AUG 06 Danske EMEAWeekly

8/9/2019 AUG 06 Danske EMEAWeekly

1/12

www.danskeresearch.com

Investment Research

Market movers ahead: GDP and inflation numbers

Next week will be busy in terms of economic releases. On Monday we will get industrial

production in Turkey, which should show that industrial production growth has dropped

to 9.6% y/y in June from 15.6% y/y in May. This will be yet another sign that Turkish

economic growth is decelerating. On Friday we will get a bunch of GDP numbers for Q2.

In general we expect the Q2 GDP numbers in EMEA to show gradual improvement. In

Czech Republic we expect Q2 GDP growth of 1.4% y/y compared to 1.2% y/y in Q1. We

are, however, more concerned about a possible setback in growth in Q3.

There is also a lot of inflation numbers due next week in EMEA. Overall, we expect the

numbers to show that inflationary pressure remains limited. Our new EMEA Inflationary

Pressure Index (see more on page 3 and 4) shows that EMEA inflation is decelerating.

Finally, Hungarian Minutes on Wednesday could prove interesting.

FX Outlook: Stronger EUR/USD supports CEE currencies

The recent move up in EUR/USD is especially supportive for the euro-sensitive EMEA

currencies CZK, PLN and HUF, while it is negative for the dollar-sensitive currencies

TRY and ZAR. As the euro might continue to outperform the dollar we are looking forCZK, PLN and HUF to outperform TRY and ZAR in the short term. We are therefore

quite comfortable with the Scorecard continuing to recommend to be long in CZK/ZAR.

Fixed Income Outlook: Decelerating inflation

The calendar is fully booked with inflation numbers next week. It will be especially

interesting to watch the outcome of Polish inflation on Friday. Although we expect Polish

inflation to ease slightly to 2.1% y/y in July from 2.3% y/y in June, our new EMEA

Inflationary Pressure Index (see more on page 3 and 4) shows that Polish inflation is still

accelerating.

Scorecard-based trade of the week Buy CZK/ZAR

For a fourth week in a row the Scorecard-based trade of the week is CZK/ZAR with the

Czech koruna still the highest scoring currency on our EMEA FX Scorecard and the

South African rand the lowest. A further move up in EUR/USD will support this trade

which has performed rather well for most of this week.

6 August 2010

EMEA WeeklyIntroducing the EMEA Inflationary Pressure Index

Inflationary pressure remains limited

06 07 08 09 10 11

-2

0

2

4

6

8

10

-2

0

2

4

6

8

10% y/y

Inflation

Czech

Republic

Hungary

Poland

Romania

% y/y

Source: Reuters Ecowin

The recovery continues in CEE...

