing sovereign bond partial risk protection and a...

Key news: US Consumer Confidence for the month of November rose to index point 56 from 40.9 a month ago, the largest monthly jump in the index since 2003, highlighting the diverging sentiment in the...

The UK Chancellor, George Osborne, today delivered his Autumn Statement to the House of Commons. As expected, it wasn’t an easy affair. The chancellor was under pressure due to poor economic...

At face value Q3 GDP in Sweden was much stronger than we expected, growing 1.6%q/q and 4.6% y/y (our forecast was 0.4% and 3.6%). One observation stands out as veryimportant – namely that...

Key newsUS equities rally to close near 3% up on optimism stemming from progress in framing the solution to the European debt worries and record-high Thanksgiving holiday sales figures over the...

According to unconfirmed reports in the Italian press, the IMF is preparing a major loan for Italy in the event that Italy’s access to funding freezes. The IMF has this morning denied that it...

Key newsAsian stocks are trading higher this morning on speculation about an IMF deal for Italy and the possibility of ECB buying up more aggressively in the European fixed income markets. The news...

Long SEK, AUD and NZD vs. short USD, GBP and CAD This week, the scorecard recommends buying SEK, AUD and NZD while selling USD, GBP and CAD (see suggested weights in portfolio in table...

Unfortunately, the European debt crisis has probably prevailed for too long without politicians being able to come up with a comprehensive strategy for how to deal with mounting debt. The European...

Room for more ECB cuts in the near term We think the ECB will lower the refi rate further. A 50bp cut at the December meeting cannot be ruled out. An emergency rate cut cannot be ruled out...

Euro area: Pressure on the core increasesThe debt crisis is changing character – from focusing on a few southern European countries to a general fear and investor flight from almost everything...

Big week coming up in the US with both ISM and non-farm payrolls. ISM manufacturing is expected to rise slightly to 52 in November (consensus 51.5) from 50.8 in October. ISM has been lagging hard...

Market commentThe negative headlines have been plentiful this week and a few positive macro numbers at the end of the week were not enough to change the overall risk-aversion mode of debtinvestors....

Key news No change in sentiment in the equity markets – the EU debt crisis continues as Merkel denounces euro bonds/stability bonds The euro remains under pressure against the dollar Hungary...