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1 1. oktober 2015 Macro Research Morgenmelding Handelsbanken Dagens fokus Forud for morgendagens vigtige arbejdsmarkedsrapport, er der i dag fokus på fremstillingssektoren, hvor dagens klart vigtigste nøgletal bliver offentliggørelsen af ISM s fremstillingsindeks for september. Mens arbejdsmarkedet har vist fornuftige takter har situationen for industrien været alt andet end rosenrød. Markederne venter da også et nyt fald i indekset fra 51,1 til 50,6, men efter gårsdagens regionale opgørelse fra Chicago-området virker dette dog en anelse for optimistisk. Vi havde ellers set en mulighed for en lille positiv overraskelse fra det stigende bilsalg, men da dette ikke slog igennem i den automobiltunge Chicago-opgørelse virker det nu i stdet til at der er risiko for en negativ overraskelse. Baseret på udviklingen i de regionale fremstillingsindeks i New York, Philadelphia og Chicago er der således bestemt en risiko for, at ISM vil falde under boom-bust niveauet 50 for første gang siden 2012, jf. figur. En sådan udvikling ville formentlig svække forventningerne til Fed, og skabe øget bekymring om tilstanden i amerikanske økonomi. Dog er der fortsat bedre gang i den store servicesektor, og vi venter derfor heller ikke at svaghederne i fremstillingssektoren vil sætte en større bremse for udviklingen i beskæftigelsen, som også ventes bekræftet i et fortsat lavt niveau i antallet af nye ledige, som vi også får tal for i dag, som nok vil være det afgørende for Fed s beslutninger - underindekset for beskæftigelsen i ISM opgørelsen kan dog give et fingerpeg om dette forud for arbejdsmarkedsrapporten. Der kommer også endelige tal for fremstillings-pmi fra Markit for både euroområdet og USA, men de afviger sjældent meget fra de foreløbige opgørelser. For Sverige, Norge, UK og Schweiz offentliggøres PMI for september for første gang i dag. Der ventes en stigning i det svenske PMI, mens Norges indeks fortsat ventes at rode rundt i recessionsterritorium. For UK ventes der også et lille fald, som på linje med situationen i USA vil understrege sektorens udfordringer fra svag global efterspørgsel og en stærkere valuta. USA: Falder ISM til under 50? Højdepunkter siden sidst Markederne: Aktiemarkederne steg i Europa, og den positive stemning fortsatte både i USA og i asien i nat. Obligationsrenterne i Danmark og Tyskland holdt sig stort set uændrede mens EUR blev svækket over for USD Japan: Tankan indekset for store virksomheder faldt fra 15 til 12 i Q3 og peger dermed på linje med andre indikatorer på, at opsvinget er gået i stå Kina: Det officielle PMI-indeks for fremstillingssektoren var som ventet stort set uændret med en svag stigning fra 49,7 til 49,8 i september, mens den alternative opgørelse fra Markit/Caixin blev opjusteret svagt fra 47,0 til 47,2. Nøgletallene peger således endnu ikke for alvor på en stabilisering af økonomien. Markit annoncerede at de ikke længere vil offentliggøre flash-estimater, uden at forklare hvorfor. De kinesiske myndigheder sænkede i går minimumsudbetalingen for førstegangs boligkøbere fra 30% til 25% USA: ADP-beskæftigelsen steg med personer