Market movers ahead

  • The main US event next week is the FOMC meeting. In line with the market we expect no changes to policy measures. In the statement the growth and inflation sections will probably only see incremental changes.
  • In Euroland the next week offers further insights from the German Ifo index, which is projected to show a modest decline in the expectations component from 99.1 to 98.8. Furthermore, keep an eye on the Portuguese budget for 2010, which will presented on Tuesday.
  • In Asia the Japanese government continues to put maximum pressure on Bank of Japan (BoJ) to step up its deflation fight. Particularly, the government would like BoJ to step up its purchases of government bonds.

Global Update

  • Market focus remains on concerns over the situation in Greece.
  • Talks of new banking regulations have spooked the markets.
  • Strong Chinese data have triggered further monetary tightening from the Chinese authorities.

Focus

  • The US Treasury continues to issue huge amounts of debt. We take a look at the implications for the supply of US Treasuries.
  • We take a look at the Danish tax reform.