DCSIMG

Research in English

Japan

Japan: konnichiwa growth

Published date: 16 May 2013
The Q1 GDP growth from Japan surprised on the upside, reflecting the psychological ef-fects of the government stimulus. The readings are positive news for the LDP govern-ment ahead of the upper house election in July.
Sweden: CPIF inflation 0.5% in April, well below forecasts

Sweden: CPIF inflation 0.5% in April, well below forecasts

Published date: 14 May 2013
Instant view The CPI fell by 0.2% m/m in April, 0.3% point below forecasts. The main surprises were prices for clothing and footwear as well as package travelling that came out approximately 0.1% point below our forecast, respectively. Also, ticket prices for international flights fell…
Euro on Europe

Euro area: Less recession but still recession

Published date: 15 May 2013
As expected, Euro-area GDP shrank by less in Q1 (-0.2%) than in Q4 of last year, but it still shrank and the weakness was widespread through the common currency area (see table below for data on the larger countries): German growth (0.1%) was held back…
Slow down sign

Poland: Rate cut hopes rise as GDP growth slows down to 4-year low

Published date: 14 May 2013
Poland’s GDP figures for Q1 came in on the weak side of expectations. What does it imply for the PLN and next actions of the Polish central bank?

May

Swedish Week Ahead No 21

Published date: 17 May 2013 | Analysts: Torbjörn Isaksson, Andreas Jonsson

Temporary lower unemployment in April NSI: CPI significantly lower than forecasts

The fight against TRY strengthening continues

Published date: 17 May 2013 | Analyst: Annika Lindblad

The credit rating upgrade by Moody's to investment grade is of course good news and a significant step for Turkey. However, a credit rating upgrade raises expectations of further capital inflows. This puts further strengthening pressure on the TRY and more pressure on the CBRT to control it, until the economic outlook brightens.

The end of May will be very tough for the market participants

Published date: 17 May 2013 | Analyst: Dmitry Savchenko

Exporters will be in the focus on the next week as tax payments are coming. RUB will get extra support and thus it will help to resist external risks which are increasing. US economic data continued to disappoint -the Philadelphia …

Too early to make the bear market call on US yields

Published date: 16 May 2013 | Analyst: Christian Börjesson

We expect rates to remain within the trading ranges that we have seen since the end of last year

Norway: Mainland GDP rebounded – as expected

Published date: 16 May 2013 | Analyst: Erik Bruce

• Q4 was a soft spot and mainland growth in Q1 is about as expected • No need for Norges Bank to change view based on today’s figures. GDP growth in Mainland Norway was 0.7% q/q in Q1. Our forecast …

CBR held its main policy rates

Published date: 16 May 2013 | Analyst: Dmitry Savchenko

CBR again kept all key rates unchanged but cut longer term REPO and other rates. Market was waiting for more dovish decision and thus RUB behaved quite strongly yesterday taking into account oil market poor dynamics. CBR again put an …

Norway: Rebound in mainland growth

Published date: 15 May 2013 | Analyst: Erik Bruce

There is no reason to change view on Norges Bank if we are right, but if growth ends up say below 0.5% we will start thinking about a June cut again.

The CBR decision is in the focus

Published date: 15 May 2013 | Analyst: Dmitry Savchenko

Currency basket priced almost unchanged, dropped by 3 kop (till 35.52). Despite the oil market correction and USD strengthening, exporters’ sales still provide RUB with some support. The situation will remain calm – at least till the CBR decision re …