http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-11-06.htmlGlobal update Global PMI increased to 55.7 in October indicating a further strengthening of global growth in the next couple of quarters. Signs of a recovery in domestic demand are emerging, but the markets are still questioning the sustainability of the recovery in the developed countries. BoE expanded asset purchases slightly less than expected and was slightly more optimistic in its rhetoric on the economy. BoE is not likely to deliver more QE. ECB kept rates on hold and was slightly moreFri, 06 Nov 2009 17:10:38 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-11-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-30.htmlGlobal update Q3The rise in the oil price is a cause for concern as it jeopardises the sustainability of US recovery.  US data was mixed with disappointments in consumer confidence and new home sales while GDP for Q3 posted a positive surprise, rising 3.5% in Q3. Markets tend to change mood frequently at the moment with the prevailing mixed picture.  Credit constraints are about to thaw in Euroland. According to the ECB’s lending survey banks plan to ease credit toFri, 30 Oct 2009 18:31:03 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-30.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-23.htmlGlobal update Q3 earnings in the US continue to surprise on the upside, around 80% have beaten expectations  In Sweden, the Riksbank held the repo rate path unchanged  Strong Q3 GDP growth in China and a round of healthy monthly activity indicators for September add further pressure on Chinese authorities to shift focus from supporting growth to controlling inflation risks  In Euroland, PMI data and the German Ifo index showed further increases, suggesting that economic activityFri, 23 Oct 2009 17:42:28 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-16.htmlGlobal update Upside surprises in global economic data and Q3 earnings in the US have increased optimism of a sustained recovery In the US, retail sales provided good news on the underlying strength in consumption and initial jobless claims added some optimism on the labour market Despite a slightly disappointing ZEW in Germany, on balance economic data in Euroland have been positive Industrial activity in Euroland continues to recover and increased for the fourth month in a row in August InFri, 16 Oct 2009 14:16:57 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-09.htmlGlobal Update Global manufacturing production data was more mixed, but did on balance improve. With regard to orders, data point to improvement in most areas. The service PMI improved consistently indicating a broader-based recovery in developed countries. In the US improving US claims and chain store sales data added some optimism about the state of the consumer. In the UK the lift-off in house prices continues. This will probably keep the BoE from launching further easing measures. The ECBFri, 09 Oct 2009 14:46:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-02.htmlGlobal Update 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.Fri, 02 Oct 2009 15:24:44 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-10-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-28.v02.htmlGlobal Update Fed continues to signal rates on hold at very low level for a considerable time Norges Bank is expected to hike rates at the October meeting IMF is questioning the existing global monetary policy set-up G20 statement from Pittsburgh to focus on global rebalancing European manufacturing data continues to improve, but at a slower pace Labour market healing continues in the US, existing home sales in temporary setback Market movers ahead US ISM and employment data is the main eventMon, 28 Sep 2009 07:34:55 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-28.v02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-28.htmlGlobal Update Fed continues to signal rates on hold at very low level for a considerable time Norges Bank is expected to hike rates at the October meeting IMF is questioning the existing global monetary policy set-up G20 statement from Pittsburgh to focus on global rebalancing European manufacturing data continues to improve, but at a slower pace Labour market healing continues in the US, existing home sales in temporary setback Market movers ahead US ISM and employment data is the main eventMon, 28 Sep 2009 06:52:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-28.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-18.htmlGlobal Update US consumers are showing signs of life. The retail sales report for August showed much more underlying strength than expected. Manufacturing and housing indicators continue to lead the way. UK house prices are increasing, US home building is turning and global industrial production continues to improve. Some of the key ECB members have revealed concerns about a ‘too late’ withdrawal of policy measures, while the central Fed members continue to be very dovish. We have revised ourFri, 18 Sep 2009 15:11:56 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-14.htmlGlobal Update It has been one year since the Lehman collapse triggered the worst financial and economic crisis since the 1930s’ Depression. It has been a wild ride of initial chaos and subsequent surprisingly fast improvement. The Fed’s Beige Book, jobless claims and trade figures generally supported a picture of recovery. Weekly retail sales are also improving, but this is yet to be mirrored in the official monthly numbers. German factory orders were strong on the surface but the detailsMon, 14 Sep 2009 07:06:17 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-04.htmlGlobal Update Data continues to point to a stronger Q3 in global growth. This week Global PMI strengthened further. Western consumers are still lagging, although auto sales and consumer confidence added some hope this week. Asia is still leading the global recovery, but signs are emerging that China could lose some steam in the coming quarters. Except for a few countries, central banks are in no rush to hike rates. However, in most countries central bankers are starting to eye the exit. MarketFri, 04 Sep 2009 16:39:47 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-09-04.