Jakob Christensen - Danske Bank


Last quote by Jakob Christensen

On the equity side we have seen a significant rally and maybe the prices are beginning to be a bit stretched, but the strong PMIs suggest the global economy is doing quite well and supporting the trade-oriented emerging markets.feedback
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Oct 02 2017
Jakob Christensen has been quoted 40 times. The one recent article where Jakob Christensen has been quoted is EMERGING MARKETS-Dollar surge sends emerging currencies reeling. Most recently, Jakob Christensen was quoted as having said, “You're seeing some repricing on the U.S. side on a combination of the possibility of tax reform in the U.S. being approved and maybe a more hawkish Fed governor. That is playing into a stronger dollar, and goes hand in hand with higher U.S. rates, which is typically tricky for emerging markets.”.
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Jakob Christensen quotes

Mar 10 2017

The Polish government is cornering itself a bit there. I expect the zloty to trade a bit weaker, adding to the negative sentiment after the central bank meeting on Wednesday, which was a little bit dovish.feedback

Mar 02 2017 - Turkey

Given the sizeable current account deficit, Turkey is vulnerable to a stronger dollar and tighter monetary policy in the U.S. - they have sizeable dollar debt and that is unnerving investors.feedback

Mar 02 2017

The very strong (global manufaturing) numbers we got yesterday underscored the global synchronised recovery we are seeing right now. EM exporting countries are benefiting from that, companies will see higher earnings.feedback

Feb 14 2017 - Federal Reserve

This (inflation data) is important in that it continues a trend we have seen and fits in with this global reflation theme. 2.5 percent is still short of the 3 percent target that the central bank has but if this trend continues, the central bank will have to consider tightening monetary policy. There are some structural factors we should keep in mind - one is the impact of the fear of terrorism on tourism, and trade with Russia is also slow to pick up.feedback

Feb 10 2017

The Chinese data does indeed suggest that global growth is on a good footing. The combination of good Chinese growth numbers and the signals by Trump that he may embark on a tax easing which would stimulate growth in the U.S., is giving a tailwind to emerging market currencies.feedback

Feb 01 2017 - Turkey

Until they really tighten monetary policy significantly, the lira will be trading weak. Investors don't see any comforting news - the economy is weakening, the central bank is seen as subject to political pressures and the external environment is difficult for Turkey.feedback

Feb 01 2017 - Japan

This underscores the synchronised global recovery that we have been seeing for the past few months. The recovery across the euro zone, United States and even Japan is spilling over into emerging markets.feedback

Jan 20 2017 - Snapchat

The market is in wait and see mode - there needs to be some clarity on the fiscal side fairly soon, or the market, which has priced in part of this fiscal stimulus, will lose patience, which could mean lower interest rates and a weaker dollar.feedback

Jan 20 2017 - Snapchat

The Chinese response has been muted so far as they have been waiting for Trump to make formal changes. Now there is a chance of concrete measures there is a risk of escalation, which would be negative for emerging markets, as global risk sentiment would weaken.feedback

Jan 10 2017

Nobody wants to be the last one in there and everyone is running for the door. There are no signs from the authorities that they are taking it seriously.feedback

Jan 06 2017

It's been cut out of financial markets for many years so it hasn't been able to leverage itself as (much) as other emerging markets, which is a good thing.feedback

Jan 06 2017

(Index entry) is a significant move for Argentina and it will help bring down borrowing costs. It will also provide support for the peso.feedback

Jan 06 2017 - RMB

Bond investors are quite concerned about their holdings in Turkey ... People are questioning whether the central bank will have the independence to fight the rise in inflation.feedback

Jan 06 2017 - RMB

The developments we have seen in the offshore money market are a sign of the authorities trying to make it more expensive to short the offshore yuan. It seems like they are squeezing out the shorts and they are succeeding with that.feedback

Dec 13 2016

It's very important to see what the Fed communicates, and whether they are more hawkish in that light.feedback

Dec 13 2016

Emerging market stocks are taking some comfort in the fact that the selloff in U.S. bond markets that caused yields to rise quite significantly - normally a negative for emerging markets - is showing signs of stabilisation ahead of the Fed meeting.feedback

Dec 06 2016

That would be positive for emerging market currencies.feedback

Dec 06 2016

Half the market thought they would lose its investment grade rating, so that is giving the currency some tailwind. But that's not to say they are off the hook.feedback

Dec 06 2016

The Italy concern was maybe too much priced in, so we saw a reversal. The fear that we may have seen a meltdown in Italy, which could hit global risk sentiment, is waning with the expectation that we will get a new government of some sort.feedback

Nov 28 2016

If they move, it will be to non-investment grade, but that would mean a big divergence in the ratings.feedback

Nov 28 2016 - OPEC

We have been sceptical about the OPEC cuts all along - we find it very hard to see them agreeing to something substantial.feedback

Oct 03 2016

Overall this goes with our view that emerging markets are doing fairly well - the tide has to some extent turned.feedback

Oct 03 2016

Clearly the fairly strong macro economic management, together with higher oil prices, is bringing some results (for Russia) and we are looking for positive growth possibly in Q4 and definitely in 2017.feedback

Sep 27 2016 - Protectionism

The general fear that Trump would try to restrict bilateral trade agreements vis-à-vis a host of countries ... It could set off a global race for protectionism.feedback

Sep 27 2016

After its recent underperformance the Mexican peso was probably the most undervalued EM currency around and market positioning compared to historical terms is the most stretched short it can be. If there is any indication that Trump won't win, or Clinton is gaining momentum, or she wins the debate like last night, the market is extremely sensitive and you could have a strong downward move in the dollar/Mexican peso cross.feedback

Sep 20 2016

If (the BOJ) cut interest rates, the yen might weaken and pressure Asian emerging markets but on the other hand it would also signal a more relaxed monetary stance which from a carry trade perspective makes it more interesting to borrow in yen and place it in high-yielding EM curencies.feedback

Aug 09 2016

China is doing fairly well, and that was what we expected. Construction activity in China is fairly good.feedback

Aug 09 2016

Growth is okay in many emerging markets and inflation pressures are under control - that allows many emerging markets to lower interest rates which is good for stocks and growth.feedback

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