Weekly Focus

The report highlights a recovering US labor market and a landslide election victory in Japan, while addressing surprising inflation spikes in Scandinavia that may delay rate cuts.

Key Takeaways

• 1.The US labor market showed unexpected strength in January with a gain of 130k jobs, reducing the likelihood of a March Fed rate cut.
• 2.Norway's core inflation surprised on the upside (3.4%), likely delaying anticipated rate cuts until September.
• 3.Japan's election resulted in a landslide victory for Sanae Takaichi, fueling Japanese stock gains due to her expansionary fiscal agenda.

Table of Contents

• US job market finally recovers
• Key global views
• Key market movers
• Selected reading from Danske Bank
• Market Movers Scandinavia
• Scandi Update
• Calendar – 16-20 February 2026
• Macroeconomic forecast
• Financial forecast
• Disclosures

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