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-08-28.htmlGlobal Update • There is growing evidence that the H2 rebound in global growth could be quite robust. We are starting to see upside risk to our current (above-consensus) global growth forecast. • The corporate sector is leading the recovery. Revisions of US and German GDP data point to an even sharper inventory cycle, and a record strong rise in ifo expectations point to strong momentum in the German recovery. • Capital goods orders are starting to turn globally as also witnessed by a sharpFri, 28 Aug 2009 15:44:12 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-08-28.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-08-21.htmlGlobal Update US regional business surveys confirmed the improvement in US industry while housing data provided more signs of stabilisation – and maybe even recovery. Euroland continues to surprise to the upside. This week Flash PMI rose further and a pick-up in service PMI provides hope that the improvement is getting more broad-based. Germany is performing strongly Q2 GDP data in Japan and Norway showed that these countries have also left recession territory. Among G7 countries Japan isFri, 21 Aug 2009 15:23:36 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-08-21.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-08-14.htmlGlobal Update The “double dip” camp got some extra ammunition this week as US retail sales disappointed badly. The weakness highlights the need for a turnaround in the US labour market to take away the substantial headwind. Germany delivered another positive surprise as GDP rose in Q2 meaning the recession has ended. The same was the case in France. We look for further recovery in the second half of the year as export growth takes off. China continues to show robust growth although the paceFri, 14 Aug 2009 15:33:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-08-14.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-08-10.htmlGlobal Update Global PMI rose further in July, pointing to more global healing. The past week offered encouraging news in Germany as both new orders and exports rose strongly in June. The ECB presented a very cautious view at its press conference. It will probably be sidelined for a long time. The Bank of England surprised by adding to its purchase programme as it remains sceptical about the improvement in the economy. In the US, the ‘cash for clunkers’ scheme has been increased by USD2bn.Mon, 10 Aug 2009 06:55:16 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-08-10.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-07-13.htmlGlobal update We start to see signs of life in Germany as both orders and production surprised strongly to the upside in the past week. This suggests we are on track for positive Euroland GDP growth in Q3. Most focus, however, is on the US consumer. A sustained recovery in 2010 requires that US consumers start spending again. The data this week gave encouraging signs of US labour market improvement, which is key to get US spending back on track. The jury is still out, though, on whether taxMon, 13 Jul 2009 06:23:13 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-07-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-07-03.htmlGlobal update Market doubts about the sustainability of the US recovery were fuelled by disappointing US non-farm payrolls and US consumer confidence. It was not all bad news, though. There are more signs of global housing stabilisation and the Asian recovery is proving very strong. We continue to look for a stronger-than-expected rebound in global growth in H2 09 as the inventory cycle will likely prove stronger than generally anticipated. The job market is expected to improve as the economyFri, 03 Jul 2009 15:00:21 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-07-03.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-06-26.htmlGlobal update The upward revision of OECD’s global growth forecasts marks a turning in the tide. Over the past two years all revisions have been to the downside. Going forward we expect more upward revisions as we are still more positive than consensus and the international organisations. US data confirms a picture of improvement. Capital goods orders were stronger than expected and home sales and house prices show signs of stabilisation. A rise in jobless claims cast some doubt over theFri, 26 Jun 2009 15:39:52 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-06-26.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-06-19.htmlGlobal update Doubts over the global recovery set in during the week leading to a correction in most markets. However, data continue to support the case for recovery as positive surprises still outnumber negative ones. We view the change in markets as a correction to a trend of higher equity prices and bond yields. While US industrial production for April disappointed, rising leading indicators and falling jobless claims suggest the end of the US recession is near. Housing starts show signs ofFri, 19 Jun 2009 15:40:43 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-06-19.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-06-15.htmlGlobal update US retail sales rose in May, but this was down to gasoline prices. Retail sales excluding autos, gasoline and building materials were unchanged, so it was really just a case of stabilisation. German industrial production fell by 1.9% m/m in April, which was something of a disappointment, but the pain was eased somewhat by the upward revision of March industrial production from unchanged to growth of 0.3% m/m. Asia continues to forge ahead, and the past week has brought a raft ofMon, 15 Jun 2009 06:21:01 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-06-15.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-05-29.htmlGlobal Update US data were a mixed bag over the past week. While regional business surveys and consumer confidence improved further, the housing data were mixed. German IFO data disappointed on the surface, but the forward-looking expectations index improved for the fifth month in a row. Asia continues to impress. This time Japanese industrial production and exports rose further and production plans point to a marked recovery of production during Q2 and Q3. Swedish GDP fell markedly in Q1,Fri, 29 May 2009 16:59:58 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-05-29.