04 05 06 07 08 09 10 11

-10.0

-7.5

-5.0

-2.5

0.0

2.5

5.0

7.5

10.0

-10.0

-7.5

-5.0

-2.5

0.0

2.5

5.0

7.5

10.0% y/y

Gross Domestic Product

Hungary

CzechRepublic

Romania

% y/y


...and in the Baltics

04 05 06 07 08 09 10 11

-20

-15

-10

-5

0

5

10

15

-20

-15

-10

-5

0

5

10

15% y/y % y/y

Estonia

Latvia

% y/y % y/y



2/12

2 | 6 August 2010www.danskeresearch.com

EMEA Weekly

Calendar

Source: Danske Markets

Period Dansk e Bank Consensus Previous

RUB - Disposable income y/y Jul 1.4%

RUB - Real wages y/y Jul 6.3% 6.2% 5.5%

LVL - Unemployment % Jul 15.6%

EEK 7:00 Trade balance B. Jun -1.2

CZK 9:00 CPI y/y Jul 1.9% 1.9% 1.2%

CZK 9:00 Unemployment rate % Jul 8.7% 8.5%

TRY 9:00 Industrial production y/y Jun 9.6% 10.5% 15.6%

LTL 10:00 CPI y/y Jul 1.9% 1.0%

LTL 10:00 Trade Balance B. LTL Jun -0.21

LVL 12:00 Trade balance M. Jun -75.5

LVL 12:00 Gross domestic Product y/y 2nd quarter -3.7% -6.0%

LVL 12:00 CPI y/y Jul -0.9% -1.4%



UAH - GDP y/y 2nd quarter 5.9% 4.8%

RUB - Gross Domestic Product y/y 2nd quarter 5.7% 2.9%

EEK 7:00 Gross domestic product y/y 2nd quarter 0.8% -2.0%

TRY 9:00 Current account B. USD Jun -3.5 -23.9

HUF 9:00 CPI y/y Jul 4.1% 5.3%CZK 10:00 Current account m. CZK Jun -18.0 -23.9

RON 11:00 CPI y/y Jul 9.1% 4.4%

HUF 14:00 Hungarian central bank releases Minutes from monetary-policy meeting

PLN 14:00 Current account Euro mil Jun -268

PLN 14:00 Trade balance EUR mil Jun -455


Friday, August 13, 2010Period Dansk e Bank Consensus Previous

RUB - Industrial production y/y Jul 8.4% 8.0% 9.7%

CZK 9:00 Gross domestic product y/y 2nd quarter 1.4% 2.3% 1.2%

CZK 9:00 CNB Meeting Minutes

CZK 9:00 CNB Q3 Inflation Report

HUF 9:00 GDP y/y 2nd quarter 0.1%

HUF 9:00 Industrial production, final y/y Jun 12.6% 12.6%

RON 11:00 GDP y/y 2nd quarter -2.6%

PLN 14:00 CPI y/y Jul 2.1% 2.3%

The editors do not guarantee the accurateness of figures, hours or dates stated above

Note that all releases are CET.

Thursday, August 12, 2010

EMEA Data and Events in Week32

Monday, August 9, 2010

Tuesday, August 10, 2010

Wednesday, August 11, 2010


3/12


4/12


EMEA Weekly

EMEA Inflationary Pressure Index

Poland Hungary

Sep Dec Mar Jun Sep Dec Mar Jun

08 09 10

-5

-3

-1

1

3

5

-5

-3

-1

1

3

5Index (+5 to -5)


08 09 10

-5

-3

-1

1

3

5

-5

-3

-1

1

3

5Index (+5 to -5)

Danske Markets calculations Danske Markets calculations

Czech Republic Turkey


08 09 10

-5

-3

-1

1

3

5

-5

-3

-1

1

3

5Index (+5 to -5)


08 09 10

-5

-3

-1

1

3

5

-5

-3

-1

1

3

5Index (+5 to -5)


South Africa Romania


08 09 10

-5

-3

-1

1

3

5

-5

-3

-1

1

3

5Index (+5 to -5)


08 09 10

-5

-3

-1

1

3

5

-5

-3

-1

1

3

5Index (+5 to -5)


Israel EMEA


08 09 10

-5

-3

-1

1

3

5

-5

-3

-1

1

3

5Index (+5 to -5)


08 09 10

-5

-3

-1

1

3

5

-5

-3

-1

1

3

5Index (+5 to -5)


EMEA Inflationary Pressure Index

The EMEA Inflationary PressureIndex measures the degree of

inflationary pressure in the

countries of the EMEA region.

The composition of the indexincludes various inflationary

indicators such as consumer

prices, producer prices, wages, oil

prices, currency movements and

expectations about future inflation.

The index is computed on a scalefrom +5 to -5 measuring the

momentum in the various

inflationary indicators in standard

deviations.

A positive score in the indexindicates that inflation is

accelerating. A negative score in

the index indicates that inflation is

decelerating.


5/12


EMEA Weekly

FX Market update

Review: Dont be fooled by the forint

The EMEA currencies performed relatively well this week. The top performer has been

the Hungarian forint that gained almost 2% on the euro this week. The forint was

supported by stronger-than-expected Hungarian economic releases this week (data on the

Hungarian production sector were better than expected). Although the Hungarian

numbers came out on the positive side this week, we maintain our relatively negative

view of the recovery of the Hungarian economy, which we see as weak and fragile. Our

EMEA FX Scorecard does not give much support to the forint either and it has been

negative on the forint for the larger part of 2010. Adding the political risk surrounding

Hungarian public finances we expect the forint to weaken going forward despite this

weeks relatively strong run.

Preview: EUR/USD to set the tone

This week has been a relatively calm week on the EMEA markets with limited activity onthe news front. The EMEA currencies have mainly been driven by the move up in

EUR/USD and the improved risk sentiment.

