Nordea logo

Institution

Nordea Research and Institutional Analysis

Nordea’s research highlights a significant divergence in global monetary policy, forecasting four ECB rate hikes while the Federal Reserve likely pauses, a trend expected to weaken the USD over the forecast horizon. This inflationary backdrop is further complicated by NATO's ambition to increase defense spending to 5% of GDP by 2035, a massive fiscal expansion that Nordea warns could increase public deficits and drive up interest rates across Europe. Within the Nordic corporate landscape, there is a clear strategic shift toward capital efficiency and organic growth, notably seen in Relais Group’s transition to a 13% ROCE target to address its 3.55x leverage. Despite some seasonal earnings misses in the tech sector, such as with Xplora Technologies, Nordea remains focused on expansion potential and upgraded cost synergies from recent integrations. In currency markets, while the Norwegian Krone has shown strength, it faces near-term corrections, whereas the Swedish Krona remains pressured by energy-related capital outflows. Collectively, Nordea maintains an upward projection for long-term bond yields, driven by heavy issuance, quantitative tightening, and persistent core inflation pressures.

49 reports available

EUR Rates: ECB Turns Hawkish, Markets Rally thumbnail

EUR Rates: ECB Turns Hawkish, Markets Rally

Nordea·Jun 1, 2026

Nordea argues that the ECB is shifting toward a hawkish stance to protect its credibility against second-round inflation effects, yet the market is currently rallying and pricing out future hikes.

ECB Watch thumbnail

ECB Watch

Nordea·Jun 4, 2026

Nordea expects the ECB to implement a 25bp rate hike at its June meeting as part of a projected series of four consecutive hikes. Persistent inflation pressures are driving these policy shifts despite a deteriorating GDP growth outlook.

DGB Auction Two Rarities at Auction Again thumbnail

DGB Auction Two Rarities at Auction Again

Nordea·Jun 2, 2026

Nordea analyzes the upcoming Danish government bond auction for DGB35G and DGB52, noting that DGB52 has become less attractive after recent outperformance against German benchmarks.

EURDKK Impact On Danish Bond Valuations thumbnail

EURDKK Impact On Danish Bond Valuations

Nordea·May 19, 2026

Nordea analyzes the upcoming auction of DGB28 and DGB35 bonds against the backdrop of a high EURDKK rate and stable rate hike expectations. The report suggests DGB35 is fairly valued relative to mortgage bonds, while DGB28 offers a 17bp pickup to German peers.

Macro and Markets Forecast Edition thumbnail

Macro and Markets Forecast Edition

Nordea·May 25, 2026

Nordea forecasts that despite rising US inflation (CPI 3.8%) and market pricing for hikes, the Fed will likely stay on hold, whereas the ECB is projected to begin a hiking cycle in June.

Solwers Q1 Results and Covenant Waiver Review thumbnail

Solwers Q1 Results and Covenant Waiver Review

Nordea·May 25, 2026

Solwers reported weak Q1 results with adjusted EBITA 51% below estimates, raising concerns about meeting debt covenants by June 30. Nordea has cut its EBIT forecasts for 2026-28 but maintains a fair value range of EUR 2.6-3.0.

Xplora Technologies Retail Launch and Growth Acceleration

Nordea·May 25, 2026

Solwers Q1 Results and Covenant Waiver Update

Nordea·May 25, 2026

Xplora Technologies Q1 Update and Synergy Potential

Nordea·May 25, 2026

Sign up to access 43 more reports

All reports

Page 1 of 3

About Nordea

Visit Website

Related

Rates Govt BondsEquitiesMacro Economic IndicatorsIndustrialsEnergy

Get full access

14-day trial · card required