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-05-18.htmlGlobal Update The past week provided mixed signals. The US retail sales report was the major disappointment as it declined for the second month in a row despite positive signals from weekly sales. The disappointment led to losses in equity markets and lower bond yields. Chinese investment growth rose further to the strongest level in five years reinforcing the impression that the Chinese economy is turning strongly at the moment. Euroland GDP fell more than expected in Q1 with Germany as theMon, 18 May 2009 06:17:46 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-05-18.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-05-08.htmlGlobal Update Global PMI is rising faster than expected, pointing to a recovery in H2 2009. Risks to global growth are shifting to the upside for the coming quarters after a long time of downward revisions. Especially Asian indicators are turning fast and we expect the strength to continue in the coming months. Indicators on global housing markets are improving. Surveys of housing demand are turning up in both US, UK and Euroland. There are also tentative signs of stabilisation in houseFri, 08 May 2009 05:56:36 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-05-08.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-05-05.htmlGlobal Update The Asian recovery is proving very strong with Japan now joining the party. South Korean exports and production are rising steeply. US GDP was mixed, but forward looking indicators continue to rise. Risks to global growth are increasingly on the upside in coming quarters, which could lead to a positive feed back loop. We look for further rises in bond yields and equity prices. Credit tightening is slowing in Euroland and the steep decline in housing demand is levelling off. InTue, 05 May 2009 06:20:20 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-05-05.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-04-24.htmlGlobal update No quantitative easing from Sweden's Riksbank this time around, but drawing closer Euro-zone industrial indicators surprised on the upside and continued to move upward in April. Both the German Ifo and euro-zone PMI are pointing towards improvement Data out of Asia in the past week added to the recovery story as South Korean exports continued to grow US housing prices are showing signs of improvement, and housing sales are beginning to stabilise Q1 financial earnings reportsFri, 24 Apr 2009 16:11:22 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-04-24.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-04-20.htmlGlobal update Scandi - some signs of stabilisation in Norway and Denmark. However, Sweden still looks weak US activity data have been mixed, but forward looking indicators continues have continued to improve Beige Book and Bernanke acknowledge signs of a slower pace of contraction in the US economy Chinese key figures now indicate recovery under way Financial Q1 earnings reports have beaten expectations Market movers ahead US home sales and durable orders data for March Euroland Flash PMI andMon, 20 Apr 2009 06:27:38 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-04-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-04-03.htmlWe are getting more and more signs that the global economy is starting to improve. As expected, indicators in Asia and the US are showing the strongest signs of healing. In particular, surveys of new orders have risen in both areas recently. This is in line with our expectation that the US and Asia will be the first regions to start a recovery phase. Apart from survey data, other indicators are also pointing to improvement: US retail sales have started to rise after a period of strong decline,Fri, 03 Apr 2009 14:30:24 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-04-03.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-03-27.htmlThe past week offered a bit more encouraging news on the macro front, which suggests that we may indeed be moving slowly away from the abyss. Starting in the US both existing home sales, house prices and durable goods orders delivered positive surprises. The regional business survey from Richmond also showed a marked increase which may be a pre-warning of a more marked turnaround in ISM soon. Other regional surveys have delivered a more mixed message, though, which means the rise in RichmondFri, 27 Mar 2009 14:57:07 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-03-27.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-03-20.htmlFor stock investors, the current focus should be the trend in the US stock market. Nothing means more for absolute returns in 2009 than the trend in the world's largest stock market. And here a new bear market rally has started, which is likely to lead to a rise in US stocks by another 7-10% or up to the 825-850 range for S&P500 in the short term. Our year-end 2009 target is 950 or around 25% from today's levels. Investors' risk aversion has obviously risen after the outbreak of the creditFri, 20 Mar 2009 16:19:57 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-03-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-03-13.htmlThis week we released our new forecasts for the world economy in Global Scenarios. We have revised down growth rates quite substantially for 2009. However, the severity of the downturn has led to a marked increase in growth packages globally. We therefore still see some light at the end of the tunnel and expect US and Asia to recover during the year. Our expectation of improvement from Q2 09 is based on the combination of substantial inventory drawdowns in Q4 and Q1 combined with massiveFri, 13 Mar 2009 15:31:17 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-03-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-03-06.htmlChina was very much in the spotlight during the week, credited with both the ups and downs of the global stock market. The good news from China is that there are more and more signs of a turnaround in the econ-omy. The