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1 6. oktober 2016 Macro Research Morgenmelding Handelsbanken Dagens fokus Allerede fra morgenstunden offentliggøres tyske fabriksordrer, som giver et fingerpeg om udviklingen i industriproduktionen, som kommer i morgen. I august faldt produktionen dog overraskende meget uden at det var blevet indikeret af ordreindgangen (se figur), så ordreindgangen vil nok blive tillagt mindre betydning end den plejer. Hvis ordreindgangen forbliver pæn i september, må der dog forventes et rebound i produktionen i morgen, da der så nok primært var tale om ekstraordinært mange fabrikslukninger i forbindelse med sommerferien. Senere i dag modtager vi ECB s referat af rentemødet tidligere på måneden. Mødet forløb stort set som ventet, om end der var en vis skuffelse at spore på markederne, idet ECB ikke fremstod tættere på at skrue op for stimulansen. Vi regner med, at referatet især vil blive nærlæst i forhold til, hvor tæt ECB er på eventuelt at ændre pengepolitikken samt rammerne for denne i den kommende tid. På den ene side udtalte ECB-chef Draghi på rentemødet, at man vil sætte de relevante enheder til at undersøge mulige ændringer i rammerne for QEopkøbsprogrammerne for at gøre implementeringen gnidningsfri. Dette er en indikation på, at ECB anerkender problemerne med programmet i dets nuværende form, hvis man skal leve op til den annoncerede opkøbsstørrelse i fremtiden. På rentemødet slog Draghi dog på den anden side også fast, at ændringer i eller forlængelse af opkøbene ikke blev diskuteret. G20-landenes finansministre og centralbankchefer mødes uformelt på sidelinjen af årsmødet i IMF i Washington i dag. Fra Danmark kommer tal for konkurser og tvangsauktioner. De stigende boligpriser, lave renter og den gunstige udvikling på arbejdsmarkedet har medvirket til at trække antallet af tvangsauktioner for huse, lejligheder og sommerhuse ned på det laveste niveau siden juli Baseret på udviklingen i restancerne (antallet af boligejere, der er mere end 3½ måned bagud med betalingerne), ser det ud til at den gunstige udvikling i antallet af tvangsauktioner er fortsat i september. Tyskland: Industriordrer strømpil for produktion Kilde: Macrobond Højdepunkter siden sidst Markederne: Der var små aktiefald i Europa i går, men stigninger i USA. Et overraskende stærkt udfald af service-ism øgede nok forventningerne til morgendagens vigtige amerikanske arbejdsmarkedsrapport og dermed til, hvor kraftigt Fed vil hæve den pengepolitiske rente. Det førte til stigninger i obligationsrenterne. Det styrkede også USD, især over for JPY, hvorfor de japanske aktier er steget her til morgen. USA: ISM s indeks uden for fremstillingssektoren sprang markant i vejret fra 51,4 i august til hele 57,1 i september, det højeste niveau i 11 måneder, Der var ventet en noget mindre fremgang til 53,0 efter skuffelsen i august. ISM for fremstillingssektoren steg tidligere på ugen omend ikke nær så markant som service-ism, og sammen peger de to på højere BNP-vækst i 3. kvartal (se figur). Fremgangen i går var bredt funderet med pæne stigninger i de fleste underindeks. Beskæftigelsesindekset steg fra 50,7 til 57,2 og tegner godt forud for morgendagens arbejdsmarkedsrapport. De gode takter i service-ism s beskæftigelsesindeks skal dog holdes op mod den kun beskedne fremgang i fremstillings-ism s beskæftigelsesindeks og gårsdagens lidt skuffende udfald af ADPindikatoren for stigningen i den private beskæftigelse. Dën faldt til personer, en anelse mere end ventet. Konsensus venter en fremgang på i den samlede beskæftigelse i arbejdsmarkedsrapporten i morgen. Euroområdet: Detailomsætningen faldt med 0,1% m/m i august, hvilket var et lidt mindre fald end ventet. Men da stigningen i juli samtidig blev nedrevideret markant fra 1,1% til 0,3% m/m, faldt årsvækstraten til 0,6% y/y i august fra nedreviderede 1,8% i juli. Dermed fortsætter årsvækstraten den faldende tendens, som har været i gang siden sidste efterår. Det kortsigtede momentum ser dog lidt bedre ud, idet tendensen for månedsvækstraterne er en nogenlunde flad udvikling trods faldet i august. Der blev kun tale om en marginal oprevidering af PMI for servicesektoren i