External broker reports(aggregated public sources), Nordea

Nordea

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul>
<li>Even if the year is still young, 2024 has started with a pushback against lower rates.</li>
<li>Arguments to wait for better levels to enter outright receivers battle with the FOMO (Fear Of Missing Out) on the next big rally. Three trades to start the year.</li>
<li>In our views on EUR swaps in 2024, we wrote that rates could see a pushback in Q1 before resuming the downtrend for the remainder of the year.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Even if the year is still young, 2024 has started with a pushback against lower rates.
Arguments to wait for better levels to enter outright receivers battle with the FOMO (Fear Of Missing Out) on the next big rally. Three trades to start the year.
In our views on EUR swaps in 2024, we wrote that rates could see a pushback in Q1 before resuming the downtrend for the remainder of the year.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Head of Research, Steno Research

Emil Moller

Head of Research

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul>
<li>Increased freight rates could lead significant players in China to delay imports and turn to local demand, depleting existing stockpiles.</li>
<li>In the US, rising goods inflation might contribute to reversing the disinflation trade or, at the very least, establish a floor for yields.</li>
<li>These factors create a challenging scenario for emerging markets, as they face potential inflationary pressures and reduced exports.</li>
</ul>


Increased freight rates could lead significant players in China to delay imports and turn to local demand, depleting existing stockpiles.
In the US, rising goods inflation might contribute to reversing the disinflation trade or, at the very least, establish a floor for yields.
These factors create a challenging scenario for emerging markets, as they face potential inflationary pressures and reduced exports.


EM by EM #38: Inflation Returning with a Vengeance?

Junior Finance Analyst, Steno Research

Ulrik Simmelholt

Junior Finance Analyst

<ul><li>Global macro never sleeps, and this week is no exception.</li><li>The new year has started off with a blast, and it looks like dynamics all of a sudden have changed with sentiment going from full risk-on to risk-averse as the calendar has turned.</li><li>The US will be the overshadowing region to watch in the coming weeks as they look troubled the most with prices looking to stay hawkish for some time to come, while the labor market is weakening, but increasing growth due to easier financial conditions could keep the US away from stagflation.</li></ul>

Global macro never sleeps, and this week is no exception.The new year has started off with a blast, and it looks like dynamics all of a sudden have changed with sentiment going from full risk-on to risk-averse as the calendar has turned.The US will be the overshadowing region to watch in the coming weeks as they look troubled the most with prices looking to stay hawkish for some time to come, while the labor market is weakening, but increasing growth due to easier financial conditions could keep the US away from stagflation.

5 Things We Watch: USD-flation, Global Inflation, US Labor Market, Japan, Bitcoin

External broker reports(aggregated public sources), Scotiabank

Scotiabank

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>FX Market Update—Broad USD losses yesterday were curbed a little above Friday’s intraday low made around the release of the NFP, leaving the DXY still effectively in consolidation mode after its New Year gains.</li><li>Trading impulses look relatively limited this morning, suggesting more range trading for the majors as markets continue to focus on Thursday’s US CPI release as the next major catalyst. Stocks are broadly lower, a plus for the USD.</li><li>Bonds are mostly weaker but Treasurys are out-performing, leaving spreads moving marginally against the USD along the curve. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Market Update—Broad USD losses yesterday were curbed a little above Friday’s intraday low made around the release of the NFP, leaving the DXY still effectively in consolidation mode after its New Year gains.Trading impulses look relatively limited this morning, suggesting more range trading for the majors as markets continue to focus on Thursday’s US CPI release as the next major catalyst. Stocks are broadly lower, a plus for the USD.Bonds are mostly weaker but Treasurys are out-performing, leaving spreads moving marginally against the USD along the curve. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Wednesday 10 January the Danish central bank will be offering DGB 1.75 2025 and DGB 2.25 2033.</li><li>We find DGB 1.75 2025 attractive and recommend hedging in EUR swap.</li><li>Moreover, we give a status on the issuance picture for 2024.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Wednesday 10 January the Danish central bank will be offering DGB 1.75 2025 and DGB 2.25 2033.We find DGB 1.75 2025 attractive and recommend hedging in EUR swap.Moreover, we give a status on the issuance picture for 2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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EUR Rates: FOMO

Arguments to wait for better levels to enter outright receivers battle with the FOMO (Fear Of Missing Out) on the next big rally. Three trades to...

Nordea

EM by EM #38: Inflation Returning with a Vengeance?

Increased freight rates could lead significant players in China to delay imports and turn to local demand, depleting existing stockpiles. In the...

Steno Research

5 Things We Watch: USD-flation, Global Inflation, US Labor Market, Japan, Bitcoin

Global macro never sleeps, and this week is no exception. The new year has started off with a blast, and it looks like dynamics all of a sudden...

Steno Research

FX Daily - USD Rebounds but Holds Range

Broad USD losses yesterday were curbed a little above Friday’s intraday low made around the release of the NFP, leaving the DXY still effectively...

Scotiabank

DGB update: First DGB auction in 2024

Wednesday 10 January the Danish central bank will be offering DGB 1.75 2025 and DGB 2.25 2033. We find DGB 1.75 2025 attractive and recommend...

Nordea

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