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1 2. december 2015 Macro Research Morgenmelding Handelsbanken Dagens fokus Vi har dog et par begivenheder i dag, som der kan være interessante at følge i forbindelse med forventningsdannelsen til Fed s rentemøde d. 16/12, som der igen kan være opstået lidt usikkerhed efter faldet i ISM-indekset i går (se nedenfor). Bl.a. er Fed-chef Yellen på talerstolen i to omgange, og der er også taler fra to andre Fed-medlemmer. Vi venter at det overordnede budskab herfra vil være, at baren for ikke at hæve renten i december er sat relativt højt, men at de efterfølgende renteforhøjelsr vil være meget gradvise og dataafhængige. Vi får også Fed s økonomiske Beige Book -rapport, som danner et fælles grundlag for rentemødet. Der ventes som udgangspunkt ikke den store ændring i forhold til den forrige rapport og således ikke noget der umiddelbart ændrer på udsigterne til en renteforhøjelse på decemberrentemødet. Endelig får vi også den private ADP-beskæftigelsesopgørelse for november. Markedet venter en stigning i beskæftigelsen på personer op fra måneden før. ADP-rapporten er dog ikke den mest pålidelige indikator, men store afvigelser kan naturligvis godt påvirke forventningsdannelsen til fredagens arbejdsmarkedsrapport, hvor markedet venter en stigning i beskæftigelsen på Det foreløbige estimat for Inflationen i euroområdet i november, ventes at vise en stigning fra 0,3% fra 0,1%, om end med en lille risiko på nedsiden efter at både tysk og italiensk inflation skuffede på nedsiden. Markedet venter da også kun en stigning til 0,2%. Det er dog også værd at bide mærke i, at den ventede stigning i inflationen primært skyldes basiseffekter fra sidste års fald i olieprisen. Således ventes kerneinflation at være faldet fra 1,1% til 1,0%, og det samlede indtryk er altså fortsat af et ikke-eksisterende prispres, som er en af de primære årsager bag forventningerne til, at ECB vil levere yderligere stimulans på rentemødet i morgen Vi venter, at Nationalbanken har solgt valuta for i omegnen af 28 mia. kr. i november. Selv om valutareserven dermed ventes at være faldet til et niveau, som vi tidligere vurderede som værende nødvendigt for, at Nationalbanken ville føle sig komfortable med at begynde at sætte renten i vejret, så er vores forventninger til hvornår vi vil se den første renteforhøjelse blevet udskudt til i hvert fald et godt stykke inde i det nye år som følge af udsigterne til en mere lempelig pengepolitik fra ECB. DK: Valutaudstrømning, men ikke højere rente Højdepunkter siden sidst Markederne: De europæiske aktiemarkeder endte med fald, mens de amerikanske markeder steg. I nat faldt de asiatiske markeder ligeledes tilbage. De danske og tyske obligationsrenter endte dagen lidt lavere mens EUR blev styrket over for USD. Brasilien: BNP skrumpede med 1,7% q/q i 3. kvartal, hvilket var svagere end ventet. PMI for fremstillingssektoren faldt fra 44,1 til 43,8 i november og peger ikke på at landets værste recession siden 1930 erne er ved at være overstået. USA: ISM for fremstillingssektoren faldt fra 50,1 til 48,6 i november, hvilket var lavere end ventet i markedet, og det laveste niveau siden juni Det understreger de fortsatte udfordringer for fremstillingssektoren fra den stærke USD, svag global efterspørgsel samt af en fortsat høj vurdering af kundelagrene. Sidstnævnte peger i kombination med et fald i ordreindekset på, at ISM indekset kan falde yderligere i de kommende måneder, jf. figur, og dermed at der er udsigt til et