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1 24. februar 2016 Macro Research Morgenmelding Handelsbanken Dagens fokus I dag bliver der tale om en rimelig stille dag med hensyn til makroøkonomiske nøgletal. Der vil kunne være lidt fokus på USA, hvorfra vi antallet af solgte nye boliger i januar. NAHB s boligtillidsindeks peger på, at salget af nye huse også kan være bremset op i januar. Derudover er prisen på nye boliger faldet i 4. kvartal 2015, og vi har da heller ikke set samme fald i udbuddet af boliger som for eksisterende boliger. Derudover kan der være en smule opmærksomhed på antallet af nye realkreditansøgninger for sidste uge, hvor antallet af ansøgninger i forbindelse med boligkøb de forrige par uger har holdt et robust niveau, som vi skal tilbage til 2010 for at genfinde. Endelig får vi Markits Service-PMI, hvor der ventes en lille stigning i februar efter at indekset ligesom ISM s serviceindeks de seneste måneder er faldet overraskende kraftigt til omkring lige over 53. Således kan det give et lille stabiliseringstegn oven på den seneste stigende bekymring om styrken af opsvinget i USA. Derudover får vi lidt franske tal for forbrugertilliden i februar, som ventes at opretholde det lidt overraskende robuste niveau fra de forrige måneder, og vi får antallet af nye jobansøgere i januar. USA: Service-barometre faldet markant tilbage Kilde: Macrobond Højdepunkter siden sidst Markederne: Den negative børsstemning fra morgenstunden holdt ved i Europa og USA hjulpet af svage USA-tal for forbrugertilliden. JPY og CHF styrkes mens renter stiger en smule. Til morgen fortsætter den negative stemning i Asien ansporet af lavere oliepriser, efter at Iran olieminister kalder Ruslands og Saudi-Arabiens plan om produktionsbegrænsning for latterlig. USA: Forbrugertilliden fra Conference Board faldt mere end ventet i februar til det laveste niveau i syv måneder. Der var især tale om fald i husholdningernes forventninger til den økonomiske situation de kommende seks måneder. Således ser de seneste bekymringer om styrken af USA s opsving kombineret med negative aktiemarkeder ud til at have fået mere fat i de amerikanske husholdninger, som samtidigt får støtte fra lavere energiregninger og robust beskæftigelse. I den forbindelse faldt beskæftigelsesindekset i CB-opgørelsen til det lavest siden november og peger dermed på, at arbejdsløshedsraten vil udvikle sig mere stabilt (se figur). Richmond Fed s fremstillingsindeks faldt mere tilbage end ventet i februar til -4 fra 2 i januar. Salget af eksisterende boliger steg en smule i januar mod et ventet fald. Det var den anden højeste aflæsning siden Dermed har vi et mere robust indtryk af salget, da faldet i oktober-november så ud til blot at være midlertidigt. Derudover steg medianprisen med lidt over 8% y/y afspejlende de lave liggetider på omkring fire måneder. S&P/CaseShillers boligprisindeks baseret på de 20 største boligområder steg derudover nogenlunde som ventet med robuste 5,7% y/y i januar, hvilket var det samme som i december. Endelig så Fed s Vicechef Fischer, at det endnu er for tidligt, at bedømme følgerne for økonomien af den urolige udvikling på finansmarkederne de første syv uger af Tyskland: Det tyske IFO-indeks spejlede den seneste tendens i stemningsbarometrene globalt og faldt mere end ventet i februar til det laveste niveau siden Det var især forventningsindekset der trak voldsomt nedad, hvilket skal ses som udtryk for øget bekymring for vækstmulighederne oven på den turbulente begyndelse på året. Således faldt indeksniveauet til det fra slut-2012, hvor Tyskland var i recession, hvilket antyder at tysk vækst står over for yderligere opbremsning det næste halve år. Det