On the data front, there is not much on the agenda today

EMEA Daily

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Review

Data on Hungarian inflation in February was released yesterday. Hungarian inflation surprised significantly on the downside. Hungarian inflation in February came out at 5.7% y/y compared to 6.4% y/y in January and much better than our forecast of 6.3% y/y and consensus expectation of 6.1% y/y.
The final numbers on Q4 GDP growth in Latvia show that Latvian GDP dropped by 16.9% y/y in Q4 – slightly better than the preliminary reading of -17.7% y/y.
South African manufacturing production surprised positively on the upside in January growing 5.5% y/y compared to 3.2% y/y in December. This was much better than our expectation of 4.5% y/y and the consensus expectation of 3.7% y/y.

Preview

On the data front, there is not much on the agenda today.

Trading update

PLN continued to appreciate in yesterday’s trading. We maintain our view that buying the PLN-denominated 2-yr sovereign looks like an attractive alternative to PIIGS or Swedish SEK bonds.

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Published On Fri, Mar 12 2010, 06:27 GMT

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Danske Bank A/S

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