den endelige opgørelse til 52,2 i september. Storbritannien: Service-PMI faldt lidt til 52,6 i september fra 52,9 i august. Konsensus havde ventet et lidt større fald, men den overraskende stigning i fremstillings-pmi i mandags havde måske løftet de faktiske forventninger til gårsdagens tal. Trods faldet peger de to PMI-indikatorer samlet på, at britisk økonomi ind til videre ikke er ramt af brexituroen. Sverige: Industriproduktionen faldt 4,8% y/y i august, hvilket var et meget værre udfald end ventet. Tallene flyver ofte en del op eller ned hver måned, men august-udfaldet var så svagt, at det ikke kan affejes som værende blot støj. USA: ISM-indeksene peger på højere BNP-vækst Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 6. oktober 2016 Markedskommentarer Aktier Det ledende danske OMXC20 CAP (+0,15% / indeks 1.020,05) endte gårsdagens handel i moderat positivt territorium. Stemningen på de øvrige europæiske børser var mere negativ. Den negative stemning var især drevet af rygter om, at ECB vil begynde nedtrappe deres obligationsopkøbsprogram gradvist med op til 10 mia. euro om måneden, allerede inden det officielt udløber til marts næste år. NKT Holding (+3,21% / kurs 436,80) meddelte aftenen forinden efter børsen var lukket, at selskabet har lavet en aktieemission til institutionelle investorer svarende til 9,99% af aktiekapitalen, som skal bruges til, at finansiere opkøbet af ABB HV Cables. Aktierne blev placeret til en kurs på 415 kr. Novo Nordisk (+2,21% / kurs 277,70) var blandt de mest stigende aktier i går. Der var ikke noget selskabsspecifikt nyt, men aktien har været under et stort pres i kølvandet på selskabets udtalelser i august måned om prispres på det amerikanske marked. Efter tilbagefaldet handler aktien nu med en P/E på 16,5 for Det vil formentligt begynde, at lokke nogle investorer. Renter De tyske og danske statsrenter havde allerede pilen opad i går inden offentliggørelsen af overraskende stærk ISM-indikator for USA for ikke-fremstillingssektoren. Det stærke service- ISM øgede nok forventningerne til morgendagens vigtige amerikanske arbejdsmarkedsrapport og dermed til, hvor kraftigt Fed vil hæve den pengepolitiske rente. Det sendte obligationsrenterne opad i USA og yderligere opad i Tyskland og Danmark, sådan at fx den tyske 10-årige statsrente steg med op mod 5 basispunkter. Service ISM sprang markant i vejret fra 51,4 i august til hele 57,1 i september, det højeste niveau i 11 måneder, Der var ventet en noget mindre fremgang til 53,0 efter skuffelsen i august. Valuta USD styrkedes generelt i går efter et overraskende stærkt udfald af service-ism, som nok øgede forventningerne til morgendagens vigtige amerikanske arbejdsmarkedsrapport og dermed til, hvor kraftigt Fed vil hæve den pengepolitiske rente. Der var dog ikke så stor effekt på EUR/USD, men over for fx JPY blev USD styrket noget. På en dag uden de store politiske nyheder om tempoet for Storbritanniens EU-udtrædelse lå GBP for en gangs skyld nogenlunde konstant. Britisk service-pmi faldt lidt mindre end ventet, og peger efter den pæne stigning måneden inden fortsat på, at britisk økonomi ikke i første omgang er hårdt ramt af brexit-uroen. SEK svingede noget over for EUR efter offentliggørelse af svenske industriproduktionstal, men endte dagen nogenlunde uændret over for EUR. Industriproduktionen faldt 4,8% y/y i august, hvilket var et meget værre udfald end ventet. 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 USD/DKK Euroland EUR/DKK UK GBP/DKK Danmark CHF/DKK Sverige SEK/DKK Norge NOK/DKK

3 Morgenmelding Handelsbanken, 6. oktober 2016 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 04/10/16 Bang & Olufsen 1. kvartal Økonomisk kalender Tid Land Indikator Periode Survey SHB Forrige Faktisk 03/10/16 01:50 Japan Tankan Large Mfg Index 3Q /10/16 08:30 Sverige Swedbank/Silf PMI Manufacturing Sep /10/16 09:00 Norge Manufacturing PMI Sep /10/16 09:30 Schweiz PMI Manufacturing Sep /10/16 10:00 EMU Markit Eurozone Manufacturing PMI Sep F /10/16 10:30 UK Markit UK PMI Manufacturing SA Sep /10/16 15:45 USA Markit US Manufacturing PMI Sep F ,5 03/10/16 16:00 USA Construction Spending MoM Aug 0.3% % -0.7% 03/10/16 16:00 USA ISM