Danske Daily. Market Movers. Selected Market News
|
|
- Gerard Barrett
- 7 years ago
- Views:
Transcription
1 Investment Research General Market Conditions 26 June 2015 Danske Daily Market Movers The ongoing negotiations between the Greek government and the creditor institutions continue to be in focus as no deal was reached yesterday. Today s EU leaders summit previously seemed to be the deadline for reaching a deal but another Eurogroup meeting has been confirmed on Saturday and the deadline has thus been moved into the weekend. In terms of data releases euro-area money supply and bank lending should continue to improve as the ECB s liquidity boost is finding its way through to private consumption and investments. The monetary easing is also reflected in lower cost of borrowing. The recent sell-off in the fixed income markets has not yet affected lending rates, hence the impact on economic activity should be limited. In the US the final June University of Michigan consumer confidence is likely to show a modest further improvement in the last weeks of June. Swedish figures and Riksbank board meeting today. For more on Scandi markets see page 2. Selected Market News With the new deadline for a Greek deal now set to be the Eurogroup meeting on Saturday we are in for a wait-and-see day where markets could stay nervous and, similar to yesterday, react erratically to the news flow and any headlines from the negotiations between Greece and the institutions. Outstanding issues now appear to centre on pension-reform issues, sales-tax increases and whether debt relief should be granted. We still believe an accord will be reached in time and it seems that the differences have narrowed recently. That said, the fact that a deal will likely not be reached until Saturday at the earliest makes it difficult for the Greek government to pass legislation before market open on Monday and thus for national parliaments to approve the deal before payments due by month end. This makes the ECB s decision on Emergency Liquidity Assistance (ELA) to Greek banks key in order to avoid bank runs and having to impose capital controls. That said, a missed IMF payment is unlikely to be characterised as a default by rating agencies and should thus not trigger a series of credit events as such. As a result, markets could start eyeing 20 July when Greece is due to pay EUR3.5bn to the ECB as a next deadline: if missed, this would most certainly imply ELA be withdrawn. Asian equities have extended losses seen in the US session and US Treasury yields are marginally higher tracking the uptick in the German Bund rate yesterday. Japanese data on inflation and household spending were mixed overnight but national CPI figures notably came in on the strong side and USD/JPY edged lower. Market overview Note: * The itraxx Europe Index shows the spread development for the most liquid investment grade CDS contracts in the euro credit market. **The itraxx Europe Crossover show the spread development of the most liquid non-investment grade CDS contracts in the euro credit market. ***The Markit CDX North America Investment Grade Index shows the spread development for the most liquid investment grade CDS contracts in the US credit market. Source: Bloomberg Selected readings from Danske Bank Today Nordic Outlook - June 2015 [Tex Senior Analyst Christin Tuxen tux@danskebank.dk 07:30 1 day +/-,% S&P500 (close) S&P500 fut (chng from close) Nikkei Hang Seng :00 07:30 +/-, bp US 2y gov US 10y gov itraxx Europe (IG) itraxx Xover (Non IG) /-, % EUR/USD USD/JPY EUR/CHF EUR/GBP EUR/SEK EUR/NOK USD Oil Brent, USD Gold, USD Important disclosures and certifications are contained from page 6 of this report.
2 Scandi Markets Three figures out this morning in Sweden, all relating to May: 1) trade balance is expected to show a minor retracement - printing a surplus of SEK3.5bn - in a fairly strong upward trend, 2) household lending growth should continue to strike new highs, we estimate 6.6% y/y and 3) retail sales growth is likely to rebound somewhat to around 4.5% y/y. Overall, this should paint a nice picture of the most important sectors of the Swedish economy. Fixed Income Markets Fixed income markets continue to be caught in the Greek-deal-limbo and today is unlikely to be any different. We have experienced that timelines and deadlines are moving targets but it seems like a crescendo is building up for the Eurogroup meeting on Saturday. A lot has already been priced-in the periphery but the positive sentiment should extend further on a final agreement, even though some details are expected to remain open until an eventual implementation in parliaments. Nonetheless, we expect Bunds to test lows on an agreement before we expect it to edge a bit higher as technicals support the FI markets over the summer. Norges Bank will publish its Q3 issuance strategy today. We might see a downward revision of issuance in H2 15 after the revised budget showed a lower funding need of NOK23bn. We remain long NGB '21 against Germany. FX Markets EUR crosses have in general been remarkably stable in recent days considering the