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Danske Bank Research Reports

Finvaulta tracks 24 research reports on Danske Bank, updated through August 28, 2026. Latest: “Weekly Focus: No Energy Spillovers to Core Inflation in Europe”.

Danske Bank has significantly adjusted its global outlook, signaling a pivot from an easing bias toward a tighter monetary policy stance driven by robust US growth and structural demand factors like AI-related investment. Specifically, the bank now anticipates Federal Reserve rate hikes in December 2026 and March 2027, aiming for a terminal range of 4.00-4.25% provided private consumption remains robust. This hawkish Fed outlook supports a bearish forecast for EUR/USD with a 12-month target of 1.12, while the SEK and NOK are projected to reach 11.20 and 11.60 respectively against the EUR. Global inflationary pressures are intensifying, highlighted by US headline CPI hitting 3.8% and a notable shift in China, where PPI is forecast to reach 7% by summer 2026. Within Scandinavia, research indicates a divergence in performance, noting Denmark’s resilience against energy pressures while Norway exhibits signs of stagflation and declining profitability. Geopolitical risks, particularly tensions in the Middle East and the potential closure of the Strait of Hormuz, continue to underpin elevated energy costs and contribute to a global transition from deflationary to inflationary forces.

Featured reports

Weekly Focus: No Energy Spillovers to Core Inflation in Europe thumbnail

Weekly Focus: No Energy Spillovers to Core Inflation in Europe

Danske Bank·Aug 28, 2026

Danske Bank notes that headline European inflation is rising due to energy prices but core inflation continues to moderate, pointing to a final ECB 25bp rate hike in September. Global macro conditions remain resilient, with the Fed expected to hike twice by Q1 2027.

Spending Monitor thumbnail

Spending Monitor

Danske Bank·Jun 11, 2026

Danish consumer spending rebounded in May 2026, with a 1.5% increase in non-energy expenditure despite continued energy headwinds. Growth was broadly based across retail goods and services, excluding travel-related sectors affected by rising costs.

Nordic Outlook China thumbnail

Nordic Outlook China

Danske Bank·Jun 8, 2026

China's economy displays a two-speed growth pattern driven by strong tech and exports despite domestic housing and consumer weakness. The country is shifting from a deflationary to an inflationary influence as energy and producer prices rise.

Nordic Outlook US thumbnail

Nordic Outlook US

Danske Bank·Jun 6, 2026

The US economy demonstrates resilient growth despite war-related uncertainties, though rising demand-side inflation is prompting a more hawkish Fed stance. Consequently, Danske Bank has raised its inflation forecasts and expects two rate hikes in late 2026 and early 2027.

Nordic Outlook Euro Area thumbnail

Nordic Outlook Euro Area

Danske Bank·Jun 4, 2026

The war in Iran has triggered a new energy shock for the Euro area, leading to downward revisions in growth and upward revisions in inflation. However, the impact is expected to be more moderate than in 2022 due to structural economic improvements.

Nordic Outlook thumbnail

Nordic Outlook

Danske Bank·Jun 4, 2026

The June 2026 Nordic Outlook focuses on the economic ripples from the Iran war and the closure of the Strait of Hormuz, which has spiked oil prices to $100/bbl. While growth is slowing globally, central banks are prioritized with rate hikes to contain potential second-round inflation effects.

Fed Update: Strong Nominal Macro Warrants Tightening Bias thumbnail

Fed Update: Strong Nominal Macro Warrants Tightening Bias

Danske Bank·May 21, 2026

Danske Bank has pivoted its Fed call, now forecasting two 25bp rate hikes by March 2027 due to strong US nominal growth and AI-driven investment. The bank expects the Fed Funds Rate to be maintained at 4.00-4.25% throughout 2027.

Geopolitical Radar: The Devil Is in the Details thumbnail

Geopolitical Radar: The Devil Is in the Details

Danske Bank·May 10, 2026

Danske Bank maintains its global geopolitical risk assessment at 'High' as the US and Iran struggle to find common ground on nuclear and sanctions issues. Meanwhile, the UAE's exit from OPEC challenges the cartel's future role, though current supply is restricted by the Strait of Hormuz blockade.

Calendar: 31 August – 4 September 2026

Danske Bank·Aug 28, 2026

Reading the Markets USD: Little Action, a Lot of Uncertainty

Danske Bank·Aug 25, 2026

ECB Review

Danske Bank·Jun 11, 2026

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Nordic Outlook

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