Hours fly by – An Analyst’s day at Global Macro Research

Curious to know what an analyst’s day at Global Macro Research looks like? Below you will find the experience from Kaj Paulamäki last Friday, about what a normal workday looks like as an analyst. 

A normal weekday morning: the alarm clock rings at 5.30. Early wake-ups have become familiar during the past eighteen months, but for the first half-hour I will be in half-slumber. At this time of the morning, a man’s best friend is definitely coffee.

I arrive at the office right after half past six. The dealing hall in Vallila is still quiet, but one of my colleagues is already here. Another one arrives shortly before 7 o’clock, completing the Morning Report team.

The Morning Report is one part of my work routines at the Nordea Markets research department. The report comments on the previous day’s market events and anticipates the current day’s events. Today, we focus on US payroll data. Investors are keeping a close eye on it, since the labour market trends affect the Fed’s monetary policy. Based on the forecast model designed by Nordea’s US economist, today’s data will beat market expectations. If this proves to be correct, we can expect large movements.

The Morning Report is completed in about two hours. Now there is clearly more hustle and bustle in the dealing hall. The Finnish government crisis is on everybody’s lips. I read more morning news by the Financial Times, Reuters and the Wall Street Journal. This provides me with a good overall view of world events. I also read Nordea’s own analyses and market data to keep me up-to-date on market trends. If the day is busy, I have less time to follow the market. That makes me feel blind.

At the office, days rarely go as planned. Surprising events happen often, and we must react to them quickly. In the morning, our interest rate strategist wrote an analysis about the effects of the Finnish government crisis on the outlook of the Finnish economy and on interest rates. A couple of reporters have also called our desk and asked for comments about the situation.

The day’s agenda still includes preparing a couple of presentations for next week. One of them handles the global economy and the other is a market review of central bank monetary policies. The outlines are ready, but I still want to include updated data from China – an interesting market for many at present. I dig up some data from the Chinese manufacturing industry, equity market and the People’s Bank of China’s monetary policy.

Hours are flying by quickly. The clock is approaching half past three, so the employment data on the US will soon be here. I look at my Reuters news feed and wait what happens. The payroll data beat market estimates, and there’s a big moves in FX market; so I decide to end the day by writing a comment on the USD for customers.

After that, my work day is almost over. Before heading home, I prepare for next week by checking the next week’s calendar. But now it’s time for weekend.

-Kaj Paulamäki

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