A
Asphyxia
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I will refer readers to Danske banks annual report 2013 page 12 and their description of market conditions:
Market conditions
Conditions in the financial markets
The financial markets generally improved in 2013. The US was heavily affected by the discussion
of when and how to scale back its expansionary monetary policy. In the eurozone, the recovery appeared to be broadening as even countries
such as Italy, Spain and Portugal started to show tentative signs of recovery. The economic outlook for the emerging markets, including China, is more fragile.
The stock markets rose significantly throughout 2013 on the strength of a stronger outlook for the global economy and ample liquidity in the financial markets.
Conditions in our home markets
The Danish economy picked up throughout 2013. GDP rose in the second and third quarters, and economic indicators suggest that growth continued
towards the end of the year. Growth was stimulated by increasing exports, real wage growth and low interest rates. Exports are expected to continue rising in 2014. Housing prices started to increase, but the turnaround is weak and the housing market remains a risk factor.
The Swedish economy did not grow in 2013. Survey data indicate that it might expand in 2014 because of the outlook for higher global growth. Housing prices have risen sharply in recent years, and even considering the strong underlying economy, the high prices pose a risk of corrections in the years ahead.
The Norwegian economy remains strong, but growth slowed markedly because of lower oil prices and a lacklustre housing market. Since oil prices remain high, despite a drop from their peak, the deceleration is expected to be temporary. Export growth and a continuation of strong domestic demand will underpin the economy. Housing prices fell in the second half of 2013, and the possibility of a further decline is a risk factor.
The Finnish economy saw economic contraction again in 2013 because of weak exports and a tight fiscal policy. Housing prices have been quite flat. We expect a slight pickup in growth in 2014.
In Northern Ireland, we saw low growth in 2013. The Irish economy is still fragile, but the Irish government has decided to exit the eurozone bailout programme without an ESM precautionary backstop since the public deficit has been reduced significantly. Housing prices appear to have found their floor and have started to rise from the level some 50% below their peak.
So it is plain to see how Danske bank interpret market conditions, except, of course, for litigation in Ireland.
Market conditions
Conditions in the financial markets
The financial markets generally improved in 2013. The US was heavily affected by the discussion
of when and how to scale back its expansionary monetary policy. In the eurozone, the recovery appeared to be broadening as even countries
such as Italy, Spain and Portugal started to show tentative signs of recovery. The economic outlook for the emerging markets, including China, is more fragile.
The stock markets rose significantly throughout 2013 on the strength of a stronger outlook for the global economy and ample liquidity in the financial markets.
Conditions in our home markets
The Danish economy picked up throughout 2013. GDP rose in the second and third quarters, and economic indicators suggest that growth continued
towards the end of the year. Growth was stimulated by increasing exports, real wage growth and low interest rates. Exports are expected to continue rising in 2014. Housing prices started to increase, but the turnaround is weak and the housing market remains a risk factor.
The Swedish economy did not grow in 2013. Survey data indicate that it might expand in 2014 because of the outlook for higher global growth. Housing prices have risen sharply in recent years, and even considering the strong underlying economy, the high prices pose a risk of corrections in the years ahead.
The Norwegian economy remains strong, but growth slowed markedly because of lower oil prices and a lacklustre housing market. Since oil prices remain high, despite a drop from their peak, the deceleration is expected to be temporary. Export growth and a continuation of strong domestic demand will underpin the economy. Housing prices fell in the second half of 2013, and the possibility of a further decline is a risk factor.
The Finnish economy saw economic contraction again in 2013 because of weak exports and a tight fiscal policy. Housing prices have been quite flat. We expect a slight pickup in growth in 2014.
In Northern Ireland, we saw low growth in 2013. The Irish economy is still fragile, but the Irish government has decided to exit the eurozone bailout programme without an ESM precautionary backstop since the public deficit has been reduced significantly. Housing prices appear to have found their floor and have started to rise from the level some 50% below their peak.
So it is plain to see how Danske bank interpret market conditions, except, of course, for litigation in Ireland.
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