Podcasts about centralbankerne

Centralbankerne agerede helt som forventet med rentenedsættelser torsdag, men aktierne mangler tilsyneladende en egentlig grund til bevægelse. I hvert fald synes det at være mest hop på stedet lige nu, så hvad gør man som investor? Chefanalytiker Lau Svenssen fra Svenssen & Tudborg og senior strateg Michelle Nørgaard fra Jyske Bank leverer deres bedste bud på retningen fremad og svarer på lytterspørgsmål i studiet. Vært: Bodil Johanne Gantzel Producer: Kasper RiisingSee omnystudio.com/listener for privacy information.

Centralbankerne skal sætte renterne ned, men vi tvivler på, at det vil gå så hurtigt, som markederne lige nu forventer – med mindre det går rigtig dårligt for økonomien, hvilket stadig er en risiko.

Renterne er faldet til det laveste niveau siden foråret på forventning om, at centralbankerne begynder en aggressiv lempelse af pengepolitikken allerede til næste år. Men er markederne blevet for optimistiske, og hvad bliver budskabet fra Fed og ECB, når de afholder årets sidste rentemøder i hhv. Washington og Frankurt? Lyt med når cheføkonom Helge J. Pedersen og Anders Svendsen tager pulsen på de finansielle markeder og international økonomi. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor's particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one's financial advisor.

Centralbankerne har henover sommeren taget endnu et skridt mod rentetoppen. Inflationen i Danmark steg i juli for første gang i ni måneder i Danmark. Skal vi vænne os til en ny virkelighed? Lyt med når cheføkonom Helge J. Pedersen og chefanalytiker Jan Størup Nielsen tager pulsen på dansk økonomi og de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor's particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one's financial advisor.

Centralbankerne ‘suger' penge ud af økonomien i en sådan hast, at det for alvor kan ses på inflationen. Men er der fare for, at de går for vidt, og kan det i værste fald føre til deflation? Bodil Johanne Gantzel spørger dagens panel, Lau Svenssen, Lars Christensen og Michelle Nørgaard, der også serverer gode råd til porteføljer i både inflations- og deflationsscenarier. Du kan høre mere om blandt andre Netcompany, Novozymes, Danske Bank og AKK. Vært: Bodil Johanne GantzelSee omnystudio.com/listener for privacy information.

Centralbankerne holder rentemøder i den kommende uge. Men i USA er der fortsat bankuro, og den europæiske inflation er stadig tårnhøj. Hør Nykredits chefstrateg Frederik Engholm give sin vurdering af de kommende renter, og hvad grundlaget er for Fed og ECB's beslutninger.

Her på årsdagen for Ruslands ulykkelige invasion af Ukraine må vi konstatere, at verden i dag ser helt anderledes ud, end den plejede før krigen. Det gælder også på de finansielle markeder, hvor centralbankcheferne er kommet på overarbejde for at bekæmpe den høje inflation. Og meget tyder på, at der må yderligere stramninger af pengepolitikken til end hidtil ventet, førend centralbankerne har gjort deres del af arbejdet færdigt. Lyt med når cheføkonom Helge J. Pedersen og chefanalytiker Niels Christensen tager pulsen på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor's particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one's financial advisor.

De europæiske aktiemarkeder står til at åbne stort set uændrede her til morgen efter kursfald i sidste uge. Flere Fed-medlemmer var på banen fredag med budskab om flere renteforhøjelser og lang tid til rentenedsættelser. I dag får vi Ifo-tal fra Tyskland. MarkedsfokusCentralbankerne punkterer aktieinvestorernes håb om at undgå recessionFeds foretrukne inflationsindikator og et bundfrossent boligmarkedSeneste nytBedring i euroområdets PMI'er i december – også på prissidenNu skal USA beskytte olieproducenterne… ikke forbrugere

Centralbankerne formåede at kvæle al optimisme i løbet af ugen, men hvad gør den kloge investor? Bodil Johanne Gantzel tager hul på aktiedebatten sammen med klubbens to forvaltere, Lau Svenssen og Michael Friis Jørgensen, og tager imod spørgsmål fra lytterne.  Du kan høre mere om blandt andre Gomspace, Berkshire Grey, Norden, Alibaba, Novozymes, Chr. Hansen, Matas.See omnystudio.com/listener for privacy information.