fald i produktionen for at tilpasse udbuddet med efterspørgslen. Et stort fald i prisindekset indikerer ligeledes et fortsat deflationært pres. Vi er dog ikke sikre på at dette er nok til at afholde Fed fra at sætte renten op i december, hvor kapacitetspresset på arbejdsmarkedet formentlig har en langt større betydning. Her bider vi mærke i, at beskæftigelsesindekset faktisk steg og at byggeforbruget steg med 1,0% m/m i oktober, som indikerer at de andre dele af økonomien er i bedre form. Fed s Evans udtrykte dog en vis nervøsitet for økonomiens evne til at kunne absorbere renteforhøjelser, og Fed s Brainard advokerede en forsigtig og gradvis tilgang til justeringer af pengepolitikken EMU: Arbejdsløsheden faldt lidt overraskende fra 10,8% til 10,7% i oktober især trukket ned af Tyskland og Italien, om end ledigheden i sidstnævnte fortsat ligger på 11,5%. Arbejdsløsheden er således fortsat meget høj i mange lande, og i Frankrig og Holland steg antallet af ledige. Det er dermed klart, at ledigheden fortsat befinder sig på et niveau, der ikke giver anledning til øget lønpres. Den faldende ledighed er derfor ikke et argument der vil afholde ECB fra at lempe pengepolitikken yderligere. Den endelige PMI-opgørelse for fremstillingssektoren var uændret på 52,8 i november UK: Bank of Englands erklærede at alle de syv største banker bestod den overordnede eksamen i den seneste stress-test, om end RBS og Standard Chartered ikke havde nok kapitalstyrke til at møde alle kravene i testen. PMI for fremstillingssektoren kom ned på jorden igen med et fald fra 55,2 til 52,7 i november, hvilket var svagere end ventet, og som viser, at stigningen i oktober var et midlertidigt blip. Schweiz: Økonomien stagnerede i 3. kvartal ifølge de seneste nationalregnskabstal, i et tegn på, at landet fortsat slås med eftervirkningerne af den stærkere CHF først på året, der holder eksporten nede. Hertil skal lægges et nyt stort fald i lagrene. På den positive side var der let øget vækst i privatforbruget samt en stor stigning i det offentlige forbrug. Derudover modtog vi et uventet fald i PMI-fremstilling til lige under 50 i november, som ikke peger på den store vækstbedring i 4. kvartal. Sverige: PMI-indekset for fremstillingssektoren steg fra 53,4 til 54,9 i november, hvilket var stærkere end ventet. Norge: PMI for fremstllingssektoren faldt fra 48,3 til 47,6 i november som giver yderligere næring til de aktuelle recessionsbekymringer for norsk økonomi. US: Stadig udfordringer for fremstillingssektoren For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 2. december 2015 Markedskommentarer Aktier OMXC20 CAP (+0,09% / indeks 1.055,88) endte stort set uændret, hvilket måske kan forklares af lidt usikkerhed op til ECB rentemødet torsdag. Novo Nordisk (+1,21% / kurs 393,70) endte blandt de mest stigende aktier i dagens handel efter nyheden om, at medicinalselskabet har indgået licensaftale med det amerikanske biotekselskab Xoma om rettighederne til Xmeta-programmet til behandling af diabetes. Novo Nordisk betaler 5 mio. dollar for rettighederne og skal senere betale milepælsbetalinger på mod 290 mio. dollar. I den anden ende af indekset endte Vestas (-0,20% / kurs 459,80) til trods for, at vindmølleproducenten mandag aften annoncerede en amerikansk ordre på 201 MW. Dagens kursmæssige taber blev Genmab (-2,03% / kurs 891,50) til trods for, at aktien netop har fået hævet kursmålet af et internationalt finanshus. Renter Dagen begyndte med en risk on stemning, som trak op i obligationsrenterne