Moving closer to QEII

- Market Movers ahead
• "We expect the US ISM to decline to 54.5 after the surprise increase in August."
• "In Euroland, PIIGS will probably remain on the radar screen. On the data front, focus will be on inflation."
• "In Asia, the release of China’s two manufacturing PMIs and Japan’s Tankan will be in focus. We expect a confirmation that the Chinese economy is currently bottoming out and a gain in the Tankan index for Japan’s large manufacturers."
• "A lot of data out of Sweden including retail sales, PMIs and the NIER surveys."
• "In Norway particularly credit growth and retail sales should attract attention."
- Global Update
• "The FOMC statement struck a more dovish tone than expected. We now see a new round of quantitative easing as the most likely outcome."
• "In the Euro area, focus has centred on Ireland and worries about the costs associated with restructuring in the banking sector."
• "The global slowdown is now being felt in the manufacturing sector in core Euro area countries. German PMI and Ifo expectations posted declines."
• "Tensions between the US and China have intensified. The US is unhappy about the slow appreciation of the yuan."
• "In Japan, the prospects of new quantitative easing in the US has led to a stronger JPY. This puts pressure on both the BoJ and the Ministry of Finance."
- Focus
• "In this week’s focus article we take a closer look at Danish house prices. Prices are currently in line with the level predicted by our fundamental model. This is however all due to the historically low level of interest rates." 

DenDanske Weekly Focus 20100924

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