Efter en lang periode med stigende risikoappetit har denne uge været af en større grad af forsigtighed blandt investorerne, som søger efter nye meldinger fra centralbankerne. Lyt med når cheføkonom Helge J. Pedersen og seniorstrateg Simon Kristiansen tager pulsen på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor's particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one's financial advisor.

Centralbankerne trak linjerne hårdt op over weekenden og lovede flere, store renteforhøjelser for at få kontrol med inflationen. Det har allerede udløst en ny nedtur på aktiemarkedet, og hvad det betyder på længere sigt vender vi med dagens panel - Peter Garnry, aktiestrategichef i Saxo Bank, og Millionærklubbens egen forvalter Lau Svenssen. Med på telefon er også fondschef i NewDeal Invest, Mads Christiansen. Vært: Sara SjølinSee omnystudio.com/listener for privacy information.

Sommeren har budt på store overraskelser på de finansielle markeder. Centralbankerne i USA og euroområdet har sat den pengepolitiske styringsrente gevaldigt op, men de lange renter er faldet og aktiekurserne steget. Inflationen er fortsat det store tema, men måske er toppen ved at blive nået. Lyt med når cheføkonom Helge J. Pedersen og chefanalytiker Niels Christensen analyserer udviklingen på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor's particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one's financial advisor.

Centralbankerne sætter hårdt mod hårdt for at bringe den alt for høje inflation ned. Det står klart efter ugens rentemøder i USA, Schweiz og Storbritannien. Men også ECB fik bragt sig selv på banen med et uventet møde i styrelsesrådet udenfor termin. Lyt med når cheføkonom Helge J. Pedersen og chefanalytiker Niels Christensen tager pulsen på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor's particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one's financial advisor.

Centralbankerne over hele verden synes indstillet på at satse alt for at slå den høje inflation ned, inden den for alvor bliver selvforstærkende. Derfor stiger renterne nu med raketfart og den amerikanske dollar er fulgt med op. Lyt med når cheføkonom Helge J. Pedersen og chefstrateg Niels Christensen tager pulsen på de finansielle markeder Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor's particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one's financial advisor.

Centralbankerne kæmper med at dosere politikken rigtigt i en situation, hvor det ikke er helt klart, hvad økonomiens kapacitet faktisk er, og hvor redskaberne ikke er, hvad de var engang. Senest i denne uge, hvor det ikke lykkedes for Den Europæiske Centralbank at overbevise markederne om, at en renteforhøjelse er flere år væk.

Forestil dig at betale for en pizza, en ramme øl eller en pakke toiletpapir med bitcoin. Det kan man gøre flere steder, men i El Salvador er bitcoin nu godkendt som et officielt betalingsmiddel af staten. Centralbankerne i Honduras og Guatemala vil gerne med på vognen. Men flere meningsmålinger viser, at størstedelen af landets 6,5 millioner indbyggere er imod regeringens bitcoin-tiltag. Alligevel har landet indkøbt 400 bitcoins til en værdi af godt 130 millioner kroner. Men er det en god idé at acceptere digitale valutaer som et officielt betalingsmiddel? Og hvad får El Salvador ud af det? Det taler Camilla Michelle med krypto-entusiasten, Mark Hansen om i det her afsnit af Aktier for Noobies.

Den stigende økonomiske aktivitet slår nu direkte igennem på råvarepriserne. Centralbankerne har talt renterne ned og aktierne fortsætter nordpå. Lyt med når Helge J. Pedersen og Niels Christensen analyserer de seneste trends i dansk og international økonomi samt den kommende uges begivenheder på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial advisor.

Udsigterne for verdensøkonomien er forbedret markant, og især USA er på vej mod en kraftig vækstraket i år. Centralbankerne vil være forsigtige med at stramme op for hurtigt, og risikoen for overophedning er derfor til stede.Verdensøkonomien vil sprudle med afsæt i USA’s vækstraketForbrugerne trækker opsvingetInflationen kommer! Men varer det ved?Centralbankerne har ikke travlt med at stramme opRisiko for overophedning står ikke aleneLæs hele analysen: Vækstraket fyldt med risici (PDF)