political turmoil in relation to Greece. EUR/USD has fallen below the 1.12 level again but overall it appears that FX markets are sidelined on the single currency with markets waiting for the imminent Greek issue to get out of the way in order to clear the way for policy differences to play out yet again. Indeed, we believe that any rally in EUR/USD on a Greek accord will prove short-lived as this would at the same time open the door for the Fed to hike rates. US S&P500 future Wed Thu Fri Tue Wed US 10y gov yield Wed Thu Mon Tue Wed Fri Global FX EUR/USD (LHS) USD/JPY (RHS) Wed Thu Mon Tue Wed Fri A batch of Swedish figures due out this morning but SEK will keep an eye on the Riksbank with an executive board meeting scheduled for today. However, with no solution for Greece likely ahead of the weekend, the Riksbank will probably be sidelined for now; that said, any drop in EUR/SEK on a Greek blow-up would certainly trigger a Riksbank reaction (rate cut and/or QE extension). Scandi FX EUR/SEK (LHS) EUR/NOK (RHS) Wed Thu Mon Tue Wed Fri 2 26 June
3 Key figures and events Friday, June 26, 2015 Period Danske Bank Consensus Previous - EUR Moody's may publish Belgium's debt rating - EUR Moody's may publish Germany's debt rating - EUR S&P may publish France's debt rating - EUR Moody's may publish Austria's debt rating - EUR EU summit in Brussels 0:45 NZD Trade balance NZD M May M 1:30 JPY CPI - national ex. fresh food y/y May 0.1% % 0.3% 1:30 JPY CPI - national ex. fresh food and energy y/y May 0.4% 0.4% 1:30 JPY CPI- Tokyo y/y Jun % % 1:30 JPY CPI - Tokyo ex fresh food y/y Jun 0.1% 0.2% 1:30 JPY Household spending y/y May 3.6% -1.3% 1:30 JPY Unemployment rate % May 3.3% 3.3% 3.3% 1:30 JPY Job-to-applicant ratio May :30 JPY CPI - national y/y May 0.4% 0.6% 9:00 SEK Sweden's Riksbank Executive Board meeting 9:30 SEK Retail sales s.a. m/m y/y May 0.3% 4.5% -0.2% 3.0% 9:30 SEK Household lending % May 6.6% 6.5% 9:30 SEK Trade balance SEK bn May :00 EUR Money supply (M3) y/y May 5.4% 5.4% 5.3% 10:00 EUR Loans to Households (adj. for sales and sec.) y/y May 1.5% 1.4% 1.3% 10:00 EUR Loans to NFCs (adj. for sales and sec.) y/y May 0.1% % 10:00 ITL Business confidence Index Jun :00 USD University of Michigan Confidence, final Index Jun Source: Bloomberg, Danske Bank Markets 3 26 June
4 Today s market data: 26 June STOCKS DJSTOXX % Max 0.7 Max 0.8 OM XC % Min - Min -1.1 OM XS % OSE BX 644 -% S&P500 Intraday, % DOW JONES Grey line indicates closing of Danish markets NASDAQ 5112 Grey line indicates opening of US markets 1 month -0.1% 1 month -1.6% S&P Year-to-date 2.1% Year-to-date 13.9% NIKKEI (07:30) % EUR/USD Intraday FX & COMMODITIES EUR 17:00 07:30 +/- USD :30 JPY day Max ## GBP month Min ## NOK Year-t-date SEK DKK PLN JPY day month 3.12 GBP month 2.62 Year-to-date CHF Year-t-date YIELDS & INTEREST RATES Go ld, $ USD-Yields Intraday Spread, P o licy R ate 3M bp 17:00 07:30 +/-, bp 0.72 USD2Y USD10Y 2.42 USD USD 10Y Max 0.7 Max 2.4 EUR USD 30Y Min 0.7 Min 2.4 USD2Y 2.40 GBP JPY 10Y (lhs) 0 0 DKK USD10Y (rhs) 2.38 SEK :30(-1)* 17:00 +/-, bp NOK DEM 10Y Eurostoxx Intraday, % :30 Close Close CRB 1M future PLN DKK 10Y /- +/- -0.4% -0.2% -0.3% Oil, B rent, $ Industrials SEK 10Y NOK 10Y PLN 10Y * As of closing previous trading day 6.13 C R B, R aw 10Y Yield Spread to Germany USDJPYGBPFRF ITL DKKSEKNOKPLN US Yield Curve ## M ax ## M ax ### ## M in 00 ## M in ### USD2Y USD5Y USD10Y D-t-D +/-, bp (right axis) 07:30 (left axis) 1 month ago (left axis) German Yield Curve DEM2Y DEM5YR DEM10Y D-t-D +/-, bp (right axis) 07:30 (left axis) 1 month ago (left axis) Non-finan. C redit spread, it raxx s. 11* 07:30 Source: Bloomberg, Danske Bank Markets 1 day 1 month Credit spreads USD 10Y * Ask price ** Ask price Swap Spread, bp** Europe (IG) JPY 10Y HiVol Xover (N-IG) :30(-1)* 17:00 +/ EUR 10Y DKK 10Y Finan. Sr SEK 10Y Finan. Sub Jun Aug Sep Nov Dec Feb Mar May Jun NOK 10Y itraxx Europe (IG) (left axis) itraxx Xover (Non IG) (right axis) :00 07:30 * As of closing previous trading day USD 17:00 07:30 +/- +/ June
5 Disclosure This research report has been prepared by Danske Bank Markets, a division of Danske Bank A/S ( Danske Bank ). Analyst certification Each research analyst responsible for the content of this research report certifies that the views expressed in the research report accurately reflect the research analyst s personal view about the financial instruments and issuers covered by the research report. Each responsible research analyst further certifies that no part of the compensation of the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressed in the research report. Regulation Danske Bank is authorised and subject to regulation by the Danish Financial Supervisory Authority and is subject to the rules and regulation of the relevant regulators in all other jurisdictions where it conducts business. Danske Bank is subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority (UK). Details on the extent of the regulation by the Financial Conduct Authority and the Prudential Regulation Authority are available from Danske Bank on request. The research reports of Danske Bank