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>Easing US inflation since early summer has paved the way for US rate cuts starting in September.</li><li>We do not however share the market perception about an imminent recession and believe the Fed will not need to cut faster than 25bp/quarter, waiting until December for their second move.</li><li>More sticky Eurozone inflation means the ECB will also move at the same quaterly pace.</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.

Easing US inflation since early summer has paved the way for US rate cuts starting in September.We do not however share the market perception about an imminent recession and believe the Fed will not need to cut faster than 25bp/quarter, waiting until December for their second move.More sticky Eurozone inflation means the ECB will also move at the same quaterly pace.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.

Major forecasts: Inflation low enough for the Fed

<ul><li>Data dependency is the name of the game, as central banks ponder their next steps.</li><li>We think the most likely path for the ECB remains one of quarterly rate cuts, while we see the Fed slashing rates in December. EUR/USD could fall further.</li><li>The ECB started its rate cuts this month, the Fed didn’t, but both central banks have made it clear that they remain in a data-dependent mode and have not given clear signals about what will happen at the next few meetings. </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.

Data dependency is the name of the game, as central banks ponder their next steps.We think the most likely path for the ECB remains one of quarterly rate cuts, while we see the Fed slashing rates in December. EUR/USD could fall further.The ECB started its rate cuts this month, the Fed didn’t, but both central banks have made it clear that they remain in a data-dependent mode and have not given clear signals about what will happen at the next few meetings. 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.

Major forecasts: It’s all data dependent

<ul><li>Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.</li><li>Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.</li><li>USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. </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 our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.Overall issuance from Norway was approx. 3x that of last year incl. covered prints. Swedish names also printed in EUR, but the trend continues with less issuance compared to last year.USD issuance YTD has been elevated compared to previous years with an uptick from last year by non-USD issuers printing in USD. 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.

<ul><li>Rates are moving more or less sideways.</li><li>We stick to the view that risk/reward favours receiving in the short end.</li><li>Curves are more or less unchanged and with negative carry and roll, steepeners are losing some of their shine.</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.

Rates are moving more or less sideways.We stick to the view that risk/reward favours receiving in the short end.Curves are more or less unchanged and with negative carry and roll, steepeners are losing some of their shine.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.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Bank of America’s Global Fund Manager Survey for March maintained a bullish stance on equity investment, with a consistent increase in the weighting for the fifth consecutive month, now standing at 28% overweight (OW), compared to 21% OW in February and 9% OW in January.</li><li>There has been a notable shift toward allocating more investment to equities in the EU, global emerging markets (GEM) and Japan, leading to a reduction in the weighting on US equities to 8% OW from 21% OW.</li><li>This shift is underpinned by the belief that the global economy is poised to surpass projections. </li></ul>

Bank of America’s Global Fund Manager Survey for March maintained a bullish stance on equity investment, with a consistent increase in the weighting for the fifth consecutive month, now standing at 28% overweight (OW), compared to 21% OW in February and 9% OW in January.There has been a notable shift toward allocating more investment to equities in the EU, global emerging markets (GEM) and Japan, leading to a reduction in the weighting on US equities to 8% OW from 21% OW.This shift is underpinned by the belief that the global economy is poised to surpass projections. 

Special Report: FMS Still Favors Equities but More Diversified

United States

The euro is the official currency of the European Economic & Monetary Union.  The US dollar is the official currency of the United States of America.

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Major forecasts: Inflation low enough for the Fed

We do not however share the market perception about an imminent recession and believe the Fed will not need to cut faster than 25bp/quarter,...

Nordea

Major forecasts: It’s all data dependent

We think the most likely path for the ECB remains one of quarterly rate cuts, while we see the Fed slashing rates in December. EUR/USD could fall...

Nordea

Nordea XCCY publication: May Edition

Since our latest XCCY publication; the tight levels of EUR prints by Norwegian issuers resulted in additional EUR prints from Scandinavian issuers.

Nordea

EUR rates: Inflation, what inflation?

We stick to the view that risk/reward favours receiving in the short end. Curves are more or less unchanged and with negative carry and roll,...

Nordea

Special Report: FMS Still Favors Equities but More Diversified

Bank of America’s Global Fund Manager Survey for March maintained a bullish stance on equity investment, with a consistent increase in the...

Krungthai XSpring

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