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Danske Bank A/S, Denmark's leading bank, operates in four main areas: retail banking, market and investment banking, insurance through Danica Pension, and asset management. By the end of 2024, the bank is expected to manage DKK 1,173.8 billion in current deposits and DKK 1,074.8 billion in current loans, reflecting a delayed recovery in its EPS forecasts.
EUR/USD is expected to consolidate around 1.08-1.09 amid uncertainty following Trump's auto tariffs and potential reciprocal measures. The USD's reaction to these tariffs remains unclear, with mixed past impacts on import demand and inflation, while aggressive tariffs could heighten risk-off sentiment. Analysts suggest selling into potential USD rallies due to possible negotiation delays and reversals in market reactions.
US equities fell as President Trump announced a 25% tariff on foreign-made vehicles and parts, effective April 3, raising supply chain concerns. The S&P 500 dropped 1.1%, while defensive sectors like consumer staples led a rotation. In Europe, the ECB's discussions on monetary policy and credit growth data are pivotal, as Norges Bank is expected to cut rates despite rising inflation. Geopolitical tensions persist with stalled ceasefire talks between Ukraine and Russia, as EU leaders convene to address security concerns.
Chancellor Reeves is set to present the Spring Statement today, facing challenging decisions to meet fiscal objectives while boosting the UK economy's growth prospects. Meanwhile, EUR/GBP continues its steady decline, influenced by a shift in German fiscal policy and positive PMI data indicating growth in the UK. Analysts highlight potential risks to EUR/GBP based on budget news, maintaining a bearish outlook for the currency pair.
Danske Bank A/S has reported transactions by persons discharging managerial responsibilities as part of its share buy-back program. APMH Invest A/S is continuously selling shares pro rata. Further details are available in the attached templates for notifications and public disclosures.
Danske Bank A/S reported transactions by persons discharging managerial responsibilities on March 25, 2025, under Notification no. 19/2025. In line with the EU Market Abuse Regulation, APMH Invest A/S is continuously selling shares pro rata as part of the bank's share buy-back program. For further details, templates for notifications and public disclosures are available.
Danske Bank's FX analyst Jesper Fjärstedt indicates that the Canadian Dollar (CAD) is expected to see a short-term decline in USD/CAD to 1.42 due to stretched short-CAD positioning, despite muted market reactions to PM Carney's upcoming election on April 28 and looming tariffs. Looking ahead, the bank maintains a USD-positive outlook, targeting a rise to 1.45 over the next 12 months. Investors are cautioned about the inherent risks and uncertainties in the market, emphasizing the need for thorough research before making investment decisions.
EUR/USD is currently around the 1.08 mark, following weaker-than-expected March PMIs from the euro area and stronger readings from the US. The euro area's composite PMI rose to 50.4, driven by manufacturing, while the US services index rebounded to 54.3. A consolidation around current levels is expected in the near term, with a long-term forecast of 1.06 in 12 months due to structural shifts in risk asset allocation away from the US.
Danske Bank A/S has initiated a share buy-back programme totaling DKK 5 billion, aiming to repurchase up to 45 million shares from 10 February 2025 to 30 January 2026. In week 12, the bank acquired 207,100 shares, bringing the total to 332,100 shares, representing 0.039% of its share capital.
Danske Bank has announced an increase in its dividend to DKK14.70, set to be paid on March 25, yielding 7.7%. Despite a history of dividend instability, the bank maintains a payout ratio of 60% and has shown strong earnings growth, though analysts forecast a slight decline in earnings per share over the next three years. Overall, while the dividend is being raised, concerns about its sustainability remain, suggesting investors may want to consider other income opportunities.
Danske Bank A/S
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