are prepared in accordance with the Danish Society of Financial Analysts rules of ethics and the recommendations of the Danish Securities Dealers Association. Conflicts of interest Danske Bank has established procedures to prevent conflicts of interest and to ensure the provision of highquality research based on research objectivity and independence. These procedures are documented in Danske Bank s research policies. Employees within Danske Bank s Research Departments have been instructed that any request that might impair the objectivity and independence of research shall be referred to Research Management and the Compliance Department. Danske Bank s Research Departments are organised independently from and do not report to other business areas within Danske Bank. Research analysts are remunerated in part based on the overall profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions. Financial models and/or methodology used in this research report Calculations and presentations in this research report are based on standard econometric tools and methodology as well as publicly available statistics for each individual security, issuer and/or country. Documentation can be obtained from the authors upon request. Risk warning Major risks connected with recommendations or opinions in this research report, including as sensitivity analysis of relevant assumptions, are stated throughout the text. Expected updates Danske Daily is updated on a daily basis. First date of publication Please see the front page of this research report for the first date of publication. Price-related data is calculated using the closing price from the day before publication June
6 General disclaimer This research has been prepared by Danske Bank Markets (a division of Danske Bank A/S). It is provided for informational purposes only. It does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments (i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/or options, warrants, rights or other interests with respect to any such financial instruments) ( Relevant Financial Instruments ). The research report has been prepared independently and solely on the basis of publicly available information that Danske Bank considers to be reliable. While reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and Danske Bank, its affiliates and subsidiaries accept no liability whatsoever for any direct or consequential loss, including without limitation any loss of profits, arising from reliance on this research report. The opinions expressed herein are the opinions of the research analysts responsible for the research report and reflect their judgement as of the date hereof. These opinions are subject to change, and Danske Bank does not undertake to notify any recipient of this research report of any such change nor of any other changes related to the information provided in this research report. This research report is not intended for retail customers in the United Kingdom or the United States. This research report is protected by copyright and is intended solely for the designated addressee. It may not be reproduced or distributed, in whole or in part, by any recipient for any purpose without Danske Bank s prior written consent. Disclaimer related to distribution in the United States This research report is distributed in the United States by Danske Markets Inc., a U.S. registered broker-dealer and subsidiary of Danske Bank, pursuant to SEC Rule 15a-6 and related interpretations issued by the U.S. Securities and Exchange Commission. The research report is intended for distribution in the United States solely to "U.S. institutional investors" as defined in SEC Rule 15a-6. Danske Markets Inc. accepts responsibility for this research report in connection with distribution in the United States solely to U.S. institutional investors. Danske Bank is not subject to U.S. rules with regard to the preparation of research reports and the independence of research analysts. In addition, the research analysts of Danske Bank who have prepared this research report are not registered or qualified as research analysts with the NYSE or FINRA, but satisfy the applicable requirements of a non-u.s. jurisdiction. Any U.S. investor recipient of this research report who wishes to purchase or sell any Relevant Financial Instrument may do so only by contacting Danske Markets Inc. directly and should be aware that investing in non- U.S. financial instruments may entail certain risks. Financial instruments of non-u.s. issuers may not be registered with the U.S. Securities and Exchange Commission and may not be subject to the reporting and auditing standards of the U.S. Securities and Exchange Commission June
Investment Research General Market Conditions 15 September 2015
Investment Research General Market Conditions 15 September 2015 Danske Daily Market Movers US retail sales is the main market mover today. We expect another solid increase in the core retail sales measure
More informationInvestment Research General Market Conditions 20 September 2013
