External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.</li><li>The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.</li><li>Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%.The central bank signalled that it will remain data dependent, maintaining its hiking bias on the back of inflation worries.Still robust data from the real economy but also lower inflation data has buoyed markets view of a soft landing.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

FX & Rates

<ul><li>FX Market Update —The USD remains firm after yesterday gains.</li><li>US Treasurys remain under pressure following the Fitch news and, perhaps more especially, the US Treasury refunding announcement which highlighted a significant increase in supply over the coming year —even though this would not have been a surprise for the Treasury market.</li><li>Weak Treasurys are weighing on global yields and extending pressure on stocks.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Market Update —The USD remains firm after yesterday gains.US Treasurys remain under pressure following the Fitch news and, perhaps more especially, the US Treasury refunding announcement which highlighted a significant increase in supply over the coming year —even though this would not have been a surprise for the Treasury market.Weak Treasurys are weighing on global yields and extending pressure on stocks.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Daily - USD Supported by Rising Yields

<ul><li>Since 2020Q2, actual consumption has been below desired. </li><li>The gap between the two —a measure of pent -up demand —explains in large part the incredible resilience of the Canadian economy to the rapid rise in interest rates.</li><li>Low and accommodative real interest rates, record low unemployment, combined with increased net wealth through rising home equity and excess savings and high oil prices drove a substantial increase in Canadians’ desired level of consumption.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Since 2020Q2, actual consumption has been below desired. The gap between the two —a measure of pent -up demand —explains in large part the incredible resilience of the Canadian economy to the rapid rise in interest rates.Low and accommodative real interest rates, record low unemployment, combined with increased net wealth through rising home equity and excess savings and high oil prices drove a substantial increase in Canadians’ desired level of consumption.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pent-Up Demand, Resilient Economy, and Rising Interest Rates (August 2, 2023)

<ul><li>The USD is mixed to slightly lower in quiet trade overnight.</li><li>Stocks are trading in the green, mostly, while bond markets are weaker (rising yields prompted the BoJ to undertake some unscheduled 10Y bond buys earlier today) and major commodities are mixed.</li><li>It’s month -end which may liven things up a little in our session.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The USD is mixed to slightly lower in quiet trade overnight.Stocks are trading in the green, mostly, while bond markets are weaker (rising yields prompted the BoJ to undertake some unscheduled 10Y bond buys earlier today) and major commodities are mixed.It’s month -end which may liven things up a little in our session.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Daily -USD Mixed into Month-End, Eyes on NFP

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

<ul><li>With the central bank tightening and continuing globally with Fed and ECB hiking rates 25bps and BoJ moving the YCC cap, we have a look at global money trends again today to see if correlations hold and what to expect next in global markets.</li><li>Main take-aways: M1 growth looks outright horrible in the West, while Asian money trends looks very bullishM2 sub-components are still pointing towards more money flowing into more illiquid time-depositsReal M2 is starting to turn positive.</li><li>Could reignite inflation and fuel further economic growth.</li></ul>

With the central bank tightening and continuing globally with Fed and ECB hiking rates 25bps and BoJ moving the YCC cap, we have a look at global money trends again today to see if correlations hold and what to expect next in global markets.Main take-aways: M1 growth looks outright horrible in the West, while Asian money trends looks very bullishM2 sub-components are still pointing towards more money flowing into more illiquid time-depositsReal M2 is starting to turn positive.Could reignite inflation and fuel further economic growth.

Canada

The Canadian dollar is the official currency of Canada. 

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CAD (USDCAD CURNCY)

Macro & Markets: Welcome back

Key summer developments at a glance: The Fed increased the funds rate by 25bp to the range 5.25-5.50%. The central bank signalled that it will...

Nordea

FX Daily - USD Supported by Rising Yields

FX Market Update —The USD remains firm after yesterday gains. US Treasurys remain under pressure following the Fitch news and, perhaps more...

Scotiabank

Pent-Up Demand, Resilient Economy, and Rising Interest Rates (August 2, 2023)

Since 2020Q2, actual consumption has been below desired. The gap between the two —a measure of pent -up demand —explains in large part the...

Scotiabank

FX Daily -USD Mixed into Month-End, Eyes on NFP

The USD is mixed to slightly lower in quiet trade overnight. Stocks are trading in the green, mostly, while bond markets are weaker (rising yields...

Scotiabank

Money Watch – Is money growth BACK?

With the central bank tightening and continuing globally with Fed and ECB hiking rates 25bps and BoJ moving the YCC cap, we have a look at global...

Steno Research

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