Manufacturing Sep ,5 03/10/16 USA Wards Total Vehicle Sales Sep 17.40m m 17.65m 04/10/16 07:00 Japan Consumer Confidence Index Sep /10/16 10:30 UK Markit/CIPS UK Construction PMI Sep /10/16 11:00 EMU PPI MoM/YoY Aug -0.1%/-2.2% %/-2.8% -0.2%/-2.1% 04/10/16 14:05 USA Fed's Lacker, Evans Speaks 04/10/16 16:00 Danmark Foreign Reserves Sep /10/16 02:30 Japan Nikkei Japan PMI Services Sep /10/16 09:30 Sverige Industrial Production MoM/YoY Aug 0.5%/0.5% 0.6%/1.2% 1.1%/4.2% -4.1%/-4.8% 05/10/16 10:00 EMU Markit Eurozone Services PMI Sep F /10/16 10:00 EMU Markit Eurozone Composite PMI Sep F /10/16 10:30 UK Markit/CIPS UK Services PMI Sep /10/16 11:00 EMU Retail Sales MoM/YoY Aug -0.3%/1.5% -0.5%/1.3% 1.1%/2.9% -0.1%/0.6% 05/10/16 13:00 USA MBA Mortgage Applications 30. Sep % 2.9% 05/10/16 14:15 USA ADP Employment Change Sep 165k k 154k 05/10/16 14:30 USA Trade Balance Aug -$39.2b -- -$39.5b -$40.7b 05/10/16 15:45 USA Markit US Services PMI Sep F /10/16 16:00 USA ISM Non-Manf. Composite Sep /10/16 16:00 USA Factory Orders Aug -0.2% % 0.2% 06/10/16 08:00 Tyskland Factory Orders MoM/YoY Aug 0.3%/1.6% %/-0.7% 06/10/16 09:15 Schweiz CPI MoM/YoY Sep 0.2%/0.0% 0.3%/0.0% -0.1%/-0.1% 06/10/16 09:30 Tyskland Markit Germany Construction PMI Sep /10/16 09:30 Sverige Average House Prices Sep m 06/10/16 10:10 EMU Markit Eurozone Retail PMI Sep /10/16 13:30 EMU ECB account of the monetary policy meeting 06/10/16 14:30 USA Initial Jobless Claims Oct 1 256k k 06/10/16 15:45 USA Bloomberg Consumer Comfort Oct k /10/16 08:00 Tyskland Industrial Production MoM/YoY Aug 1.0%/0.4% %/-0.1% 07/10/16 08:45 Frankrig Industrial Production MoM/YoY Aug 0.6%/-1.3% %/-0.1% 07/10/16 09:00 Danmark Industrial Production MoM Aug %/ 1.9% 07/10/16 09:00 Schweiz Foreign Currency Reserves Sep 630.0B b 07/10/16 10:30 UK Industrial Production MoM/YoY Aug 0.1%/1.3% %/2.1% 07/10/16 10:30 UK Trade Balance Aug /10/16 14:30 USA Change in Nonfarm Payrolls Sep 174k 175k 151k 07/10/16 14:30 USA Unemployment Rate Sep 4.9% 4.8% 4.9% 07/10/16 14:30 USA Average Hourly Earnings MoM/YoY Sep 0.3%/2.6% /2.6% 0.1%/2.4% 07/10/16 16:30 USA Fed's Fischer, Mester, George, Brainard Speaks 07/10/16 Kina Foreign Reserves Sep $3185.0b -- $3185.2b 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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6 Contact information Capital Markets Debt Capital Markets Tony Lindlöf Head of Debt Capital Markets Per Eldestrand Head of Debt Capital Markets Sweden Måns Niklasson Head of Corporate Loans and Acquisition Finance Ulf Stejmar Head of Corporate Bonds Trading Strategy Claes Måhlén Head, Chief Strategist Martin Jansson Senior Commodity Strategist Nils Kristian Knudsen Senior Strategist FX/FI Andreas Skogelid Senior Strategist FI Pierre Carlsson Strategist FX Lars Henriksson Foreign Exchange Strategist Macro Research Ann Öberg Chief Economist Jimmy Boumediene Head of Forecasting Sweden Petter Lundvik USA, Special Analysis Gunnar Tersman E. Europe, Emerging Markets, Japan Anders Brunstedt Sweden Eva Dorenius Web Editor Finland Tiina Helenius Head, Macro Research Janne Ronkanen Senior Analyst Denmark Jes Asmussen Head, Macro Research Rasmus Gudum-Sessingø Denmark Bjarke Roed-Frederiksen China and Latin America Norway Kari Due-Andresen Head, Macro Research, Norway; UK Nils Kristian Knudsen Senior Strategist FX/FI Marius Gonsholt Hov Senior Economist, Norway Halfdan Grangård Senior Economist, Norway Regional Sales Copenhagen Kristian Nielsen Gothenburg Jaan Kivilo Gävle Petter Holm Helsinki Mika Rämänen Linköping Fredrik Lundgren London Ray Spiers Luleå/Umeå Ove Larsson Luxembourg Snorre Tysland Malmö Ulf Larsson Oslo Petter Fjellheim Stockholm Malin Nilén Toll-free numbers From Sweden to From Norway to From Denmark to From Finland to Within the US Svenska Handelsbanken AB (publ) Stockholm Copenhagen Blasieholmstorg 11 Havneholmen 29 SE Stockholm DK-1561 Copenhagen V Tel Tel Fax Fax Helsinki Aleksanterinkatu 11 FI Helsinki Tel Fax Oslo Tjuvholmen allé 11 Postboks 1249 Vika NO-0110 Oslo Tel Fax London 3 Thomas More Square London GB-E1W 1WY Tel Fax New York Handelsbanken Markets Securities, Inc. 875 Third Avenue, 4 th Floor New York, NY Tel Fax FINRA, SIPC