Danske Research Team
Danske Bank A/S
Market Movers
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No major economic data releases in Scandinavia nor the euro area today.
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In the US, existing homes sales for March are due. We look for the recovery of the US housing market to continue.
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The labour market report is due for release in the UK. We expect that both the unemployment rate (3M average) and the annual growth in average weekly earnings excluding bonuses (3M average) were unchanged in February at 5.1% and 2.2% y/y, respectively.
Selected Market News
Yesterday was mainly driven by risk-on sentiment in the global financial markets. Both the US and the European equity markets closed higher, the price of Brent oil rose to USD44/bl and, in the fixed income market, the German 10Y yield increased by 18bp to the highest level in April. As was the case on Monday, EUR/USD moved higher, despite the risk-on sentiments in the financial markets.
This morning, on the other hand, we have seen some modest risk-off in the markets with the price of Brent oil back at USD43/bl and the Asian stock markets partly in red. That said, it seems as if the markets are waiting for the central bank response tomorrow from both the ECB and the Swedish Riksbank.
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