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☆ Weight loss drugs like Ozempic and Wegovy are fattening up Denmark's economy and helped it dodge a recession last year
▼ + stars: | 2024-03-17 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Danish pharma giant Novo Nordisk makes both Ozempic and Wegovy. The novel drugs are also boosting pharma stocks — and Denmark's economy. Advertisement"The pharmaceutical industry has been the main driving force in the Danish economy in both the fourth quarter and for the whole of 2023," the agency said. Genmab, Zealand Pharma, and H. Lundbeck are among the other big Danish pharma firms. AdvertisementSuch businesses were a rare bright spot for Denmark's economy last year because they invested in infrastructure, created jobs, and boosted manufacturing, according to Danske Bank's chief economist Las Olsen.

Persons: —, it's, Las Olsen, Olsen Organizations: Danish pharma, Novo Nordisk, Service, Nordisk, Zealand Pharma Locations: Denmark, Danish, Copenhagen

☆ Danske Bank profits beat forecasts on interest income boost
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +2 min

COPENHAGEN, Oct 27 (Reuters) - Danske Bank (DANSKE.CO) on Friday reported a bigger than expected third-quarter profit, boosted primarily by high interest income, and narrowed its full-year earnings guidance, sending its shares up more than 6%. Danske Bank's results mirror those of rival Nordic banks SEB (SEBa.ST) and Swedbank (SWEDa.ST), which also beat analysts expectations when they published third-quarter results earlier this week. Danske, Denmark's biggest bank, narrowed its 2023 guidance for full-year net profit to a range of 19.5 billion-20.5 billion crowns, from 18.5 billion-20.5 billion previously. Danske's net interest income was up at 9.32 billion crowns from a year earlier 6.29 billion, and just above the 9.09 billion forecast by an LSEG poll of analysts. The bank said it expects net interest income to grow further based on the announced central bank rate hikes.

Persons: Danske, Louise Breusch Rasmussen, Terje Solsvik, Jane Merriman Organizations: Danske Bank, Thomson Locations: COPENHAGEN, Denmark's

☆ Ozempic maker Novo Nordisk isn't just Europe's second-most valuable company. It is also singlehandedly boosting Denmark's economy.
▼ + stars: | 2023-09-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Ozempic-maker Novo Nordisk is Europe's second-largest company by market capitalization. It's also boosting Denmark's economy all on its own. AdvertisementAdvertisementNot only that, Novo Nordisk has also been propping up Denmark's economy all on its own. Jonas Petersen, an analyst at Denmark's statistics department, further told the AFP that the trend is "changing the picture of the economy." Denmark's statistics department and Danske Bank's Olsen did not immediately respond to requests from Insider for comment sent outside regular business hours.

Persons: It's, would've, LVMH Moët Hennessy Louis Vuitton, Elon Musk, Amy Schumer, they've, Las Olsen, Jonas Petersen, Bank's Olsen Organizations: Novo Nordisk, pharma, Service, Novo Nordisk's, Novo, Danske Bank, AFP, Nordisk Locations: Wall, Silicon, Europe

[1/2] U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. Markets are now focusing their attention on U.S. consumer prices data due out on Wednesday, which will provide more clarity on the progress the Fed has made in its fight against stubbornly high inflation. The pound has been rallying on a stronger economy and aggressive repricing of expectations for tighter BoE policy, according to Danske Bank FX analyst Kirstine Kundby-Nielsen. "There have been no signs of relief in the labour market data and markets continue to price in more. Given the rising inflation backdrop in Japan, the market is starting to become more wary that perhaps a policy tweak could come."

Persons: Rick Wilking, Shaun Osborne, Kirstine Kundby, That's, Kundby, Nielsen, Moh Siong Sim, Samuel Indyk, Rae Wee, Edmund Klamann, Alex Richardson, Chizu Organizations: REUTERS, Federal, Scotiabank . Markets, Sterling, Bank of England, Danske Bank, Nielsen, Swiss, greenback, Swiss National Bank, Singapore, Bank of Japan, New Zealand, Reserve Bank of New, Thomson Locations: Westminster , Colorado, U.S, Norwegian, Swedish, Swiss, Japan, Reserve Bank of New Zealand

☆ India's Infosys signs $454-mln deal with Danske Bank
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, June 26 (Reuters) - Infosys (INFY.NS), India's No.2 IT services provider, signed a $454-million contract with Denmark's Danske Bank on Monday, at a time when the broader sector is struggling with a slowdown in an uncertain global economy. The IT company will help digitize the lender's core business and add more cloud and data facilities to it, including Infosys acquiring Danske Bank's IT centre in India, it said in a regulatory filing. The contract is for five years, with an option to renew for one more year for a maximum of three times. Bengaluru-based Infosys' contract comes days after Mumbai-based bigger rival TCS signed a deal worth 840 million pounds with British pension scheme Nest, for an starting tenure of 10 years. "Despite a strengthened order pipeline, the effects of this deal might be offset by macro factors such as inflation and increased labour costs," Akshara Bassi, an analyst at Counterpoint Research, said on the Danske Bank deal.