Investment Research General Market Conditions 20 September 2013 Danske Daily Market movers today Euro area September consumer confidence is due for release. We expect an aboveconsensus improvement. Market
More informationScandi markets today. Fixed income markets. FX markets
Investment Research General Market Conditions 20 October 2014 Danske Daily Market movers today Few things on the agenda today. No tier 1 data up for release so focus will again be on central bank talk
More informationInvestment Research General Market Conditions 26 September 2013
Investment Research General Market Conditions 26 September 2013 Danske Daily Market movers today With the deadline looming on Monday focus in the US will continue to be on the negotiations about an agreement
More informationInvestment Research General Market Conditions 09 October 2015
Investment Research General Market Conditions 09 October 2015 Danske Daily Market Movers It's a very thin calendar today with only tier-2 data. French industrial production is expected to rebound 0.6%
More informationDanske Daily. Market movers today. Selected market news
Investment Research General Market Conditions 3 March 204 Danske Daily Market movers today In the data calendar the main event today is the release of February retail sales in the US. We expect headline
More informationDanske Daily. Market Movers. Selected Market News
Investment Research General Market Conditions 29 June 2015 Danske Daily Market Movers Market focus will continue to be on Greece, as no agreement was reached this weekend. The Greek government announced
More informationInvestment Research General Market Conditions 25 November 2014
Investment Research General Market Conditions 25 November 2014 Danske Daily Market movers today Details on the German Q3 GDP numbers are released today and focus will be on how much private consumption
More informationDanske Daily. Market Movers. Selected Market News
Investment Research General Market Conditions 29 January 2016 Danske Daily Market Movers A lot of data to chew on today. Euro area kicks off with French and Spanish GDP data for Q4. France is expected
More informationInvestment Research General Market Conditions 01 February 2016
Investment Research General Market Conditions 01 February 2016 Danske Daily Market Movers Main event today is US ISM manufacturing. We look for a stabilisation of the index after several months of decline.
More informationScandi Markets. Fixed Income Markets. FX Markets
Investment Research General Market Conditions 28 January 2016 Danske Daily Market Movers Following the Fed meeting yesterday (see below) focus today will be on the weekly jobless claims. These have edged
More informationInvestment Research General Market Conditions 15 October 2015
Investment Research General Market Conditions 15 October 2015 Danske Daily Market Movers Focus is on US CPI inflation for September. The headline figure should move into deflation but core CPI is expected
More informationInvestment Research General Market Conditions 26 November 2015
Investment Research General Market Conditions 26 November 2015 Danske Daily Market Movers With the US market closed due to Thanksgiving, today is set to be a relatively quiet day on the data front. At
More informationInvestment Research General Market Conditions 18 December 2015
Investment Research General Market Conditions 18 December 2015 Danske Daily Market Movers Following the recent very intense days with a rate hike in the US (Wednesday) and monetary policy meetings in Norway
More informationDanske Daily. Market Movers. Selected Market News
Investment Research General Market Conditions 14 August 2015 Danske Daily Market Movers The eurogroup meets at 15:00 CET today to discuss the third aid package for Greece. While the agreement is expected
More informationInvestment Research General Market Conditions 08 October 2015
Investment Research General Market Conditions 08 October 2015 Danske Daily Market Movers German trade balance for August could attract some attention after weak numbers for both factory orders and industrial
More informationInvestment Research General Market Conditions 10 November 2015
Investment Research General Market Conditions 10 November 2015 Danske Daily Market Movers We do not expect any big changes to Norwegian CPI, see Scandi Markets. Market overview 07:30 1 day,% It s a quiet
More informationEuropean Freight Forwarding Index
European Freight Forwarding Index Volume development in January 14 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Philip Levin phle@danskebank.dk +45 26 19 26 17 Important disclosures and certifications are
More informationFOMC preview Fed set to keep door open for a June hike
Investment Research General Market Conditions 14 March 2016 FOMC preview Fed set to keep door open for a June hike We expect the Fed to keep the Fed funds target rate unchanged at 0.25-0.50% at this week
More informationFOMC review Less confident Fed likely to stay on hold in March as well
Investment Research General Market Conditions 27 January 2016 FOMC review Less confident Fed likely to stay on hold in March as well As expected, the Fed funds target rate was unchanged at 0.25%-0.50%.