i september, hvilket var en anelse stærkere end ventet, og som bekræfter en fortsat fornuftig udvikling på arbejdsmarkedet. Derimod faldt Chicago PMI fra 54,4 til bare 48,7 i september, hvilket understreger udfordringerne for fremstillingssektoren i USA. Den amerikanske kongres vedtog en midlertidig udgiftslov timer før at en ny regeringsnedlukning ville have trådt i kraft. Dermed har regeringen nu funding frem til 11. december, hvor en ny regeringsnedlukning igen truer. Euroområdet: Inflationen blev negativ i september efter fire måneder med positiv årsstigningstakt, da den faldt til -0,1% y/y i september fra 0,1% y/y i august. Faldet var større end ventet, selvom forventningen nok havde rykket sig nedad efter offentliggørelsen af de spanske og tyske inflationstal i forgårs. Faldet skyldtes især fald i energipriserne, og kerneinflationen var da også uændret 0,9%. Ledigheden var uændret 11,0 % i august efter juli blev oprevideret. Dermed faldt ledigheden i juli ikke længere som først rapporteret i det hurtigste tempo i ni år. Nøgletallene ligger selvfølgelig et yderligere pres på ECB, hvor faldet i ledigheden medvirker til at trække ned i de markedsbaserede inflationsforventninger til det laveste niveau siden februar. Den negative inflation burde dog ikke komme som en overraskelse for ECB, der allerede nævnte muligheden for dette på deres forrige møde. ECB vurderer imidlertid, at der er tale om midlertidige effekter fra olieprisen, og derfor burde der ikke blive tale om at ECB vil komme med nye tiltag på mødet i oktober. Danmark: Bruttoledighed faldt med personer i august, og trak dermed ledighedsprocenten ned fra 4,6% til 4,5%. Den internationalt sammenlignelige AKU-ledighed steg med personer i august som følge af et tilsvarende fald i beskæftigelsen. AKU-ledighedsprocenten steg dermed fra 6,2% til 6,3%. De reviderede BNP-tal viste fortsat svag vækst i 2. kvartal på 0,2% q/q, og med et større bidrag fra lagrene på 0,3%-point. For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 1. oktober 2015 Markedskommentarer Aktier OMXC20 CAP (+1,64% / indeks 952,28) endte i positivt territorium og mere end genvandt således den foregående dags kursfald. Det var relativt sparsomt med selskabsspecifikke nyheder og derfor blev der blandt investorerne primært holdt øje med gårsdagens offentliggørelser af nøgletal, som stort set var på niveau med markedets forventninger. Dog skuffede det regionale amerikanske PMI indeks fra Chicago-regionen. I toppen af indekset endte Vestas (+3,00% / kurs 346,50) efter vindmølleproducenten offentliggjorde en finsk ordre på 93 MW. Dermed har vindmølleproducenten samlet annonceret nye ordrer i tredje kvartal på 981 MW og på 5749 MW i år. Uden for C20-indekset var Rockwool (+5,31% / kurs 951,50) i hopla i kølvandet på den foregående dags annoncering af en større reorganisering, der har til formål, at gøre virksomheden mere omkostningseffektiv. Rockwool-aktien blev desuden hævet fra Reducer til Køb af et dansk finanshus. Ydermere blev kursmålet hævet fra 950 kr. til 1030 kr. Renter Obligationsrenterne i Danmark og Tyskland endte dagen mere eller mindre uændrede i går, hvor en stærk