Persons: Akshara Bassi, Navamya Ganesh Acharya, Varun, Sohini Goswami, Nivedita Organizations: Infosys, Denmark's Danske Bank, Danske Bank's, TCS, Counterpoint Research, Danske Bank, Varun Vyas, Thomson Locations: BENGALURU, India, Bengaluru, Mumbai

☆ Dollar ekes out gain after Fed hike hint; yen slips
▼ + stars: | 2023-06-15 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The Fed's policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot, showed policymakers expect two more increases by the end of 2023. The euro was last flat versus the dollar at $1.0841 after touching a four-week high of $1.0865 on Wednesday. "Dollar-yen is at year highs and markets are increasingly beginning to talk about whether a further rise could trigger the BoJ to verbally and also effectually intervene in the FX market," Lomholt added. Japan's top government spokesperson said on Thursday that volatile currency market moves were undesirable and the authorities would take "appropriate" action as needed. The kiwi dollar sank 0.6% to $0.6172 after data showed New Zealand's economy slipped into a technical recession in the first quarter, putting further rate hikes in doubt.

Persons: Jerome Powell, Fed, Mohit Kumar, Kristoffer Kjær Lomholt, Lomholt, Sim Moh Siong, Samuel Indyk, Rocky Swift, Edmund Klamann, Sohini Goswami, Shweta Agarwal Organizations: U.S, Federal Reserve, European Central Bank, Jefferies, Bank of Japan, Money, ECB, Danske Bank, The Bank of, FX, People's Bank of China, Singapore, Thomson Locations: The Bank of Japan

☆ Dollar gains after Fed hike hint; yen tumbles
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: +2 min

The U.S. dollar strengthened on Thursday after the Federal Reserve left borrowing costs unchanged but signaled further rate hikes to come as attention turned to the European Central Bank policy announcement later in the day. The Fed's policy decision snapped a string of 10 consecutive rate hikes, but the projections, or dot plot, showed policymakers expect two more increases by the end of 2023. The market's attention is now turning to other central bank decisions late this week, with the ECB policy announcement on Thursday before the Bank of Japan on Friday. "Dollar-yen is at year highs and markets are increasingly beginning to talk about whether a further rise could trigger the BoJ to verbally and also effectually intervene in the FX market," Lomholt added. Japan's top government spokesperson said on Thursday that volatile currency market moves were undesirable and the authorities would take "appropriate" action as needed.

Persons: Powell, Fed, Mohit Kumar, Kristoffer Kjær Lomholt, Lomholt Organizations: U.S, Federal Reserve, European Central Bank, Jefferies, Bank of Japan, Money, ECB, Danske Bank, The Bank of, FX Locations: The Bank of Japan

The survey's flash services sector PMI rose to 53.7, the highest reading in a year, from 52.6 in March. Economists polled by Reuters had forecast the services PMI falling to 51.5. Flash PMIIn the euro zone, the bloc's dominant services industry saw already-buoyant demand rise too, more than offsetting a deepening downturn in manufacturing. However, the manufacturing PMI fell to 45.5 from 47.3, its lowest since the coronavirus pandemic was cementing its grip on the world three years ago. "The PMI sheds a positive light on the economic performance in the euro zone, as a pickup in service sector activity is boosting growth," said Bert Colijn, senior euro zone economist at ING, noting manufacturing weakness remained a concern.

☆ 'We're not out of the woods': Sweden’s sliding house prices could be only halfway to the bottom
▼ + stars: | 2023-04-06 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +4 min

Sweden's house prices are expected to continue to plummet. Danske previously projected a 20% drop, peak to trough, in Swedish house prices. The data shows house prices rose by 1% compared with February. When adjusted for seasonality, the increase translates into a small decline of 0.3%, with house prices typically growing slightly at the start of each year. SEB is maintaining its forecast of a 20% drop in Swedish house prices, but with downside risk.

☆ US consumers may have to live with high prices for longer — and a falling dollar could be to blame
▼ + stars: | 2023-01-28 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +5 min

However, a four-month drop in the dollar is threatening to derail that trend by raising the cost of imported goods. But the welcome relief on the prices front is now facing a new threat — in the form of a falling dollar. A weaker dollar raises the cost of imported goods, which would eventually feed into consumer prices in the US. The US is a net importer of materials such as lumber and semiconductors that are crucial in manufacturing supply chains, and these would become costlier due to dollar weakness. "If we continue to see the dollar trade at current levels or even increase in weakness, that would be a headwind in the fight against high global inflation," Lomholt told Insider.

☆ King dollar's worst slump in over a decade is hammering one of 2022's biggest winners – but the greenback's dominant run might not be over just yet
▼ + stars: | 2022-12-08 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Still, the dollar could advance next year thanks to its safe-haven status as recession risks rise, strategists told Insider. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. But the US currency is more likely to bounce back than to continue sliding next year, some strategists told Insider. "There's immense uncertainty around so much right now – Ukraine, China, recession, and interest rates, oil prices and OPEC." "Our expectation is that it continues hiking rates well into 2023 — and then the dollar should rise again."

☆ Deutsche Bank in $26.3 million shareholder settlement over Epstein, Russian oligarch ties
▼ + stars: | 2022-09-23 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterThe logo of Deutsche Bank is pictured on a company's office in London, Britain July 8, 2019. Sewing has since taking over in 2018 tried to show investors that Deutsche Bank has addressed its internal controls shortfalls. New York's Department of Financial Services fined Deutsche Bank $150 million in July 2020 over its relationships with Epstein and Danske Estonia. Friday's settlement covers Deutsche Bank investors in the United States from March 14, 2017 to Sept. 18, 2020. The case is Karimi v Deutsche Bank AG et al, U.S. District Court, Southern District of New York, No.

☆ Deutsche Bank in $26.3 mln shareholder settlement over Epstein, Russian oligarch ties
▼ + stars: | 2022-09-23 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

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