The move up in EUR/USD, which surpassed 1.32 this week, is especially supportive for

the euro-sensitive EMEA currencies CZK, PLN and HUF, while it is negative for the

dollar-sensitive currencies TRY and ZAR. The euro could continue to outperform the

dollar helped by stronger-than-expected European economic releases, rising oil prices and

also notably the recent softer tone on monetary policies by the Fed. Note that this

corresponds well to the fact that our EMEA FX Scorecard currently signals short-term

strengthening of CZK and PLN and short-term weakening of TRY and ZAR. We are

therefore quite comfortable with the fact that the Scorecard continues to recommend to be

long in CZK/ZAR.

The signals from our EMEA FX Scorecard are more or less unchanged since last week.

CZK continues to dominate the top scoring positive on macro, technical and carry.

EUR/CZK has firmly established itself below 25.00 trading around 24.70 this week. We

still expect it to continue to move stronger both on a short-term and a long-term horizon

from this level. PLN remains in positive territory, but this is only due to a positive

technical score. PLN gets no help from macro or carry momentum or the global

environment. We would therefore not expect EUR/PLN to go much stronger than the

current level of around 4.00.

Scorecard-based trade of the week: Buy CZK/ZAR

For a fourth week in a row the Scorecard-based trade of the week is CZK/ZAR with the

Czech koruna still the highest scoring currency on our EMEA FX Scorecard and South

African rand the lowest. A further move up in EUR/USD will support this trade which

has performed rather well for the larger part of this week.

FX performance one week


FX performance one month


-2.0 0.0 2.0

HUF vs. EUR

EUR/USD

Basket vs. RUB

ZAR vs. USD

TRY vs. USD

PLN vs. EUR

CZK vs. EUR

RON vs. EUR

ZAR vs. EUR

TRY vs. EUR

%Data updated: 06/08 - CET: 07:44

1-weekchange

-5.0 0.0 5.0 10.0

ZAR vs. USD

EUR/USD

TRY vs. USD

CZK vs. EUR

PLN vs. EUR

HUF vs. EUR

Basket vs. RUB

ZAR vs. EUR

RON vs. EUR

TRY vs. EUR

%Data updated: 06/08 - CET: 07:45

1-month change


6/12


EMEA Weekly

EMEA FX Scorecard overview

Score PLN Score HUF


Score CZK Score TRY


Score ZAR Score RON


Score ILS Score Total


0.3

-5.0

-2.5

0.0

2.5

5.0

Macro

Technical

Carry

Global

Valuation

Total

-0.3

-5.0

-2.5

0.0

2.5

5.0

Macro

Technical

Carry

Global

Valuation

Total

0.5

-5.0

-2.5

0.0

2.5

5.0

Macro

Technical

Carry

Global

Valuation

Total

0.0

-5.0

-2.5

0.0

2.5

5.0

Macro

Technical

Carry

Global

Valuation

Total

-0.8

-5.0

-2.5

0.0

2.5

5.0

Macro

Technical

Carry

Global

Com

Valuation

Total

0.1

-5.0

-2.5

0.0

2.5

5.0

Macro

Technical

Carry

Global

Valuation

Total

0.2

-5.0

-2.5

0.0

2.5

5.0

Macro

Technical

Carry

Global

Valuation

Total

0.0

-5.0

-2.5

0.0

2.5

5.0

Macro

Technical

Carry

Global

Valuation

Total

EMEA FX Scorecard outline

All scores are computed on ascale from +5 to -5. A score is

then combined from the different

sub-scores.

Macro: calculates the growthmomentum in different monthly

macro indicators.

Technical: calculates themomentum in different volatility

measures, short- and longer-term

moving averages and the level ofrelative strength index.

Carry: calculates the momentumin local three-month rates, carry-

to-risk, spread against EUR or

USD three-month rates and

spread against peers.

Global: consists of a global growthscore based on leading global

indicators, a liquidity score based

on the G3 real rates and asentiment score based on

performance in the global equity

market and traditional funding

currencies.

Valuation: calculates whethercurrencies are over/undervalued

compared with the long-term

trend in the real effective

exchange rate (REER). The trend is

adjusted for external imbalances,

i.e. an imbalance-adjusted REER.

The scores are calibrated to

reflect the short-term impact of

the valuation on the FX.


7/12


8/12


EMEA Weekly

Special: Latvian macro outlook

This week we published an updated outlook on the Latvian economy taking into account

the latest economic releases for May and June. Below we present a short summary of the

analysis. See ourMacro Monitor Latviafor the full analysis.