var især fremstillingsindustrien som blev mere pessimistisk, men også detailsektoren trak nedad. Således tyder det på, at eksportudsigterne ikke bliver bedre i år, efter at detaljerede BNP-tal understregede, at det især var en forværring nettoeksporten som begrænsede BNP-væksten i 4. kvartal. Til gengæld var stigningen i det offentlige forbrug lidt mindre end hvad man havde ventet i forbindelse med flygtningeudfordringerne. Og som ventet var det især byggeinvesteringer som holdt hånden under tysk vækst i 4. kvartal, hvilket kan være forbigående som følge af det varme vejr. Frankrig: Det franske INSEE s fremstillingsindeks viste sig højere end ventet på 103 i februar, og viste sig dermed mere modstandsdygtig over for den modvind fremstillingsindustrien oplever for tiden globalt. USA: Ledighedsfald bremser op Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 24. februar 2016 Markedskommentarer Aktier Det ledende danske OMXC20 CAP (+0,01% / indeks 984,94) sluttede gårsdagens handel i stort set uensartet terræn på en dag med relativt mange selskabsspecifikke nyheder fra de danske selskaber. I toppen af indekset endte Vestas (+1,84% / kurs 458,90) som annoncerede en norsk ordre på ikke mindre end 1001 megawatt, hvilket er den største ordre som Vestas nogensinde har modtaget. Til ordren hører også en 20-årig serviceaftale.novo Nordisk (+1,84% / kurs 354,50) meddelte, at et blindet studie der sammenligner Tresiba med verdens bedst sælgende insulin, Lantus, viser at Tresiba reducerer risikoen for hypoglykæmi (kraftigt fald i blodsukkeret) sammenlignet med Lantus. Jyske Bank (+0,37% / kurs 301,90) rapporterede regnskab for 4. kvartal. Forud for regnskabet havde Jyske Bank allerede offentliggjort regnskabstal for driftsindtjeningen for 4. kvartal og der var derfor ikke de store overraskelser på den front. Nettorenteindtægterne var en smule bedre end ventet, hvorimod gebyrindtægterne skuffede og omkostningerne var højere end ventet, hvilket dog til dels skyldes engangsomkostninger. Endelig forhøjede Jyske Bank sit aktietilbagekøbsprogram med 250 mio. kr. til 750 mio. kr., hvilket var positivt. Renter Obligationsrenterne steg i Europa over en bred kam med UK statsrenterne i front, hvor en række BoE-taler satte fokus på usikkerheden i forbindelse med EU-afstemningen. Det skete på trods af, at stemningen på aktiemarkederne var negativ, og vi modtog svage IFOtal fra Tyskland. Modsat viste fransk erhvervstillid sig fra en fortsat stabil side. USA s statsrenter fulgte med op herunder støttet af Fed s vicechef Fischer, som mener det er for tidligt at bedømme om uroen på finansmarkederne vil få negative følger for økonomien. Renterne faldt tilbage senere på dagen, da forbrugertilliden fra Conference Board overraskede negativt med et større fald end ventet i februar. Det betød mindre, at vi fik nogle rimeligt robuste tal for det amerikanske boligmarked. USA-renterne endte således tirsdagen lavere. Valuta JPY blev styrket på generelt øget risikoaversion. Det på trods af at BoJ-chef udtaler, at der er plads til at sænke renten yderligere ned i negativt område. EUR blev svækket tirsdag, hvilket fik hjælp fra svagere end ventet tysk IFO-indeks. USD blev styrket en smule over en bred kam. Det blev understøttet af robuste tal for boligmarkedet, samt da Fed s Fischer så at det var for tidligt at vurdere de økonomiske følger af den urolige start på året. Styrkelsen blev dog mindkset efter svage tal for forbrugertilliden. GBP blev fortsat svækket på en dag hvor en række BoE-folk, herunder Carney, pegede på, at den seneste svækkelse er under indflydelse af usikkerheden omkring EU-afstemningen. Denne kan både skade erhvervstilliden, men det svagere GBP kan evt. opveje dette udtalte BoE s Vlieghe. CHF blev styrket ganske markant mod EUR til det stærkeste niveau siden midt-januar. Det skete i takt med JPY blev styrket, og en tale fra SNB-chef Jordan gjorde ikke meget for at mildne udviklingen. Her understregede han, at negative renter ikke har forårsaget en flugt over i kontanter samt at ECB s politik er yderst interessant for Schweiz. 