PMI industrial activity indicators currently suggest that the economy bottomed out in Q4, which is earlier than we and most others had anticipated (see Flash Comment - China: Ray of light in continued re-bound in manufacturing PMI). Other indicators also point to a turnaround inFri, 06 Mar 2009 16:26:37 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-03-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-27.htmlKey focus for the coming week will be the ECB meeting on Thursday. It looks set to be a very interesting meeting - not least after stories in the past week about mutiny within the ECB. The Daily Telegraph reported that a growing number of members were seeing the need for a more aggressive approach as economic and financial woes continue to mount. Industrial production is in freefall and survey data from Ifo and PMI fell back again in February after showing some improvement in January. Add toFri, 27 Feb 2009 17:23:48 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-27.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-20.htmlFocus in the financial crisis shifted to Central and Eastern Europe (CEE) during the past week - and to the large bank exposure to the region for Euroland banks. The CEE countries are caught in a very negative spiral of deleveraging, heavy amounts of foreign debt and economic crisis. With little room for manoeuvre in economic policy to underpin the economies, the economic outlook has turned increasingly gloomy. Ukraine, with a population of 45m, could be on the verge of defaulting. Austria'sFri, 20 Feb 2009 15:22:03 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-20.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-13.htmlThere will be a lot to talk about at this weekend's G7 meeting. Obviously, the financial crisis and how to handle it will be an important theme. However, another pressing issue has emerged recently: Growing signs of protectionism. The US stimulus package, for instance, includes a 'Buy American' provision requiring that only US materials be used in construction projects funded by the bill. The Buy American clause has been heavily criticised by both the EU and Japan, so the bill has now beenFri, 13 Feb 2009 15:11:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-13.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-06.htmlThe past week offered continued mixed news but recently the surprises have been more balanced rather than systematically on the downside. A positive surprise came from the global PMI, which is one of the best indicators of growth developments. The data showed an increase in most countries following the very steep decline in the second half of 2008. The rise in PMI has come sooner than expected, although we have been looking for this to happen in the US during the first half of 2009 (seeFri, 06 Feb 2009 15:59:38 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-06.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-02.htmlThe global banking system is still struggling with major problems related to losses on 'toxic assets', primarily connected with housing and property loans. The losses have cut the capital bases of the banks, and this has led to a credit squeeze on the global economy. This is preventing the monetary policy mechanism from functioning normally, which in turn means the recession looks set to be unusu-ally long and deep. So far, the banks have reported write-downs and losses of a little more thenMon, 02 Feb 2009 05:44:59 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-02-02.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-01-23.htmlIt now looks pretty likely that the Danes will be asked to vote on euro membership in 2010. Prime Minister An-ders Fogh Rasmussen said in the past week that he had a plan for how Denmark could make its way into the euro. The PM intends to call a euro vote when the Lisbon Treaty has been adopted, following a second referendum in Ireland. This probably means a Danish vote could be held in 2010, the PM believes. Rasmussen's plan implies that the Socialist People's party (SF) is changing itsFri, 23 Jan 2009 15:19:18 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-01-23.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-01-16.htmlThe past week has been a stark reminder that the situation in the US banking system is still far from normal, and that more capital will likely have to be in-jected into struggling banks. On Wednesday the US banking sector was shaken by revelations that Citi-group's financial health is dependent on further capital injections from the government. And on the same day news broke that Bank of America's (BofA) takeover of Merrill Lynch (which took place on the weekend when Lehman collapsed) willFri, 16 Jan 2009 15:52:08 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-01-16.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-01-09.htmlThe above remark was made by Fed Chairman Ben Bernanke recently as a comment to the current crisis. Bernanke is a leading expert on the Great Depression and has written several papers on how the breakdown of credit intermediation was an important reason that the Great Depression became so protracted. Policymakers responded in an orthodox manner with fiscal policy focused on balanced budgets and a monetary policy focused on defending the dollar. He also highlights that the Fed was misled inFri, 09 Jan 2009 14:26:25 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2009-01-09.htmlhttp://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2008-12-22.html2008 has indeed been an extraordinary year, with the most severe financial crisis since the Depression in the 1930s. The concept of a pure investment bank has almost ceased to exist in the US, and we have seen events no one had dared imagine – for example the bankruptcy of an investment bank – Lehman Brothers (founded in 1847). The repercussions of the Lehman default led to a near collapse of financial markets. The paralysis of the financial system has been a major blow to the world economyMon, 22 Dec 2008 10:58:07 GMThttp://www.fxstreet.com/fundamental/analysis-reports/danskeresearch@danskebank.com (Danske Bank A/S)http://www.fxstreet.com/fundamental/analysis-reports/weekly-focus/2008-12-22.html