I afsnit 48 af #Investeringspodcasten tager Hansen og Larsen temperaturen på momentuminvestering - spørgsmålet er, om det for mange investorer i øjeblikket mere er risikoen for ikke at være med på en optur, der driver kursudviklingen? Især siden marts 2020, hvor coronakrisen indtraf, er mange private investorer søgt mod aktiemarkedet. Men er der tegn på faresignaler og for stor optimisme? Hør Hansen og Larsen komme omkring Tesla og Bitcoin som de ultimative momentuminvesteringer lige nu. I 2020 er der måske gjort mere for den grønne omstilling, end der sammenlagt er blevet gjort de sidste 10 år - hør her specifikt om Ørsted og Vestas, selskabernes indtjeningsforventninger vs. kursudviklingen og fremtidsudsigterne. Centralbankerne er positive på fremtidsudsigterne og især andet halvår af 2021, hvilket allerede har givet minimale kursstigninger - men kommer det til at have nogen indvirkning på aktiemarkederne i et bemærkelsesværdigt omfang? Indeksering: 00:00 - 03:08 Alle veje fører til aktiemarkedet 03:08 - 05:28 Tesla, Nio og tyske bilaktier 05:28 - 10:06 Bitcoin, den ultimative momentuminvestering 10:06 - 20:54 Grøn omstilling, Ørsted og Vestas 20:54 - 25:09 Centralbankerne og rentestigninger

Virusspredning sætter fortsat sit præg på markederne, og de økonomiske og finansielle konsekvenser foldes ud. Centralbankerne er nu kommet på banen, og mulige finanspolitiske tiltag er ved at dukke op. Men alle kigger på Fed, som tidligere på ugen – endelig – satte renten ned med 50bp. For USD kan det gå begge veje herfra, men risiciene på nedsiden er steget med øget risiko for en global recession, hvor Fed som (næsten) den eneste kan sætte renten ned for alvor. Det er fortsat ikke vores hovedscenarie, men vi understreger, at usikkerheden omkring vores FX-prognose er stor for nuværende. Ud over udviklingen i virusspredning og foranstaltninger til at hindre yderligere spredning er det værd at kigge mod ECB og Nationalbanken i næste uge – vil Lagarde og co. levere en rentenedsættelse? I dag er Jens Nærvig Pedersen gæst hos Christin Tuxen.

Centralbankerne bliver hyppigt kritiseret af aktørerne i finanssektoren for at lempe pengepolitikken ud i det ekstreme med negative renter og obligationsopkøb. Men de skyder ved siden af skiven, lyder det fra vicedirektør i Nationalbanken i ny podcast på FinansWatch.

Dagens gæst er endnu engang chefstrateg Henrik Drusebjerg. I dette afsnit taler vi om centralbankerne, hvilke redskaber de har i værktøjskassen og hvorfor de er så vigtige for dine investeringer og finansmarkederne.

I denne uges udgave af Valutakrydsild er det – endnu en gang – centralbankerne, der er i fokus. ECB leverede varen i sidste uge – eller gjorde de? Det store spørgsmål er nu, om de med den seneste lempelsespakke har formået at højne troværdigheden om viljen til at forfølge inflationsmandatet. Svaret? Måske - men risikoen er, at deflationen alligevel får fat, og så peger det stadig på en stærkere USD i dansk regning. Sidstnævnte kan Fed også bidrage til på den korte bane, hvor amerikansk økonomi fortsat ligger lunt i svinget. Norges Bank skal nok levere – og bemærk: her taler vi altså om en renteforhøjelse. Bank of Japan og SNB skal vi nok ikke vente os det store af denne uge. I studiet er Lars Sparresø Merklin (valutastrateg, gæst), og Christin Tuxen (valutastrateg, vært).

Der er en række nøglebegivenheder at holde øje med for investorerne over sommeren. Sådan lyder det fra Frederik Engholm, chefstrateg i Nykredit (0.43). Centralbankerne er ekstremt meget i fokus lige nu, og hvis ikke de handler eller sender bløde signaler, så er det noget, der kan gøre markedet ængsteligt, lyder det (5.23). Nykredit går ind i sommerperioden med en mere aggressiv allokering til markedet end investorerne generelt (10.22).

