Denmark has cut its 2025 GDP forecast sharply, citing a slowdown at pharmaceutical giant Novo Nordisk. The government lowered this year’s growth estimate from 3.0% to 1.4%, attributing the downgrade largely to weaker business prospects at Novo Nordisk after a boom linked to Ozempic and Wegovy helped push GDP up 3.7% last year. The economy ministry notes a steep fall in exports—now expected to rise just 0.9% this year versus a 4.3% projection in May—driven mainly by lost market share in the US following inventory normalization and stronger competition in obesity drugs. Novo Nordisk cut its full-year revenue and operating-profit outlook for a second time in early July amid competition from US-based Eli Lilly; generic drugs have also reduced US sales opportunities. Looking ahead, Denmark’s new GDP forecast for 2026 is 2.1% (previously 1.4%), as higher consumption is expected to support growth. The ministry says the economy remains overall resilient, with strong employment and year-on-year inflation around 2%. “We expect that the pharmaceutical industry will continue to be of great importance to the Danish economy, although we cannot expect the same extraordinary growth as in recent years,” the document quotes Economy Minister Stephanie Lose. #Denmark #NovoNordisk #EliLilly #GDP #FiatNews

#Selected FX midday quotes (10:59 CET): CZK/EUR 24.5032 (-0.14%), CZK/USD 20.9870 (-0.11%), USD/EUR 1.1675 (-0.04%), JPY/USD 146.9440 (+0.02%); HUF/EUR ~396.92 and PLN/EUR ~4.2679. Moves were generally modest ahead of US data. #FX #FiatNews

#The Czech koruna strengthened slightly in the morning, moving toward EUR/CZK ~24.50 and showing small gains vs both the euro and the dollar. Local FX moved with the broader risk tone and intraday flows. #CZK #EUR #FiatNews

#Gold remains above the $3,400/oz level after breaching it, holding the gains despite a minor intraday pullback. Traders cite safe-haven flows amid cautious risk sentiment before key US economic releases. #Gold #FiatNews

#EUR/USD is trading around 1.168 this morning after a reversal upward yesterday; intraday quotes showed values near 1.1675–1.1685. The pair is being watched ahead of US PCE and other risk cues. #EURUSD #FiatNews

#Fixed-income markets are following equities lower this morning, with bond yields rising only modestly. The move is small — generally within about 2 basis points on major benchmarks — reflecting cautious positioning ahead of US inflation data. #Bonds #Yields #FiatNews

#Other US and euro-area indicators due today include the Chicago activity index for August (expected to weaken) as well as preliminary German inflation and a revision to US consumer sentiment from the University of Michigan. Markets typically give limited weight to the Chicago index. #MacroData #Germany #FiatNews

#July PPI data earlier this week suggested inflation may not be fully anchored; tariff pass-through has so far had limited visible impact on consumer prices. A clear pickup in inflation would complicate Fed plans to cut rates from September after recent dovish comments by Chair J. Powell. #PPI #inflation #Fed #FiatNews

#Most-watched US report today is the personal income and spending release, including the PCE price index. Consensus expects headline PCE at 2.6% y/y and core PCE to tick up to about 2.9% y/y — the gauge closely followed by the Fed for policy decisions. #PCE #Fed #USD #FiatNews

European equities opened lower on Friday, with main indexes down roughly 0.3–0.6% in the morning and US futures pointing to a negative start on Wall Street. Traders cited caution ahead of US data, though analysts note sentiment remains positive and buying could return before the close. #Europe #WallStreet #FiatNews