More informationEuropean Freight Forwarding Index
European Freight Forwarding Index 14 January 13 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Søren Toft stof@danskebank.dk +45 45 12 53 Important disclosures and certifications are contained from page 12
More informationDanske Daily. Today's key points
Investment research Danske Daily March 11, 2009 Editor: Allan von Mehren, +45 45128055, allan.von.mehren@danskebank.dk Today's key points US stocks rally over 6% on upbeat comments from Citigroup. Bond
More informationDanske Daily. Market movers today. Selected market news
Investment Research General Market Conditions 14 May 2014 Danske Daily Market movers today Euro industrial production is expected to decline in March in line with the movement across countries. The lower
More informationResearch US Fed on hold: uncertainty set to keep Fed sidelined
Investment Research General Market Conditions 11 February 2016 Research US Fed on hold: uncertainty set to keep Fed sidelined In our view, the uncertainty in financial markets and rising risk of a systemic
More informationUS Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016
Investment Research General Market Conditions 02 August 2016 US Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016 Jobs report preview We
More informationRussia: Where to find new growth drivers?
Russia: Where to find new growth drivers? Sanna Kurronen Economist +38 4 68 369 sanna.kurronen@danskebank.com 14 February 213 Important disclosures and certifications are contained from page of this report.
More informationResearch Commodities El Niño returns grains and soft commodities at risk
Investment Research General Market Conditions 20 May 2015 Research Commodities El Niño returns grains and soft commodities at risk Meteorologists now agree that El Niño has arrived and project that it
More informationFX Forecast Update 15 July 2015
FX Forecast Update 15 July 2015 Calm after the storm Thomas Harr Global Head of FICC Research Stefan Mellin Jens Nærvig Pedersen Kristoffer Lomholt Senior Analyst Senior Analyst Analyst Morten Helt Christin
More informationResearch Commodities Four key factors to drive the aluminium market
Investment Research 22 May 2014 Research Commodities Four key factors to drive the aluminium market Aluminium price to edge higher in the second half of the year The aluminium price seems to have landed
More informationStrategy German engine in headwind
Investment Research General Market Conditions 9 October 2015 Strategy German engine in headwind German economic data have started to show weakness and, in our view, more softness is looming. This is because
More informationAfrica in context. Source: GDP and Population: Global Insight, September 2009, Area: World Bank 2008 GDP. Share ($Bn) (% of Total)
The Untold Story of the African Growth Miracle Lars Christensen Chief Analyst, Head of Emerging Markets Research +45 45 12 85 30 (direct) + 45 40 74 49 51 (mobile) larch@danskebank.dk March 2012 Africa
More informationScandi Markets Ahead Inflation, positive flow factors for 10Y SGBs and new 11Y NGB
Investment Research General Market Conditions 10 March 2014 Scandi Markets Ahead Inflation, positive flow factors for 10Y SGBs and new 11Y NGB Factors such as index extension, pension flows and redemptions
More informationIntroduction to the Nordic Non-Investment Grade Corporate Bond Market
Introduction to the Nordic Non-Investment Grade Corporate Bond Market Paul Gregory Head of Corporate Origination, Debt Capital Markets, Danske Bank 21 October 213 Credit Market Backdrop Still Attractive
More informationStrategy Chinese FX policy confusion
Investment Research General Market Conditions 8 January 2016 Strategy Chinese FX policy confusion This year kicked off with global risk-off sentiment led by Chinese equities but also in Europe and the
More informationWeekly Credit Update
Investment Research General Market Conditions 24 July 2009 Weekly Credit Update Summary Another week of significant spread tightening Moody s set to downgrade a large number of Nordic banks Headlines from
More informationNorges Bank Dilemma Too early to rule out monetary policy easing
Investment Research General Market Conditions 11 August 2016 Norges Bank Dilemma Too early to rule out monetary policy easing Inflation has returned as a key factor for Norges Bank s rate setting which
More informationJernhusen Q1 16: Continued strong development
Investment Research 28 April 2016 Jernhusen Q1 16: Continued strong development In Q1 16, Jernhusen continued to demonstrate stable operating performance, with good growth in rental income and strong cost
More informationHeimstaden Q1 16: Stable quarter with continued transactions
Investment Research 29 April 2016 Heimstaden 16: Stable quarter with continued transactions Heimstaden showed a stable operating performance in despite continued intense transaction activity. Leverage
More informationHeimstaden Q3 15: steady performance with moderate leverage
Investment Research 13 November 2015 Heimstaden Q3 15: steady performance with moderate leverage Heimstaden delivered a stable performance in Q3, with continued good growth thanks to earlier made acquisitions
More informationMorgonmötet 20 mars 2015
Trading Strategy Morgonmötet 20 mars 2015 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Nyheter Grekland: Kommer att redovisa reformlista
More informationBond markets vote for global recovery
Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global
More informationMorgonmötet 16 augusti 2016
Trading Strategy Morgonmötet 16 augusti 2016 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Andreas Skogelid, +46 (0)8-701 56 80,
More informationCIO Flash U.S. Fed tapering
CIO Flash U.S. Fed tapering 19 December 2013 The art of tapering without spoiling markets (I) Final decision and first reaction Taper light, with strengthened forward guidance The Federal Open Market Committee
More informationMorgonmötet 13 mars 2015
Trading Strategy Morgonmötet 13 mars 2015 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Nyheter Danmark: Trycket på DKK minskar
More informationYield Forecast Update Long bond yields bottoming out
Investment Research General Market Conditions 15 August 2014 Yield Forecast Update Long bond yields bottoming out Review Quick links The trend for lower long bond yields has continued among rising geopolitical
More informationItaly Spain. France Germany. Percent (%)
March Commentary from Pacific Asset Management, the subadvisor to the Pacific Funds SM Fixed-Income Funds. The Euros Are Coming The gap between U.S. and European bond yields presents an interesting value
More informationMorgonmötet 19 mars 2013
Trading Strategy Morgonmötet 19 mars 2013 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Nyheter Cypern: Svårt att finna stöd för avgift på konton
More informationDO WE NEED MORE STORAGE IN EUROPE?
DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate
More informationTrading Strategy. 5 March, 2012. Eurosystem 101. Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se
Trading Strategy 5 March, 2012 Eurosystem 101 Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se Repos automatically boosts bank s deposits at the ECB 2 1) Normal times Before LTRO (interbank lending
More informationYield Forecast Update No bond sell-off this year
Investment Research General Market Conditions 16 September 216 Yield Forecast Update No bond sell-off this year The ECB disappointed the market last week. Many market participants had expected further
More informationWhy ECB QE is Negative for Commodities. Investment Research & Advisory. Deltec International Group
Atul Lele alele@deltecinv.com +1 242 302 4135 David Munoz dmunoz@deltecinv.com +1 242 302 4106 David Frazer dfrazer@deltecinv.com +1 242 302 4156 Why ECB QE is Negative for Commodities Recent ECB Quantitative
More informationEconomic Data. October 30, 2015. October 29, 2015
Economic Data October 29, 2015 Country Economic Data Actual Expected Previous NZD RBNZ Rate Decision 2.75% 2.75% 2.75% JPY Industrial Production M/M Sep 1.00% -0.60% -1.20% AUD Import Price Index Q/Q Q3
More informationEconomic Data. November 20, 2015. November 19, 2015
Economic Data November 19, 2015 Country Economic Data Actual Expected Previous JPY BoJ Monetary Policy Statement NZD PPI Inputs Q/Q Q3 1.60% 0.10% -0.30% NZD PPI Outputs Q/Q Q3 1.30% 0.20% -0.20% JPY Trade
More informationEconomic Data Release Calendar May 29, 2016 - June 3, 2016
Economic Data Release Calendar May 29, 2016 - June 3, 2016 www.dailyfx.com research@dailyfx.com AUD 1.75% NZD 2.25% EUR 0.00% CAD 0.50% GBP 0.50% USD 0.50% CHF -0.75% JPY -0.10% Date Currency Event GMT
More informationDAILY TECHNICAL REPORT
RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Bouncing back. EUR/USD is now moving
More informationRenminbi Depreciation and the Hong Kong Economy
Thomas Shik Acting Chief Economist thomasshik@hangseng.com Renminbi Depreciation and the Hong Kong Economy If the recent weakness of the renminbi persists, it is likely to have a positive direct impact
More informationMorgonmötet 24 april 2015
Trading Strategy Morgonmötet 24 april 2015 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Nyheter Grekland: PM Tsipras ser ljusning
More informationClear Alpha Trading Strategies Fund Class A Shares USD a UCITS IV compliant fund
Fund Terms Inception date 20 January 2011 Legal structure Fund AUM Firm AUM Share classes Investment Objective UCITS IV fund domiciled in Ireland $47.3 million $93.7 million USD Class (EUR, GBP also available)
More informationCommodities not finding much traction despite USD weakness
Commodities not finding much traction despite USD weakness Commodities continued to show weakness into the second week of 2013 despite rising stock markets and a falling US dollar. Investors are generally
More informationGuggenheim Investments. European High-Yield and Bank Loan Market Overview
Guggenheim Investments European High-Yield and Bank Loan Market Overview August 2015 European High-Yield & Bank Loan Market Overview Please see disclosures and legal notice at end of document. 2 August
More informationCIO Flash Revisions to our 2016 global outlook Jan 25, 2016
CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:
More informationTrading Strategy 9 May, 2012
Trading Strategy 9 May, 2012 9 May, 2012 Morgonrapporten 9 maj 2012 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Nyheter: Grekland: Syriza söker regeringspartners och kräver att alla partier
More informationGold Recap. Spread JAN6 FEB6 APR6 JUN6 DEC5 1.3 1.3 0.6-0.3 JAN6 - -0.7-1.6 FEB6-0.7-1.6 APR6-0.9. OI Gold. Chg.