The Latvian economy, which was hurt by the global credit crisis, has moved up in Q1 10

compared to Q4 09. We have revised our forecasts slightly up, which reflects a gradual

improvement in export performance. We now forecast the Latvian economy to contract

3.5% y/y this year and to grow 1.5% y/y next year.

The biggest challenge for Latvia's economy in the medium term remains the weak labour

market. Unemployment might only decline as the result of a more intensive emigration

process and wage growth might remain negative this year and the next few years.

Deflationary pressure eased significantly during Q1 10, but we still expect consumer

prices to remain in negative territory and to increase only marginally to close to 0.1% in

2011.

Due to weak domestic demand the outlook for external balances has developed positively.

There is a large surplus on the current account balance and it should stay like that going

forward.

Macro forecasts

Source: Reuters Ecowin and Danske Markets

Macro forecasts


Year Gdp1

Private.

cons1 Fixed Inv

1Export

1

1) Average % y/y 2) % of GDP 3) % of total work force 4) Export and import prices, EUR

-33.7

Import1

2012 3.1 3.0 5.4 8.5 9.2

13.4 8.92011 1.5 1.0 1.3

2009 -18.0 -23.9 -37.1 -15.4 -35.49.1 9.22010 -3.5 -0.1

13.1 -5.421.0 -1.7

11.3 16.1 -3.5

0.821.7 0.813.110.32012

Inflation1

2010

2011

YearTrade

Balance

2, 4

Current

acc.

2, 4

Industrial

prod.

1

Unemploy

ment

3 Wages1

2009 3.619.7 -3.9-15.89.6-6.6

-5.5

-5.7

21.5 0.1-4.9

9.5

Gradual recovery under way

03 04 05 06 07 08 09 10 11 12

-20

-15

-10

-5

0

5

10

15

-20

-15

-10

-5

0

5

10

15% y/y % y/y

Gdp, Latvia

% y/y % y/y


Very weak labour market conditions

03 05 06 07 08 09 10 11 12 13

5.0

7.5

10.0

12.5

15.0

17.5

20.0

22.5

5.0

7.5

10.0

12.5

15.0

17.5

20.0

22.5% %

Unemployment, Latvia


Deflation continues

03 05 06 07 08 09 10 11 12 13

-5.0

-2.5

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

20.0

-5.0

-2.5

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

20.0% y/y % y/y

Inflation, Latvia

% y/y % y/y


Weak domestic demand help C/A into

surplus

06 07 08 09 10 11 12 13

-25

-20

-15

-10

-5

0

5

10

15

-25

-20

-15

-10

-5

0

5

10

15 % of GDP o

Current account, Latvia

http://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdfhttp://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdfhttp://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdfhttp://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdf


