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.
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!
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.
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 …
Financial markets cheer a potential deal on postponing hitting the debt ceiling for six weeks. But will more time to discuss actually lead to an agreement? French FinMin says France is out of the woods. No official key figures out of the US but Michigan sentiment is interesting.
ECB offers nothing new and the US Government is still closed for business. Italian PM Letta survived the no-confidence vote as Berlusconi blinked. Now they need to fix the economy.
Here is our new financial forecasts. We have revised our 3-months yield forecast in the US and the Euro-zone higher.
Good morning. Bond yields creep higher on little news. Asian equities rise on Abe tax plan story. Greece has better budget figures. Germany expect less issuance next year. Waiting for US and UK data.
As Northern Europe slowly returns to work after the holiday, in this short note we try to summarize our current stance on the global economic cycle and financial markets.
A brief rundown of news and titbits that has happened over the past few weeks.
After yesterday's central bank meetings in ECB and Bank of England, we today get the highly anticpated labour market figures from the US. Se our analysts Thina Saltvedt and Steen Grøndahl discuss this week's central bank meetings, and their expectations ahead of the US labour market report.
Etter gårsdagens rentemøter i ECB og Bank of England venter markedet nå i spenning på månedens viktigste tall; den amerikanske arbeidsmarkedsrapporten «non-farm payrolls». Se våre analytikere Thina Saltvedt og Steen Grøndahl diskutere ukens rentemøter, samt forveningen til den amerikanske arbeidsmarkedsrapporten.
Yields basically unchanged but Portugal under pressure as Foreign Minister resigns and government might be collapsing. Major banks credit ratings lowered by S&P. Equities waiting for positive economic momentum to be confirmed.
Yields slightly lower. European peripherals helped by better Italian and Spanish PMIs. Chinese media told not to write about cash crunch and Monti threathens to withdraw support for Italian government.
Week dominated by data and central banks. Markets still driven by speculations about central bank liquidity tapering but for now seem to have stabilised.
Another European election where the dissatisfied voters flocked to a character who wants to change everything but have no real idea as what to put in its place. This is a worrying sign.
The one thing that seems clear after the Italian election is that nothing is clear at all and uncertainty will linger on. As Bersani put it: Italy is in "a very delicate situation."
Financial markets are off to an impressive start to 2013. While we are still looking for fairly slow growth in Europe we recommend staying long risk. Read also what we like and do not like in Scandinavian financial markets and why we like Swedish government bonds, Danish mortgage bonds and think financials might do well.