Economic Data December 21, 2015 Country Economic Data Actual Expected Previous JPY All Industry Activity Index M/M Oct 1.00% 0.80% -0.20% JPY BoJ Monthly Report EUR German PPI M/M Nov -0.20% -0.20% -0.40%
More informationIntroductory remarks by Jean-Pierre Danthine
abcdefg News conference Berne, 15 December 2011 Introductory remarks by Jean-Pierre Danthine I would like to address three main issues today. These are the acute market volatility experienced this summer,
More informationGlovista Global Perspectives
Issue 65 May/15 Monthly Newsletter for Global Investors Glovista Global Perspectives This issue : S&P Sector Performance P.2 Ccy and Cmdty Performance P.3 Important Interest Rates P.4 Carlos Asilis, Ph.D.
More informationMarkets Roundup. Yellen mildly hawkish at this week s FOMC? 14 March 2016 Research
Markets Roundup Research CONTENTS Market Movers 2 Economics Weekly Calendar 5 Yellen mildly hawkish at this week s FOMC? After the ECB surprised the markets last Thursday, financial market participants
More informationUPDATE ON CURRENT MACRO ENVIRONMENT
1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1
More informationMorgonmötet 23 april 2013
Trading Strategy Morgonmötet 23 april 2013 Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se Nyheter Kinesisk PMI sämre än väntat Dr. Koppar hade rätt (Reuters) Föll till 50.5 från 51.6 i mars
More informationBUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value
UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):
More informationWeekly Focus Rate cuts back on the agenda
Investment Research General Market Conditions 29 January 206 Weekly Focus Rate cuts back on the agenda Market movers ahead Central banks in Japan and Europe have stolen the headlines with signals of rate
More informationDaily FX Focus. 31-Dec-2014
Australia FX Pick:AUD/USD Nov private sector credit rose 5.9% YoY, as expected. AUD/USD was consolidating in a range of 0.8122-0.8203 levels. AUD/USD s short-term support is at 0.8070, and resistance is
More informationMoney market portfolio
1 Money market portfolio April 11 Management of Norges Bank s money market portfolio Report for the fourth quarter 1 Contents 1 Key figures Market value and return 3 3 Market risk and management guidelines
More informationSample. Interest Rate Strategy. Money Market Monitor. Market Outlook. 10 June 2016. Intesa Sanpaolo Research Department. Market expectations
Market Outlook USD EUR GBP YEN Policy stance The Fed left rates unchanged at.-.% at the April meeting. At the March meeting the short term forward guidance was revised downward at.87% for the end of 1
More informationDaily FX & Market Commentary
Market Recap U.S. stocks declined: The S&P 500 fell 0.4% to 2,165 as results from companies including Intel disappointed. U.S. data remain positive: Initial jobless claims unexpectedly dropped by 1,000
More informationWeekly Commentary 06 March 2015
Contact your treasury specialist Corporate Treasury 1800 60 70 20 or 1800 30 30 03 Business Banking Treasury 1800 79 01 53 Institutional Treasury 1800 60 70 40 Specialised Finance +353 (0) 1 790 0001 UK
More informationMorgonmötet 11 mars 2015
Trading Strategy Morgonmötet 11 mars 2015 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Nyheter Kina: Svag industriproduktion, investeringar
More informationAre we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014
Are we living in a Bond Bubble? Oliver Sinnott Fixed Income Strategist April 2014 Global Financial Crisis saw debt levels soar to highest since WWII Governments were too highly indebted to significantly
More informationDanske Bank May 4th 2016 Economic Update,
Monthly update: 4 May 2016 Danske Bank Chief Economist, Twitter: angela_mcgowan Local job and investment announcements during April 2016: Over the month of April 2016 there were no new job announcements
More informationFearnley Securities. 28 th Annual Marine Money Week. New Issuance through the Norwegian Bond Market. June 2015
Fearnley Securities New Issuance through the Norwegian Bond Market 28 th Annual Marine Money Week June 215 IMPORTANT / DISCLAIMER: This presentation is prepared by Fearnley Securities, an Astrup Fearnley
More informationBest Practice framework EGB Market
Best Practice framework EGB Market Mathieu Gaveau ECB Bond Market Contact Group, 21 October 2014 EGBs: Primary Dealership Secure System The system of Primary Dealerships supports security, stability and
More informationThe Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY
The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight
More informationMain Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/11 January 1 January 11 Monetary Policy and Research - Financial Markets and Statistics
More informationA few FX Notes for the Week
A few FX Notes for the Week On risk appetite: The recent move back to risk should meet some resistance in the short term. Current levels, ie S&P 500 close to earlier post-lehman highs now at 1138 vs high
More informationMain Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 3/11 17 March 11 Main Indicators for the Finnish Economy is produced jointly by the
More informationWhen the going get tough...