9/12


EMEA Weekly

Currency forecast, EMEA


EUR USD SEK NOK DKK

Actual 1.32 - 713 598 566

+3m 1.25 - 752 612 595

+6m 1.20 - 767 633 620

+12m 1.27 - 724 598 587

Actual 3.99 3.03 235 198 187

+3m 4.05 3.24 232 189 184

+6m 4.05 3.38 227 188 184

+12m 4.00 3.15 230 190 186

Actual 280 212 3.36 2.82 2.66

+3m 285 228 3.30 2.68 2.61

+6m 285 238 3.23 2.67 2.61

+12m 280 220 3.29 2.71 2.66

Actual 24.7 18.8 38.0 31.9 30.2

+3m 24.8 19.8 37.9 30.8 30.0

+6m 24.4 20.3 37.7 31.1 30.5

+12m 23.6 18.6 39.0 32.2 31.6

Actual 15.6 11.9 60.0 50.4 47.6

+3m 15.7 12.5 60.1 48.9 47.5

+6m 15.7 13.0 58.8 48.6 47.5

+12m 15.7 12.3 58.8 48.6 47.6

Actual 0.71 0.54 1327 1114 1053

+3m 0.70 0.56 1343 1093 1063

+6m 0.70 0.58 1314 1086 1063

+12m 0.70 0.55 1314 1086 1064

Actual 3.45 2.62 272 228 216

+3m 3.45 2.76 272 222 216

+6m 3.45 2.88 267 220 216

+12m 3.45 2.72 267 220 216

Actual 4.25 3.23 221 185 175

+3m 4.50 3.60 209 170 165

+6m 4.50 3.75 204 169 165

+12m 4.55 3.58 202 167 164

Actual 1.96 1.48 480 403 381

+3m 1.96 1.56 481 391 381

+6m 1.96 1.63 471 389 381

+12m 1.96 1.54 471 389 381

Actual 1.98 1.50 474 398 376

+3m 1.75 1.40 537 437 425

+6m 1.85 1.54 497 411 402

+12m 2.11 1.66 436 360 353

Actual 39.3 29.9 23.9 20.0 18.9

+3m 41.0 32.8 22.9 18.7 18.1

+6m 36.6 30.5 25.1 20.8 20.3

+12m 36.2 28.5 25.4 21.0 20.6

Actual 10.4 7.89 90.3 75.8 71.7

+3m 10.6 8.50 88.5 72.0 70.0

+6m 9.5 7.90 97.0 80.2 78.5

+12m 8.6 6.80 106.5 88.0 86.3

Actual 9.5 7.24 98.5 82.6 78.1

+3m 9.9 7.95 94.6 77.0 74.9

+6m 9.9 8.25 92.9 76.8 75.2

+12m 11.2 8.80 82.3 68.0 66.7

Aug 6. 2010

USD

PLN

HUF

CZK

EEK

LVL

LTL

RON

BGN

TRY

RUB

UAH

ZAR


10/12


EMEA Weekly

Macro Forecast, EMEA


1) Average % y/y 2) % of GDP 3) % of total work force 4) Export and i mport prices

-17.8 10.8 4 .2

1 3.6 5 .2

8.5 8.9 -4.9 11.3 16.1 21.5 0.1

13.1 21.0

9.5

9.0 14.7

12.1 11.2 1.8

4.6

Hungary

2009 -6.3 -7.6 -6.3 -8.9 -15.2 4.3 0.2

2011 3.0 2.6 4.1 8.9 7.3 5.6 1.3

2010 5.7-1.9 -2.0 -2.2

1.1

Latvia

2009 -18.0 -23.9 -37.1 -15.4 -35.4 -6.6 9.6 -15.8 19.7 3.6

2010 -3.5 -0.1 -33.7 9.1 9.2 -5.7 9.5 -1.7

2 01 1 1 .5

4.5

2010 1.2 -2.8 -17.4 15.6 6.3 -0.8 5.3 6.0 19.0 1 .0

Year Gdp1

Private.