i Danmark og Tyskland, til trods for fortsat store forventninger til nye ECB lempelser i morgen. Et uventet fald i arbejdsløsheden i euroområdet samt et større fald end ventet i den tyske arbejdsløshed kan også have medvirket til at trække lidt op i renterne. De endelige PMIindeks for fremstillingssektoren for euroområdet viste ikke de store ændringer, med indtrykket af et fortsat moderat men dog positivt økonomisk tempo. Udviklingen vendte dog rundt efter et fald i det amerikanske ISMindeks for fremstillingssektoren til det laveste niveau siden juni 2009, som formentlig igen satte lidt spørgsmålstegn til udsigterne til renteforhøjelser fra Fed. Sammen med forsigtige meldinger fra et par Fed-medlemmer sendte det især de amerikanske renter sydpå, men det smittede altså også af på de danske og tyske renter, som dermed endte dagen marginalt lavere. Der var dog også mere positive signaler fra amerikansk økonomi i form af en større end ventet stigning i byggeforbruget samt et bilsalg der holdt sig over 18 mio. enheder for 3. måned i træk. Valuta EUR blev styrket over for USD i går, efter at de europæiske nøgletal viste sig relativt fornuftige, med bl.a. et overraskende stort fald i ledigheden og vi fik bekræftet at det endelige PMI for fremstillingssektoren ligger på det stærkeste niveau i 19 måneder. Modsat var der stor skuffelse i det amerikanske ISMindeks for fremstillingssektoren, der faldt til det laveste niveau siden juni 2009, som sætter lidt spørgsmålstegn ved styrken af amerikansk økonomi og dens evne til at absorbere renteforhøjelser. Det blev yderligere krydret af forsigtige meldinger fra et par Fedmedlemmer. Stigningen i EUR kan dog også afspejle lidt nervøsitet forud for ECB-mødet i morgen, hvor der formentlig er priset meget aggressive forventninger til nye tiltag ind i markederne. BRL blev svækket efter at BNP skrumpede markant i 3. kvartal, og PMI for fremstillingssektoren faldt til et nyt rekordlavt niveau. GBP blev svækket over for EUR i tandem med USD, efter et svagere end ventet udfald af PMI-fremstilling til trods for et positivt udfald af Bank of Englands seneste stresstest. CHF blev svækket en smule efter at økonomien gik i stå i 3. kvartal og efter skuffende PMI-tal. 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 Kommende begivenheder 2

3 Morgenmelding Handelsbanken, 2. december 2015 Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 02/12/15 BoConcept Holding 2. kvartal Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 30/11/15 00:50 Japan Industrial Production (MoM/YoY) Oct P 1.8%/-0.9% %/-0.8% 1.4%/-1.4% 30/11/15 08:00 Tyskland Retail Sales (MoM/YoY) Oct 0.4%/2.9% %/3.5% -0.4%/2.1% 30/11/15 09:00 Danmark Unemployment Rate Gross Rate Oct 4.6% 4.6% 4.6% 4.5% 30/11/15 09:00 Danmark GDP SA (QoQ/YoY) 3Q P 0.0%/1.1% -0.1%/1.0% 0.2%/1.8% -0.1%/0.9% 30/11/15 09:00 Schweiz KOF Leading Indicator Nov (r) /11/15 09:30 Sverige GDP (QoQ/YoY) 3Q 0.4%/3.4% 0.4%/3.3% 1.0%/3.4% 0.8%/3.9% 30/11/15 14:00 Tyskland CPI (MoM/YoY) Nov P 0.1%/0.4% %/0.3% 0.1%/0.4% 30/11/15 15:45 USA Chicago Purchasing Manager Nov /11/15 16:00 USA Pending Home Sales (MoM/YoY) Oct 1.0%/4.5% %/3.2%(r) 0.2%/2.1% 01/12/15 02:00 Kina Manufacturing PMI Nov /12/15 02:00 Kina Non-manufacturing PMI Nov /12/15 02:45 Kina Caixin China PMI Mfg Nov /12/15 07:45 Schweiz GDP (QoQ/YoY) 3Q 0.2%/0.8% 0.1%/ 0.2%/0.9% 0.0%/0.8% 01/12/15 08:30 Sverige Swedbank/Silf PMI Manufacturing Nov (r) /12/15 09:00 Norge Manufacturing PMI Nov /12/15 09:30 Schweiz PMI Manufacturing Nov /12/15 09:55 