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  • Squawk / 1 hour ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    German unemployment inches lower in June:

    For a ninth consecutive month, Germany saw a reduction in the number of unemployed people this month, although the drop was smaller than expected. While analysts had penciled in a 5,000, unemployment in fact it only inched down by 1,000 while May's figure was also revised up by 1,000 (i.e. a smaller decline in unemployment). The unemployment rate held steady this month at 6.4% - a record-low!

    Turning to the employment picture, 7,000 people found jobs in May (lagged by one month relative to unemployment figures) following a gain of 22,000 in April. YTD employment is up by 36,000 following an increase of no less than 390,000 last year. Clearly, the German labour market is about as tight as it can get, so wages should continue to rise meaningfully going forward thereby supporting domestic consumption.

    The DAX is down 1% this morning.
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  • Calendar event / 2 hours ago

    DK Revised GDP

    forecast
    actual
    Low GDP S.Adj. (QoQ)
    +0.4%
    +0.5%
    Low GDP (YoY)
    +1.7%
    +1.7%
  • Article / 3 hours ago

    Beyond the brink

    Chief Economist & CIO / Saxo Bank
    Denmark
    Beyond the brink
    There is exactly the same feeling in the air as before the Lehman default. The market is chasing "good hedges", which don’t exist, and my advice of taking a six-month holiday from markets unfortunately looks like good counsel.
    Read the article
    2h
    peter peter
    why not to short?
    2h
    Martin O'Rourke Martin O'Rourke
    Read what Saxo Bank head of forex strategy John Hardy has to say about the impact on the euro and how the common currency is so far...