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.

FX & Rates

<ul><li>Just as consensus had started to gather around bear steepening driven by rising term premia, war in the Middle East adds to inflation and credit risks.</li><li>So far, the rise in oil prices has been modest.</li><li>However, a spike in energy prices is generally more likely to prompt rate hikes when following a period of too high inflation and less anchored inflation expectations</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.

Just as consensus had started to gather around bear steepening driven by rising term premia, war in the Middle East adds to inflation and credit risks.So far, the rise in oil prices has been modest.However, a spike in energy prices is generally more likely to prompt rate hikes when following a period of too high inflation and less anchored inflation expectationsContent 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.

Macroeconomics

<ul><li>Easing US inflation since early summer has paved the way for US rate cuts starting in September.</li><li>We do not however share the market perception about an imminent recession and believe the Fed will not need to cut faster than 25bp/quarter, waiting until December for their second move.</li><li>More sticky Eurozone inflation means the ECB will also move at the same quaterly pace.</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.

Easing US inflation since early summer has paved the way for US rate cuts starting in September.We do not however share the market perception about an imminent recession and believe the Fed will not need to cut faster than 25bp/quarter, waiting until December for their second move.More sticky Eurozone inflation means the ECB will also move at the same quaterly pace.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.

Major forecasts: Inflation low enough for the Fed

<ul><li>Data dependency is the name of the game, as central banks ponder their next steps.</li><li>We think the most likely path for the ECB remains one of quarterly rate cuts, while we see the Fed slashing rates in December. EUR/USD could fall further.</li><li>The ECB started its rate cuts this month, the Fed didn’t, but both central banks have made it clear that they remain in a data-dependent mode and have not given clear signals about what will happen at the next few meetings. </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.

Data dependency is the name of the game, as central banks ponder their next steps.We think the most likely path for the ECB remains one of quarterly rate cuts, while we see the Fed slashing rates in December. EUR/USD could fall further.The ECB started its rate cuts this month, the Fed didn’t, but both central banks have made it clear that they remain in a data-dependent mode and have not given clear signals about what will happen at the next few meetings. 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.

Major forecasts: It’s all data dependent

<ul><li>Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.</li><li>Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.</li><li>USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. </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.

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. 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>Rates are moving more or less sideways.</li><li>We stick to the view that risk/reward favours receiving in the short end.</li><li>Curves are more or less unchanged and with negative carry and roll, steepeners are losing some of their shine.</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.

Rates are moving more or less sideways.We stick to the view that risk/reward favours receiving in the short end.Curves are more or less unchanged and with negative carry and roll, steepeners are losing some of their shine.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 US dollar is the official currency of the United States of America.

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USD (USD CURNCY)

EUR rates: From the frying pan...

Just as consensus had started to gather around bear steepening driven by rising term premia, war in the Middle East adds to inflation and credit risks

Nordea

Major forecasts: Inflation low enough for the Fed

We do not however share the market perception about an imminent recession and believe the Fed will not need to cut faster than 25bp/quarter,...

Nordea

Major forecasts: It’s all data dependent

We think the most likely path for the ECB remains one of quarterly rate cuts, while we see the Fed slashing rates in December. EUR/USD could fall...

Nordea

Nordea XCCY publication: May Edition

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.

Nordea

EUR rates: Inflation, what inflation?

We stick to the view that risk/reward favours receiving in the short end. Curves are more or less unchanged and with negative carry and roll,...

Nordea

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