Living on the edge

- Market Movers ahead
• "In the US focus will be on the August retail sales report and industrial activity indicators. We expect a positive surprise in retail sales."
• "In the euro area it will be a quiet week in terms of data, with the most interesting release being the German ZEW."
• "In Asia focus will be on developments in the yen, which has become a central theme in the leadership contest in the Democratic Party of Japan."
• "SNB is expected to keep rates on hold at the monetary policy meeting next week."
- Global Update
• "News out of Europe has been mixed. German industrial data disappointed and the German banking association said that Germany‟s 10 biggest banks may need EUR105bn of additional capital under Basel III rules."
• "This week offered further comfort in terms of better-than-expected US data from the labour market and from the trade balance."
• "In addition, Obama proposed further economic stimulus. In Japan focus is still on the strong yen and the possibility of Japanese intervention in the FX market to stem the appreciation. However, this issue has been complicated by increased Chinese buying of Japanese bonds."
• "In Sweden GDP data was revised substantially higher, but we continue to expect slower growth ahead."
- Focus
• "This week we published new global forecasts. A flow of disappointing news has led us to revise down our growth forecasts – in particular for the US."
• "While we see a limited risk of a recession, double-dip fears are likely to remain present for a while."

DenDanske Weekly Focus 20100910

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