Market movers ahead

  • The main news out of the US will be the minutes from the January FOMC meeting; discussions on inflation and fiscal stimulus will be particularly interesting.
  • In the euro area the focus turns to PMI and German ifo expectations – both for January. We believe the business surveys have peaked and will move slightly lower from here.
  • Other global data to watch will be UK labour market report, Japanese PMI and Chinese house prices.
  • In Scandi look out for Swedish inflation data and the oil investment survey and unemployment in Norway.

Global macro and market themes

  • There was more fuel for the inflation scare from US core inflation…
  • …but stock markets shrugged it off this time, suggesting the sell-off is over. We look for more upside in equities as fundamentals still look robust.
  • We see tentative signs of a peak in the global business cycle, but growth is expected to remain solid.
  • We expect the rise in bond yields to slow down, but see upside risk on a 12M horizon.

Full Report in PDF

Previous articleSunset Market Commentary
Next articleWeek Ahead – FOMC and ECB Minutes May Rattle Markets in Quiet Data Week
This publication has been prepared by Danske Markets for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst 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 no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Markets´ research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Markets is a division of Danske Bank A/S, which is regulated by FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright (©) Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.