Tyskland Unemployment Claims Rate SA Nov 6.4% % 6.3% 01/12/15 10:00 EMU Markit Eurozone Manufacturing PMI Nov F /12/15 10:30 UK Markit UK PMI Manufacturing SA Nov /12/15 11:00 EMU Unemployment Rate Oct 10.8% 10.8% 10.8% 10.7% 01/12/15 15:45 USA Markit US Manufacturing PMI Nov F /12/15 16:00 USA Construction Spending MoM Oct 0.6% % 1.0% 01/12/15 16:00 USA ISM Manufacturing Nov /12/15 USA Wards Total Vehicle Sales Nov 18.10m m 18.12m 02/12/15 02:00 USA Fed's Brainard Speaks on Lower Neutral Rates 02/12/15 11:00 EMU PPI (MoM/YoY) Oct -0.4%/-3.2% %/-3.1% 02/12/15 11:00 EMU CPI Estimate YoY Nov 0.2% 0.3% 0.1% 02/12/15 11:00 EMU CPI Core YoY Nov A 1.1% 1.0% 1.1% 02/12/15 13:00 USA MBA Mortgage Applications 27. Nov % 02/12/15 14:10 USA Fed's Lockhart, Yellen, Williams Speaks 02/12/15 14:15 USA ADP Employment Change Nov 190k k 02/12/15 14:30 USA Unit Labor Costs 3Q F 1.0% % 02/12/15 16:00 Danmark Foreign Reserves Nov /12/15 20:00 USA U.S. Federal Reserve Releases Beige Book 03/21/15 02:45 Kina Caixin China PMI Services Nov /12/15 07:30 Frankrig ILO Unemployment Rate 3Q 10.4% % 03/12/15 10:00 EMU Markit Eurozone Services PMI Nov F /12/15 10:30 UK Markit/CIPS UK Services PMI Nov /12/15 11:00 EMU Retail Sales (MoM/YoY) Oct 0.2%/2.6% %/2.9% 03/12/15 13:30 USA Challenger Job Cuts YoY Nov % 03/12/15 13:45 EMU ECB Main Refinancing Rate 03. Dec 0.05% 0.05% 0.05% 03/12/15 13:45 EMU ECB Deposit Facility Rate 03. Dec -0.30% -0.30% -0.20% 03/12/15 14:30 USA Initial Jobless Claims 28. Nov 270k k 03/12/15 15:45 USA Markit US Services PMI Nov F /12/15 15:45 USA Bloomberg Consumer Comfort 29. Nov /12/15 16:00 USA Yellen Appears Before Congressional Joint Economic Coomittee 03/12/15 16:00 USA ISM Non-Manf. Composite Nov /12/15 16:00 USA Factory Orders (MoM) Oct 1.4% % 03/12/15 19:10 USA Fed Vice Chair Fischer Speaks 04/12/15 06:00 Japan Consumer Confidence Index Nov /12/15 08:00 Tyskland Factory Orders (MoM/YoY) Oct 1.2%/-2.5% %/-1.0% 04/12/15 09:15 Schweiz CPI (MoM/YoY) Nov 0.0%/-1.3% %/-1.4% 04/12/15 09:30 Sverige Industrial Production (MoM/YoY) Oct -0.8%/4.0% 0.2%/5.4% 2.0%/6.3% 04/12/15 09:30 Tyskland Markit Germany Construction PMI Nov /12/15 10:10 EMU Markit Eurozone Retail PMI Nov /12/15 14:30 USA Change in Nonfarm Payrolls Nov 200k 210k 271k 04/12/15 14:30 USA Unemployment Rate Nov 5.0% 5.1% 5.0% 04/12/15 14:30 USA Average Hourly Earnings YoY Nov 2.3% 2.3% 2.5% 04/12/15 21:45 USA Fed's Bullard, Kocherlakota speaks 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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5 Contact information Capital Markets Debt Capital Markets Tony Lindlöf Head of Debt Capital Markets Per Jäderberg Head of Corporate Loans Måns Niklasson Head of Acquisition Finance Ulf Stejmar Head of Corporate Bonds Trading Strategy Claes Måhlén Head, Chief Strategist Johan Sahlström Chief Credit Strategist Ola Eriksson Senior Credit Strategist Martin Jansson Senior Commodity Strategist Nils Kristian Knudsen Senior Strategist FX/FI Andreas Skogelid Senior Strategist FI Pierre Carlsson Strategist FX Macro Research Jan Häggström Chief Economist Sweden Petter Lundvik USA, Special Analysis Gunnar Tersman Eastern Europe, Emerging Markets Helena Trygg Japan, United Kingdom 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 Knut Anton Mork Senior Economist, Norway and China Nils Kristian Knudsen Senior Strategist FX/FI Marius Gonsholt Hov Norway Regional Sales Copenhagen Kristian Nielsen Gothenburg Per Wall 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