There is also relatively close covariation between Danish, German, British and Japanese interest-rate changes and interest-rate changes in the world's most important bond market – the market for US government bonds (slide 8). The convergence has increased significantly in recent years. Investors apparently increasingly consider the world's large bond markets as one single market.
4  BIS Review 44/2007  Compared to bonds, equities are more heterogeneously structured, and the integration of equities markets across countries is less far advanced. It is clear, however, that share indices in the USA, the euro area and in Denmark are influenced by the same factors (slide 9). Denmark's integration into the global financial markets is indisputable.