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, 24. februar 2016 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab Simcorp 4. kvartal Jyske Bank 4. kvartal Solar 4. kvartal Sydbank 4. kvartal Per Aarsleff 4. kvartal Banknordik 4. kvartal NKT Holding 4. kvartal Rockwool 4. kvartal Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk :00 Japan Nikkei Japan PMI Mfg Feb P :00 Danmark Retail Sales (MoM/YoY) Jan 0.3%/ %/0.0% 0.5%/1.0% :00 EMU Markit Eurozone Manufacturing PMI Feb P :00 EMU Markit Eurozone Services PMI Feb P :00 EMU Markit Eurozone Composite PMI Feb P :00 UK CBI Trends Total Orders Feb :30 USA Chicago Fed Nat Activity Index Jan (r) :45 USA Markit US Manufacturing PMI Feb P :00 EMU ECB's Sabine Lautenschläger Speaks in Stuttgart :00 USA NY Fed's Potter Speaks in New York :00 Tyskland GDP SA (QoQ/YoY) 4Q F 0.3%/1.3% 0.3%/1.3% 0.3%/1.3% 0.3%/1.3% :45 FR Business Confidence Feb (r) :00 Tyskland IFO Business Climate Feb :30 USA Fed's Fischer Speaks in Houston on Monetary Policy :30 EMU ECB's Danièle Nouy Speaks in London :00 USA S&P/CS 20 City SA (MoM/YoY) Dec 0.8%/5.6% %/5.83% 0.8%/5.74% :00 USA Consumer Confidence Index Feb :00 USA Richmond Fed Manufact. Index Feb :00 USA Existing Home Sales Jan 5.40m m 5.47m :00 Japan Small Business Confidence Feb :45 Frankrig Consumer Confidence Feb :00 Italien Industrial Sales (MoM/YoY) Dec %/0.8% :00 USA MBA Mortgage Applications 19. feb % :45 USA Markit US Services PMI Feb P :00 USA New Home Sales Jan 520k k :00 Frankrig Jobseekers Net Change Jan :15 USA Fed's Kaplan Speaks in Dallas :00 USA Fed's Bullard Speaks in New York :00 Tyskland GfK Consumer Confidence Mar :00 Sverige Manufacturing Confidence s.a. Feb :00 Sverige Consumer Confidence Feb :00 EMU M3 Money Supply (YoY) Jan 4.7% % :00 Italien Business Confidence Feb :30 UK GDP (QoQ/YoY) 4Q P 0.5%/1.9% 0.5%/1.9% 0.5%/1.9% :00 EMU CPI (MoM/YoY) Jan F -1.4%/0.4% --/0.2% --/0.2% :00 EMU CPI Core YoY Jan F 1.0% 1.0% 1.0% :00 Italien Retail Sales (MoM/YoY) Dec %/-0.1% :15 USA Fed's Lockhart to speak at Banking Conference :30 USA Initial Jobless Claims 20. feb 270k k :30 USA Durable Goods Orders (MoM) Jan P 2.6% % :30 USA Cap Goods Orders Nondef Ex Air (MoM) Jan P 1.0% % :00 USA FHFA House Price Index (MoM) Dec 0.5% % :00 USA Kansas City Fed Manf. Activity Feb :00 USA Fed's Williams Speaks in New York :30 Japan Natl CPI Ex Fresh Food (YoY) Jan 0.0% % :05 UK GfK Consumer Confidence Feb :30 Kina Property Prices Jan :45 Frankrig CPI (MoM/YoY) Feb P 0.4%/0.0% %/0.2% :45 Frankrig GDP (QoQ/YoY) 4Q P 0.2%/1.3% %/1.3% :45 Frankrig Consumer Spending (MoM/YoY) Jan 0.6%/0.3% %/0.3% :30 Sverige Retail Sales (MoM/YoY) Jan 1.5%/3.7% %/3.4% :00 Norge Unemployment rate Feb 3.3% 3.3% 3.4% :00 EMU Economic Confidence Feb :00 Tyskland CPI (MoM/YoY) Feb P 0.5%/0.1% %/0.5% :30 USA Advance Goods Trade Balance Jan -$61.200b -- -$61.513b :30 USA GDP Annualized (QoQ) 4Q S 0.4% % :00 USA Personal Spending (MoM) Jan 0.3% % :00 USA PCE Core (MoM/YoY) Jan 0.2%/1.5% %/1.4% :00 USA U. of Mich. Sentiment Feb F :15 USA Fed's Powell Discusses Fed Communication :30 USA Fed's Brainard Speaks on International Policy Synchronization :30 EMU ECB's Peter Praet Speaks on Panel in New York 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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