Cons1

Fixed

Inv1

Unem-

ploym3

Lithuania

2009 -14.8 -16.8 -39.0 -14.0 -29.0 -2.9 3.8

2011 3.6 2.0 8.0 13.2 6.0 0.9 8.0

1.0 1.3

Export1

Import1

0.5 0.2 -3.1 12.3 7.7

Infla-

tion1

Trade

Balance2,4

Current

acc.2,4

Industrial

prod.1

Czech Republic

Estonia

2009 -1 4.1 -18.8 3 4.4 -1 1.3

0.9 5.7 13.52.0

2009 -4.1 -0.3 -9.2 -14.2

2010

11.1

5.0 -1.1 -13.2 9.1

2011 2.4 0.7 6.4 14.7

-15.3

15.5

15.4 20.6 2.5

1.1

7.1 1.3 10.7 10.1 1.5

2.6

11.9

-14.4 15.6

12.3 17.6

2.010.7

2010 0.3 -2.9 -2.6 20.8 15.0 -5.4 1.6

-26.7 -4.1 4.6 -0.1

8.1 2.1 9.4

-26.2

12.4

3.5

3.3

Poland

2009 1.7 2.3 -0.5 -10.6 -14.2 -1.0

12.8 -9.1 -1.3 20.5 17.9

2010

2011

-1.1 12.6 12.4

2011

-1.6 -3.6

4.5

-29.8 7.4 3.8 -10.9

3.0 4.7 -10.6 4.4 3.1 -0.6

-0.5 10.0

- 9.010.5

7.0

3.04.0 3.5 8.5 6.9 5.5 0.2

11.7

3.6 4.5

8.2-7.9 -7.8 -15.9 -4.2

5.2 7.91.0 24.0 19.0

-4.72010

-3.42011

7.9 6.7 17.9 6.6 12.6 -5.3

4.0 - 7.85.9 5.7 8.6 14.0 11.2 -4.7

3.1 3.6 7.3 9.2

-4.7 -2.0 -18.8 -5.3 -13.2 -4.0 -2.2 -8.9 - 6.3

Russia

2011

2009

4.1 5.9 7.0 13.0 22.0 6.9

Turkey

2010

2009

7.5

Macro Monitors

Macro Monitor Hungary, June 25

Macro Monitor Czech Republic,June 25

Macro Monitor

Turkey, July 14

Macro Monitor Poland, June 25

Macro Monitor Estonia, July 21

Macro Monitor Lithuania, July 28

Macro Monitor Latvia, August 5

Source: Danske Markets
http://danskeresearch.danskebank.com/link/MacroMonitorHungary250610/$file/MacroMonitor_Hungary_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorHungary250610/$file/MacroMonitor_Hungary_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorHungary250610/$file/MacroMonitor_Hungary_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorCzechRepublic250610/$file/MacroMonitor_CzechRepublic_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorCzechRepublic250610/$file/MacroMonitor_CzechRepublic_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorCzechRepublic250610/$file/MacroMonitor_CzechRepublic_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorCzechRepublic250610/$file/MacroMonitor_CzechRepublic_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorTurkey140710/$file/MacroMonitorTurkey_140710.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorTurkey140710/$file/MacroMonitorTurkey_140710.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorTurkey140710/$file/MacroMonitorTurkey_140710.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeanalyse.danskebank.dk/link/MacroMonitorLithuania280710/$file/MacroMonitor_Lithuania_280710.pdfhttp://danskeanalyse.danskebank.dk/link/MacroMonitorLithuania280710/$file/MacroMonitor_Lithuania_280710.pdfhttp://danskeanalyse.danskebank.dk/link/MacroMonitorLithuania280710/$file/MacroMonitor_Lithuania_280710.pdfhttp://danskeanalyse.danskebank.dk/link/MacroMonitorLithuania280710/$file/MacroMonitor_Lithuania_280710.pdfhttp://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdfhttp://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdfhttp://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdfhttp://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdfhttp://danskeanalyse.danskebank.dk/abo/MacroMonitorLatvia050810/$file/MacroMonitor_Latvia_050810.pdfhttp://danskeanalyse.danskebank.dk/link/MacroMonitorLithuania280710/$file/MacroMonitor_Lithuania_280710.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorPoland250610/$file/MacroMonitor_Poland_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorTurkey140710/$file/MacroMonitorTurkey_140710.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorCzechRepublic250610/$file/MacroMonitor_CzechRepublic_250610.pdfhttp://danskeresearch.danskebank.com/link/MacroMonitorHungary250610/$file/MacroMonitor_Hungary_250610.pdf


11/12


EMEA Weekly

Emerging Markets Contacts

Emerging Markets Research

Lars Christensen +45 45 12 85 30 [email protected]

Flemming Jegbjrg Nielsen +45 45 12 85 35 [email protected]

Violeta Klyviene +370 5 2156992 [email protected]

Stanislava Pravdova +45 45 12 80 71 [email protected]

Jens Nrvig Pedersen +45 45 12 84 98 [email protected] Elina Kurronen +358 10 546 7573 [email protected]

Emerging Markets Sales, Danske Markets

Erik Rasmussen +45 45 14 32 47 [email protected]

Global Retail SME, FX

Stig Hansen +45 45 14 60 86 [email protected]

Flemming Winther +45 45 14 68 24 [email protected]

Trading FX, Fixed Income, Danske Markets

Frank Sandbk Vig +45 45 14 67 96 [email protected]

Thomas Manthorpe +45 45 14 69 68 [email protected]

Markku Anttila +358 10 513 8705 [email protected]

Perttu Tuomi +358 10 513 8738 [email protected]

Danske Bank Poland, Warsaw

Maciej Semeniuk +48 22 33 77 114 [email protected]

Bartomiej Dzieniecki +48 22 33 77 112 [email protected]

Danske Markets Baltics

Howard Wilkinson +358 50 374 559 [email protected]

Martins Strazds +371 6707 2245 [email protected]

Giedre Geciauskiene +370 5215 6180 [email protected]

Lauri Palmaru +372 675 2464 [email protected]

ZAO Danske Bank Russia, Saint-Petersburg Treasury Department

Mikko Pitknen +7 812 332 73 06 [email protected]

Vladimir Biserov +7 812 332 73 04 [email protected]

Darja Kounina +7 812 332 73 04 [email protected]

All EM research is available on Bloomberg DMEM


12/12

AUG 06 Danske EMEAWeekly

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