DCSIMG

Steen Grøndahl

My name is Steen and I'm the Head of Global Research for Nordea - overseeing all the research Nordea creates about the global markets.

I've previously been a money manager for a number of years in Luxembourg and worked as an economist and a strategist in both the Scandinavian and European markets. I have a B.Sc. and a M.Sc. in economics from the University of Copenhagen and I'm a CFA Charterholder.

I'm married, have one child, two dogs, love to read (mostly history), have just signed up to compete in my first bike race this summer (my wife thinks I need it ;-) ) and have a broad taste in music from Mozart to Metallica.


Northern Lights - Rate path Bonanza

The Scandinavian central bank roller coaster continues. Norway lowered the rate path massively and Sweden is expected to follow. Scandinavian currencies are getting whacked but to us it seems overdone. In Denmark, spreads have gone out and now looks interesting. Finnish bonds have weakened but they are beginning to look interesting. Find out more on that, alongside updated views from our macroeconomists and strategists across the Nordic region. Enjoy!

Markets Viewpoint: Crimea can jolt markets but not lasting

The situation in Ukraine continues to escalate. The economic situation in Ukraine remains dire. Some similarities to the Russo-Georgian war in 2008. We expect markets to be jittery: yields on Bunds and Treasuries to drop, equities weighed down, oil and gold to go up and a strengthening of the USD across the board. However, we do not expect the current crisis to escalate to an all-out-war and markets will revert to look at fundamentals within days or weeks.

FI Eye-Opener: Yellen helps stocks to record

Bond yield continue to drop ín Europe and Greek 10-yr yield drops below 7%. New high for US equities as markets see Yellen positive as she says weather might affect outlook. Ukraine still creates headlines but markets unfazed. Chinese yuan continues to weaken and bears watching. Today, all eyes will be on the February Euro-area flash inflation estimate.

FI Eye-Opener: Is Draghi ready to move?

Bond yields fell marginally Friday. Asian equities are weaker this morning on softer Chinese house prices. Draghi sounded more ready to act at the G-20 in Sydney. Ukraine will stay in the headlines but ripple effect continue to be small. The troika is back in Greece but this time it is easier. Renzi takes the reigns in Italy but will be short honeymoon. Today, Ifo is key.

Northern Lights - To cut or not to cut?

Our new Scandi flagship publication. Everything you want to know about the developments in Scandinavian macro, FX and Fixed Income. Enjoy.

FI Eye-opener: Italy at it again. New PM but any changes?

Bond yields dropped somewhat yesterday triggered by weak US retail sales and in the early evening the news that Italian premier Letta is resigning. European equities were soft but US equities moved higher. In spite of the Italian news, peripheral bonds in Europe did not suffer much. Forecasters call European inflation lower. Euro area GDP figures on the agenda today.

FI Eye-Opener: Weidmann doesn't like cheap funding

Bond yields drop in spite of decent macro figures Equity markets start the year on a soft note for the first in five years Portugal try to close the hole created by the Constitutional Court Weidmann doesn’t like the ECB to fund carry trades Bank of Finland warns over public debt--old news PMI was a mixed bag Today's highlight are central bankers talking

FI Eye-Opener: New year but not much changed

Good morning, Bond yields in the US and Germany ended 2013 at or close to year highs. Equity markets likewise so. 2014 likely to kickoff in the same fashion as 2013 ended with higher yielding assets being scooped up. Chinese equities weighed by soft PMI reading Rather light calendar ahead – focus on Euro PMI and US ISM

FI Viewpoint: Draghi is not Santa Claus

Upbeat economic figures continue to weigh on bonds. Equity markets still look heavy though. Draghi is not Father Christmas. Could Japanese take a fancy to European bonds? Solid US figures and good Spanish auction. Today is Payrolls day!

FI Viewpoint: Europe steals the limelight

Good morning, Holiday mood. Netherlands cut to AA+, Spain outlook raised to stable. BoE takes a stab at house financing ECB rumoured to worry about currency level. Hollande (finally) has some positive news. SPD's Gabriel runs hot on German TV Euro inflation and ECB speakers today.

FI Viewpoint: Upside surprise from Europe

Good morning, Bond yields dropped yesterday and curves flattened. We see upside risk to the Euro-zone GDP figures today which could put pressure on bonds today. German SPD holds part convention today. BoE more upbeat on the economic outlook. Euro-zone GDP, ECB’s Liikanen and Fed’s Yellen will grab the headlines today.