I 2018 brugte over en million gæster udlejningstjenesten Airbnb og overnattede i københavnernes boliger under deres ophold i Danmark. Men selvom udlejning af boligen kan være et kærkomment bidrag til privatøkonomien, skal man som andelshaver være opmærksom på, at man overholder foreningens regler. Jan Hansen, der er direktør for Andelsboligforeningernes Fællesrepræsentation, er i studiet for at klarlægge faldgruberne. Ugens »MikroMakroMix« dykker ned i de vigtigste begivenheder for både den seneste og den kommende uge. Det handler om duer og magtkampe i centralbankerne, opbrudstid i EU-persongalleriet og en misundelig Trump. »Dine penge« er tilrettelagt af Stefan Singh Kailay, Sara Sjølin, Ulrik Bie og Mia Svenningsen See omnystudio.com/listener for privacy information. See omnystudio.com/listener for privacy information.

Centralbankerne er gået i hi som følge af den usikre situation i verdensøkonomien. Aktiemarkederne holder på, at der er lys for enden af tunnelen, mens obligationsmarkederne er mere skeptiske. Lyt med når Helge J. Pedersen og Anders Svendsen analyserer de seneste trends i verdensøkonomien og den kommende uges begivenheder på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial advisor.

Nøgletallene er svage, men centralbankerne har fortsat tiltro til fremtiden. Håb om en snarling afslutning på handelskrigen løfter markederne. Lyt med når Helge J. Pedersen og Anders Svendsen analyserer de seneste trends i verdensøkonomien og den kommende uges begivenheder på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial adviser.

ECB er ikke helt klar til at indrømme, at økonomien er kraftigt på vej ned i gear, mens både Fed, Norges Bank og måske også Riksbanken har renteforhøjelser i gavesækken. Fed er det store spørgsmålstegn for næste uge, og så overlevede May mistilliden. Lyt med når Anders Svendsen og Morten Lund analyserer de seneste trends i verdensøkonomien og diskuterer den kommende uges begivenheder på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial adviser.

Inflationen skuffer, og chefen for den amerikanske forbundsbank kommer med dueagtige signaler. Er der en vending på vej i pengepolitikken, eller overfortolker markederne centralbankerne. Lyt med når Helge J. Pedersen og Anders Svendsen diskuterer de seneste trends i verdensøkonomien og den kommende uges begivenheder på de finansielle markeder. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial adviser.

Det er renterne, der er i fokus i denne uge, hvor både Den Europæiske Centralbank, ECB, og den amerikanske centralbank, Fed, har rentemøder. Seniorstrateg Andreas Østerheden fortæller, hvad vi kan forvente af denne uges møder, og hvad fokus især vil være på fra investorernes side. Vi taler også om den generelle økonomiske vækst, og hvad de stigende renter betyder for aktiemarkederne. Endelig vender vi også Trump og den seneste udvikling i handelskonflikten. -------- Om denne kommentar Nordea påtager sig intet ansvar for eventuelle dispositioner foretaget på baggrund af materialet. Mekanisk, fotografisk eller anden gengivelse af hele materialet eller dele heraf er ikke tilladt ifølge gældende lov om ophavsret. Se ansvarsfraskrivelse.

Efter flere uger hvor politik har fyldt det meste på de finansielle markeder, så er centralbankerne atter tilbage i førersædet. Den europæiske centralbank vil måske stoppe opkøbene af obligationer tidligere end ventet og i USA vil renten med meget stor sandsynlig igen blive sat op i næste uge. Lyt med når Jan Størup diskuterer den seneste udvikling med rente- og valutastrateg Andreas Steno. Og hør hvorfor du allerede søndag aften skal rettet blikket mod Schweiz, hvor befolkningen skal stemme om et kontroversielt forslag med vidtrækkende konsekvenser. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial advisor.

Investeringsstrateg Andreas Østerheden er i studiet sammen med Mikkel Nikolajsen, hvor de vender sidste uges udvikling på markederne og ser på udsigterne i denne uge. Sidste uge bød på et minus for globale aktier på godt 1 pct. og dermed fortsætter de nye tider på markedet med større udsving efter flere måneder med konstante stigninger (00.44). Ifølge Andreas Østerheden er udsvingene dog helt inden for det normale, og investorerne skal vænne sig til, at uger med stigninger kan blive afløst af uger med fald (4.44). Centralbankerne er i fokus, hvor der var adskillige taler fra centralbankmedlemmer i sidste uge (7.30). Frygten for fejltrin fra centralbankerne er blandt investorernes største bekymring, men Andreas Østerheden maner til ro (10.34). Han vurderer ikke, at der er risiko for store stramninger for hurtigt. Denne uge bliver en rolig uge med fokus på få nøgletal fra både USA og Europa, og ellers bliver det den generelle investorstemning, der vil diktere markedet (15.14). -------- Om denne kommentar Nordea påtager sig intet ansvar for eventuelle dispositioner foretaget på baggrund af materialet. Mekanisk, fotografisk eller anden gengivelse af hele materialet eller dele heraf er ikke tilladt ifølge gældende lov om ophavsret. Se ansvarsfraskrivelse.