When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 2Q15 Update Recommendation: BUY Target NOK 62 13 August 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,
More informationRecent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016
Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the
More informationDAILY TECHNICAL REPORT
RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Selling pressures are still strong. EUR/USD
More informationdb Currency Harvest Deutsche Bank Global Currency Harvest Index Deutsche Bank Balanced Currency Harvest Index Deutsche Bank G10 Currency Harvest Index
GLOBAL MARKETS CURRENCIES & COMMODITIES db Currency Harvest Deutsche Bank Global Currency Harvest Index Deutsche Bank Balanced Currency Harvest Index Deutsche Bank G10 Currency Harvest Index Introducing
More informationDAILY TECHNICAL REPORT
RESEARCH TEAM DAILY TECHNICAL REPORT DISCLAIMER & DISCLOSURES Please read the disclaimer and the disclosures which can be found at the end of this report EUR / USD Moving higher. EUR/USD has been range-bound
More informationContract Specifications 2015 Dynamic STP Trading Account
Forex Currency Pairs (Online Trading Platform Symbol) 2 Minimum Price Fluctuation Tick / Point Value Pip Value Australian Dollar / Canadian Dollar (AUDCAD# / AUDCAD ) AUD 00,000 0.0000 CAD CAD 0 Australian
More informationMain Indicators for the Finnish Economy
BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy /1 13 April 1 13 April 1 Monetary Policy and Research - Financial Markets and Statistics
More informationMorning Report 15th July, 2016
Morning Report 15th July, 2016 Major Cur Pair Emerging Currencies Asian Equity Currrency Last % Change Currency Last % Change Index Last % Change EURUSD 1.112 0.02 KRW 1133.5 0.2 Sensex 27805.2-0.49 GBPUSD
More informationMorgonmöte 3 december 2013
Trading Strategy Morgonmöte 3 december 2013 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Nyheter Australien: RBA beslöt att lämna
More informationDaily Close Above 1.1116 Would Signal More Protracted Retracement Phase
12 June 2009 USD/CAD on Verge of Bullish Trend Reversal Global FX Strategy George Davis, CMT Chief Technical Analyst RBC Dominion Securities Inc. +1 416 842 6633 george.davis@rbccm.com Daily Close Above
More informationFX Forecast Update. December 2011: Moving closer to a bottom in EUR/USD
FX Forecast Update December 2011: Moving closer to a bottom in EUR/USD Arne Lohmann Rasmussen Chief Analyst, Head of Rates, FX and Commodities Strategy John M. Hydeskov Chief Analyst Kasper Kirkegaard
More informationMorgonmötet 24 mars 2016
Trading Strategy Morgonmötet 24 mars 2016 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Andreas Skogelid, +46 (0)8-701 56 80, ansk03@handelsbanken.se
More informationContract Specifications 2015 Mini Trading Account
Forex Currency Pairs Australian Dollar / Canadian Dollar (AUDCAD@) Australian Dollar / Swiss Franc (AUDCHF@) Australian Dollar / Japanese Yen (AUDJPY@) Australian Dollar / New Zealand Dollar (AUDNZD@)
More informationEconomic Data. October 01, 2015. September 30, 2015. October 01, 2015
Economic Data September 30, 2015 Country Economic Data Actual Expected Previous NZD Building Permits M/M Aug -4.90% 20.40% GBP GfK Consumer Sentiment Sep 3 5 7 JPY Industrial Production M/M Aug P -0.50%
More informationTRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL
DATE 19/01/2012 TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL Research Seminar THE BEHAVIOR OF CARBON PRICES HEC Energy & Finance Chair and CDC Climat Paris, 27 January 2012 Carine Hemery (33)
More informationEconomic Data Release Calendar July 31, 2016 - August 5, 2016
Economic Data Release Calendar July 31, 2016 - August 5, 2016 www.dailyfx.com research@dailyfx.com AUD 1.75% NZD 2.25% EUR 0.00% CAD 0.50% GBP 0.50% USD 0.50% CHF -0.75% JPY -0.10% Date Currency Event
More information