Jakob Christensen - Danske Bank

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Last quote by Jakob Christensen

You don't see really yet what the political endgame will be -- you still don't know how much Zuma can and will fight against this pressure that is on him.feedback
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Apr 10 2017 South Africa
Jakob Christensen has been quoted 31 times. The one recent article where Jakob Christensen has been quoted is EMERGING MARKETS-Global politics hit emerging stocks, currencies. Most recently, Jakob Christensen was quoted as having said, “The concern is of escalated tensions regarding North Korea and a possible conflict there, and what the relations between the U.S. and China would be in such an event -- that's going to be negative for risk sentiment including risky assets like emerging markets.”.
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Jakob Christensen quotes

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

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

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

(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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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