udvikling på aktiemarkederne trak i den ene retning, mens et større end ventet fald i inflationen og en svagere end ventet fremgang i ledigheden i euroområdet trak i den anden retning. Det franske privatforbrug kom også ud på den lave side, og det tyske detailsalg faldt mod forventning. I USA var nøgletallene på den blandede side, med en fornuftig stigning i ADP-beskæftigelsen, der understøtter forventningerne om en stigning i beskæftigelsen i morgendagens arbejdsmarkedsrapport i omegnen af personer. Det blev dog opvejet af et fald i antallet af ansøgninger om realkreditlån samt af et bekymrende stort fald i Chicago PMI, der understreger risikoen for et større end ventet fald i dagens ISM. I nat lå de kinesiske PMI nogenlunde stabilt (Kinas markeder er lukket i en uge) mens det japanske Tankan-indeks faldt lidt mere end ventet. Den amerikanske kongres godkendte i sidste øjeblik en midlertidig spending bill frem til 11/12 og undgik dermed i denne omgang en ny regeringsnedlukning. Valuta EUR blev svækket over for USD efter at inflationen vendte tilbage i negativt territorium og ledigheden ikke viste den ventede bedring i euroområdet. USD havde det dog lidt svært over for råvarevalutaerne i takt med en øget risikoappetit, og nøgletallene var da også på den blandede side, med en ganske vist fornuftig stigning i ADP-beskæftigelsen, men med fald i både Chicago PMI og i antallet af ansøgninger om realkreditlån. JPY blev kun svækket marginalt over for USD trods de stigende aktiemarkeder og en svag Tankanrapport. Dagens finansielle nøgletal Aktier Valuta 10-årige renter Råvarer Aktuelt %-Ændring Aktuelt Ændring Aktuelt Ændring Aktuelt %-Ændring OMXC20CAP USD/JPY USA CRB Stoxx EUR/USD Euroområdet Brent oil (1M fut) FTSE USD/DKK Danmark Gold (spot) S&P CHF/DKK Nasdaq GBP/DKK Hang Seng SEK/DKK Nikkei NOK/DKK Alle tal er opgjort ca. kl. 7:30 i dag med ændringer fra foregående handelsdag ca. kl. 7:30 Handelsbankens finansielle forventninger Officielle renter 10-årig statsobligationer Valuta (Ultimo) Aktuelt Q Q Q Aktuelt Q Q Q Aktuelt Q Q Q USA EUR/USD Euroland USD/JPY UK USD/DKK Danmark EUR/DKK Sverige SEK/DKK Norge NOK/DKK

3 Morgenmelding Handelsbanken, 1. oktober 2015 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab Bang & Olufsen 1. kvartal Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 28/09/15 03:30 Kina Industrial Profits YoY Aug % -8.8% 28/09/15 14:30 USA Personal Income (MoM) Aug 0.4% %(r) 0.3% 28/09/15 14:30 USA Personal Spending (MoM) Aug 0.3% %(r) 0.4% 28/09/15 14:30 USA PCE Core (MoM/YoY) Aug 0.1%/1.3% %/1.2% 0.1%/1.3% 28/09/15 16:00 USA Pending Home Sales (MoM/YoY) Aug 0.4%/7.8% %/7.2% -1.4%/6.7% 28/09/15 16:30 USA Dallas Fed Manf. Activity Sep /09/15 USA Fed's Dudley, Evans, Williams Speaks 29/09/15 11:00 EMU Economic Confidence Sep (r) /09/15 12:00 UK CBI Reported Sales Sep /09/15 14:00 Tyskland CPI (MoM/YoY) Sep P -0.1%/0.1% -- 0%/0.2% -0.2%/0.0% 29/09/15 14:00 Tyskland CPI EU Harmonized (MoM/YoY) Sep P -0.1%/0.0% -- 0%/0.1% -0.3%/-0.2% 29/09/15 15:00 USA S&P/CS 20 City (MoM/YoY) Jul 0.10%/5.15% %/4.97% -0.2%/4.96% 29/09/15 16:00 USA Consumer Confidence Index Sep /09/15 Belgien CPI (MoM/YoY) Sep %/0.91% 0.07%/1.06% 30/09/15 01:05 UK GfK Consumer Confidence Sep /09/15 01:50 Japan Industrial Production (MoM/YoY) Aug P 1%/1.8% %/0.0% -0.5%/0.2% 30/09/15 08:00 UK Nationwide House PX (MoM/YoY) Sep 0.4%/3.8% %/3.2% 0.5%/3.8% 30/09/15 08:30 Tyskland Retail Sales (MoM/YoY) Aug 0.2%/3.2% %/3.3% -0.4%/2.5% 30/09/15 08:45 Frankrig Consumer Spending (MoM/YoY) Aug 0.4%/1.7% %/2.1% 0.0%/1.6% 30/09/15 09:00 Danmark Unemployment Rate SA Aug 3.9% % 3.8% 30/09/15 09:00 Danmark Unemployment Rate Gross Rate Aug 4.6% % 4.5% 30/09/15 09:00 Danmark GDP (QoQ/YoY) 2Q F 0.2%/1.8% %/1.8% 0.2%/1.8% 30/09/15 09:00 Schweiz KOF Leading Indicator Sep /09/15 09:55 Tyskland Unemployment Claims Rate SA Sep 6.4% % 6.4% 30/09/15 10:30 UK GDP (QoQ/YoY) 2Q F 0.7%/2.6% %/2.6% 0.7%/2.4% 30/09/15 11:00 EMU Unemployment Rate Aug 10.9% 10.9% 11.0%(r) 11.0% 30/09/15 11:00 EMU CPI Estimate YoY Sep 0.0% -0.1% 0.1% -0.1% 30/09/15 11:00 EMU CPI Core YoY Sep A 0.9% % 0.9% 30/09/15 13:00 USA MBA Mortgage Applications 25. Sep % -6.7% 30/09/15 14:15 USA ADP Employment Change Sep 190k K 200K 30/09/15 15:45 USA Chicago Purchasing Manager Sep /10/15 01:50 Japan Tankan Large Mfg Index 3Q /10/15 02:00 USA Fed's Brainard Speaks 01/10/15 03:00 Kina Manufacturing PMI Sep /10/15 03:00 Kina Non-manufacturing PMI Sep /10/15 03:45 Kina Caixin China PMI Mfg Sep F /10/15 03:45 Kina Caixin China PMI Services Sep /10/15 08:30 Sverige Swedbank/Silf PMI Manufacturing Sep /10/15 09:00 Norge Manufacturing PMI Sep /10/15 09:30 Schweiz PMI Manufacturing Sep /10/15 10:00 EMU Markit Eurozone Manufacturing PMI Sep F /10/15 10:30 UK Markit UK PMI Manufacturing SA Sep /10/15 13:30 USA Challenger Job Cuts YoY Sep % 01/10/15 14:30 USA Initial Jobless Claims 25. Sep 271K k 01/10/15 15:45 USA Markit US Manufacturing PMI Sep F /10/15 15:45 USA Bloomberg Consumer Comfort 27. Sep /10/15 16:00 USA Construction Spending MoM Aug 0.6% % 01/10/15 16:00 USA ISM Manufacturing Sep /10/15 USA Wards Total Vehicle Sales Sep 17.6M m 02/10/15 01:30 Japan Jobless Rate Aug 3.3% % 02/10/15 11:00 EMU PPI (MoM/YoY) Aug -0.6%/-2.4% %/2.1% 02/10/15 14:30 USA Change in Nonfarm Payrolls Sep 200k 220k 173k 02/10/15 14:30 USA Unemployment Rate Sep 5.1% 5.1% 5.1% 02/10/15 14:30 USA Average Hourly Earnings (MoM/YoY) Sep 0.2%/2.4% %/2.2% 02/10/15 16:00 Danmark Foreign Reserves Sep Jes Asmussen (jeas01@handelsbanken.dk); Rasmus Gudum-Sessingø, (ragu02@handelsbanken.dk); Bjarke Roed-Frederiksen, (bjro03@handelsbanken.dk) Ansvarsfraskrivelse: Kilderne anvendt i dette materiale anses for pålidelige, men Handelsbanken påtager sig ikke ansvar for, at oplysningerne er nøjagtige og fuldkomne. Analyserne i dette materiale skal ikke opfattes som tilbud om køb eller salg af de pågældende værdipapirer, valutaer og/eller finansielle kontrakter. Alle vurderinger og estimater gælder pr. den anførte dato og kan ændres uden forudgående varsel. Handelsbanken påtager sig intet ansvar for eventuelle dispositioner foretaget på baggrund af materialet. Enhver form for offentliggørelse eller gengengivelse af Handelsbanken materiale må kun finde sted mod forudgående aftale. 3

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