Morgenmødet · BankInvest

Procyklisk rotation igen

·28 min·2 clips
PolyMarket's ceasefire probability swung from 60% in August to 40% in October and back to 58% in November — and European defense stocks moved in exact inverse correlation.
1. Morgenmødet from BankInvest opens on December 8th, reviewing the past week's pro-cyclical rotation and previewing the upcoming ECB rate decision. 2. The host presents the market update; Rheinmetall CEO Papperger is referenced from a separate interview, and no in-studio guest appears. 3. The episode's core thesis is that risk appetite has broadly recovered from the November correction, while the long-term investment case for European defense stocks remains intact despite short-term peace-deal noise. 4. The Danish OMX Copenhagen Cap Index rose 0.8% over the last week, European stocks rose 0.4%, and the S&P 500 rose 0.3%, bringing the main US index close to a record high. 5. US growth stocks are up 23% year-to-date on the S&P 500 Growth Index, versus 11% for the Value Index, with the growth premium now expanding again after the November correction. 6. Cyclical US sectors led last week with IT up 1.4% and Communications up 0.8%, while defensive Utilities fell 4.5%, Healthcare fell 2.7%, and Real Estate fell 1.5%. 7. The cyclical versus defensive 12-month forward P/E gap stands at 5 points, above the long-term average of 4 but below the historical peak of around 7 points, suggesting cyclicals have room to run. 8. Bitcoin recovered from a low approaching $80,000 during the October-November correction back to approximately $91,500, signaling continued risk-on sentiment in crypto. 9. US economic growth estimates for 2026 have risen back to 2% following relief from the April-May tariff crisis, and the host expects further upward revisions into early 2026. 10. The ECB is expected with near certainty to cut rates by 25 basis points on Wednesday, which would bring the Fed Funds corridor to 3.25-3.5%. 11. The 10-year US Treasury yield rose 12 basis points in the last week to approximately 4.14%, with the 10-year German Bund at 2.80-2.83%, partly driven by rising Japanese long-term rates. 12. The BankInvest European Defence and Prospects fund launched in late August is up approximately 2.2% since inception, compared to peers including Sparinvest Europa Forsvar down 0.6% and WisdomTree Europe Defence up 0.3% over the same period. 13. The fund's composition is described as 60% European defense stocks, 20% critical infrastructure, and 20% critical energy supply — not a pure defense fund. 14. The host overlays PolyMarket ceasefire probability data against the fund's performance, showing an inverse correlation: the fund peaked around 13% above index in early October when ceasefire probability was lowest at around 40%. 15. Rheinmetall CEO Papperger stated in an interview that a Ukraine peace deal would have absolutely no effect on business, citing signed NATO contracts, 13 new factories being built, and expansion into maritime, space, and drone sectors. 16. Analyst consensus projects Rheinmetall net income rising from 1.2 billion euros in 2025 to approximately 5 billion by 2029 at over 40% annual growth. 17. Three Danish pension funds — Pension Danmark, AP Pension, and Akademiker Pension — are reported to have launched a new defense fund investing in non-listed small and mid-cap European defense companies. 18. The episode is structured as a solo briefing with detailed chart commentary and external data sources; the tone is constructive and fund-focused, suitable for investors tracking European strategic defense themes. 19. Investors with exposure to European defense stocks or geopolitical risk themes looking for a data-driven weekly framework would find this episode directly useful. 20. Listeners seeking straightforward news summaries or non-financial content will find limited relevance here.
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