Centralbankerne er igen øverst på dagsordenen – om end verdens vigtigste økonomier står over for forskellige udfordringer. ECB valgte at forlænge deres opkøbsprogram til september 2018, og en decideret renteforhøjelse har stadig lange udsigter. I USA lægger Federal Reserve an til en renteforhøjelse i december til trods for et fortsat beskedent inflationspres, så der er ekstra god grund til at holde øje med den kommende arbejdsmarkedsrapport. Bank of England befinder sig derimod i en kattepine, med svaghedstegn fra realøkonomien på den ene side, og højere inflationspres på den anden.

Denne uges Bank of England møde bød overraskende på en melding om at en renteforhøjelse kan være nært forestående i UK. Pundet er styrket som følge heraf og vi understreger at risici for GBP nu er langt mere balancerede end vi tidligere antog. BoE er således den lejr af centralbanker, som også tæller Fed og ECB, som nu tydeligt trækker i retning af en normalisering af pengepolitikken, mens fx Bank of Japan og SNB bestemt ikke har travlt med at 'normalisere', da de fortsat er bange for en stærkere valuta. Hold øje med Riksbanken, som kan være den næste der trækker i den retning; det kan give medvind til den svenske krone på lidt længere sigt.

Centralbankerne i USA og Europa er noget af det vigtigste at holde øje med i resten af 2017 for investorerne. Det siger Frederik Engholm, chefstrateg i Nykredit Markets. Hør hvorfor (0.38 inde). Og mens han kalder det tyske valg for stort set en "non-event" for markedet (9.04), så er der til gengæld to andre store begivenheder at følge med i (10.26).

Centralbankerne svinger taktstokken over de finansielle markeder. Hvert et ord fra Yellen og Draghi bliver vendt og drejet - og nogle gange fordrejet - i jagten på at forudsige de næste træk. Lyt med når chefanalytikerne Anders Svendsen og Jan Størup giver deres syn på udviklingen og tager temperaturen på aktie- og rentemarkederne. Og hør, hvorfor det er værd at holde øje med de kinesiske væksttal og svensk inflation i den kommende uge. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial advisor.

Høgeagtige toner fra Fed og Bank of England i denne uge gav anledning til betydelige udsving på markederne. Næste uge er der fransk parlamentsvalg, Brexit-forhandlinger og PMIs. Hør med når cheføkonom Helge Pedersen og chefanalytiker Anders Svendsen taler om ovennævnte begivenheder, og om valutaprognoser og Emerging Markets. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial advisor.

De store centralbanker har alle haft mulighed for at signalere deres intentioner over de seneste uger. Fed, Bank of Japan og Norges Bank holdt alle møder i denne uge, hvor det dog ikke blev til renteændringer. Der breder sig en opfattelse i markederne af, at de store centralbanker er ved at være nået til enden af dén vej, der er belagt med pengepolitisk lempelser, skønt risikoen for en mere høgeagtig retning endnu synes ubetydelig. Det er godt nyt for risikoappetitten. Der er ingen store nøgletal i vente i ugen, der kommer, men et uformelt OPEC-møde kan presse olieprisen højere i starten af ugen, og den første debat mellem præsidentkandidaterne Clinton og Trump bliver helt sikkert interessant. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial advisor.

Alt fokus på de finansielle markeder er lige nu rettet imod centralbankerne. Hvornår sætter de renten op i USA? Vil Bank of England forsøge at afbøde konsekvenserne af Brexit med en ny rentenedsættelse? Og hvad sker der i Japan, hvor alle afventer en redegørelse fra centralbanken der skal belyse, om det overhoved giver mening at sætte renten yderligere ned. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the individual investor’s particular financial situation, existing holdings or liabilities, investment knowledge and experience, investment objective and horizon or risk profile and preferences. The investor must particularly ensure the suitability of an investment as regards his/her financial and fiscal situation and investment objectives. The investor bears the risk of losses in connection with an investment. Before acting on any information in this publication or report, it is recommendable to consult one’s financial advisor.