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Q3 2009
Qe
Ooo
Macro
Still no cause orcelebration
 
. 4
FX
Global economic recoveryully priced into FX - will theeconomy cooperate?
 
. 6
EQ
What will drive equitiesrom here?
 
. 10
crudE oil
 
A rally uelled by misleadingexpectations
 
. 12
SpEcial NotE
Public debt andmonetisation
 
. 14
 
– Q
o Q3-2009
–
2
Quarterly OutlOOk
•
Q3 – 2009
W xpcd 2009 o b   oibii o  ob coom. ad    o d w, coomic civi coid i    op ppd o b o. eqii d commodii p i pcc w ow i  Mc.B ic  di, i ppi  icd i   ipd c,  m bod pdic  V-pd cov.a w viw i   cp o  cod  o 2009, w i  immi ob cov pdicio i xm p-m. too m woi pi   dm imbc  o  dvopd wod io i m i   pcmi ddd. I  dvopd coomi,  com   o dv. I dvopi m, xpo-oidcoomi wi qi mo im o c o ib ow i  .a om poi i Q3, w xpc i ppi o pmm i   m iz i  o d o i. t miqio o  mdim m wi b o i  - wic, i  coi i i i, cod c  vmo coic d voi m viom   d  o w viio  o bi cio. a Q2 co, ipp   m  o v compc. Bc p o  bmp id i Q3,   m m  combc.
W   o   o?
 
david BakkEgaard karSBøl
ChIe eCOnOMIst
Dvid kbø i Ci ecoomi d hd o  sxo B s tm. h i poib o ov mcocoomic viw o sxo B. h   M’ d i coomic om uivi o Cop, w  pciid i c, iic d mo coomic.hi m’ i w bo  pici o od ic 1971 d  i ow o i coio.Dvid kbø coc o Bi Cc ai d bcib o  oi o  o-cd ai scoo o ecoomic (M, scmp, vo Mi, vo h c.). h biv ddi db cc i i o ddi   bi cc.h i vib o comm o  mcocoomic iio d oc.
chriStiaN tEglluNd BlaaBjErg
ChIe eQuIty strategIst
Cii td Bbj   bod dcio bcod i om  M iPoiic scic om uivi o a o  d i c om asB, a scoo oBi.h wo wi qi m d i oc i i  op-dow ppoc b idii mco oc  wi c  ivm viom bo  bcom obvio d i  oc owd idivid i wii  co d i oc. ti ppocdmi  x o wic oc  bjc o  ciic vib,  poiiod o cpi-iz o m, d  civ picd.Cii Bbj i vib o comm o qi m d mjo compi.
johN hardy
X strategIst
Jo hd dd wi i oo om uivi o tx  ai. h  dvopd bod oowi om i pop d o qod di ox M upd com, civdb sxo B ci d p,  p d  d.aoid i com d mdi ppc, Jo hd  di id o po omwi i  m o  1-5 d im oizo. h o wi  d-oc comm ocio  mjo cci, c b poici, mco-coomic d d o dvopm.Jo hd i vib o comm o X d  mjo  c om  mco ppciv.
MadS koEFoEd
Market strategIst
Md kood i  M si  sxo B. hi pim oc i mcocoomic dqii, d  i poib o  B’ Co a rc. I ddiio, Md koodoc o  dvopm o  s tm’ coomic mod.Md kood   M’ d i coomic (cd.poi) om  uivi o Cop-, w  pciid i c d coomic. Pio o joii sxo B,  pwo  wi D Cpi, w  wod i  Di eqii m.
– Q
o Q3-2009
–
Quarterly OutlOOk
•
Q3 – 2009
3
 
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