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Weekly Focus
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Under pressure
Fri, Oct 2 2009, 15:24 GMT
by Allan von Mehren, Steen Bocian
Global Update
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The ISM index disappointed badly this week. While we still believe the trend is up for the economy, it highlights that the direction is likely to be less straightforward, which shifts the burden of proof to the bulls on the economy.
- On a more positive note, US consumer spending and vibrant home sales suggest underlying demand is on the mend.
- Asia still sees robust growth although there are signs that China is slowing down from the breathtaking levels in the first half of 2009.
- Unemployment is still rising in Euroland, but the pace is slowing down. ECBs 12-month auction pointed to improvement in the money market.
- The Danish Nationalbanken has changed focus in the rate set-up and is reducing the deposit rate in order to come closer to a set-up that matches the ECBs.
- Swedish retail sales disappointed.
Market movers ahead
- A very quiet week ahead. Main event in the US is ISM non-manufacturing and a speech by Fed chairman Ben Bernanke.
- In Europe central bank meetings in Euroland and UK are on the agenda on Thursday. We do not expect any new measures from either bank. Factory orders and industrial production in Germany also deserve some attention.
- In Scandinavia inflation is in focus in Norway. Sweden will release industrial production and orders.
Published on Fri, Oct 2 2009, 15:58 GMT
Archive
- Squaring positions
Published On Fri, Nov 20 2009, 16:45 GMT - German locomotive at full steam
Published On Fri, Nov 13 2009, 17:59 GMT - More short-term strength
Published On Fri, Nov 6 2009, 17:10 GMT - Mood swings
Published On Fri, Oct 30 2009, 18:31 GMT - Upbeat earnings overshadow mixed data
Published On Fri, Oct 23 2009, 17:42 GMT
Danske Bank
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