Morgenmelding Handelsbanken

Transkript

1 13. august 2015 Macro Research Morgenmelding Handelsbanken Dagens fokus Den græske regering har fremsat et lovforslag med de mange tiltag fra den indgåede hjælpepakke. Parlamentet skal sandsynligvis stemme om lovforslaget i dag. Blandt tiltagene kan nævnes liberalisering af energimarkederne, ændringer af skattesystemet og de offentlige ydelser og begrænsninger i muligheden for tidlig tilbagetrækning. Til gengæld forlyder det, at det tyske parlaments underhus måske ikke som planlagt kan nå at stemme om hjælpepakken allerede i begyndelsen af næste uge. Det skulle angiveligt være medlemmer af Merkels egen koalition, som af politiske og praktiske grunde er modstandere af en hurtig afstemning. Dermed risikerer tidslinjen med stramme deadlines at ramle sammen, så aftalen ikke når gennem alle nationale parlamenter inden en stor græsk betaling til ECB forfalder d. 20. august. I dag kommer fra USA det vigtige nøgletal for detailsalget. Vi og konsensus forventer en stigning på 0,6% m/m og dermed en vis bedring oven på det skuffende juni-fald. Bilsalget har vist sig robust i juli, mens benzinpriserne nok har trukket lidt ned i salget. Ser man på kernesalget har den ugentlige ICSCsalgsopgørelse vist bedring i juli (jf. figur), hvilket også er i overensstemmelse med at forbrugertilliden fortsat peger på rum for forbedring i salgsaktiviteten Sverige offentliggør inflationstal i dag, hvor konsensus venter uændret inflation på -0,4% y/y mens vi (og Riksbanken) venter et lille uptick til -0,3% y/y. Begge dele er dog markant negativt. USA: Bedring i detailsalg i sigte Kilde: Macrobond Højdepunkter siden sidst Markederne: Der var fald på de fleste aktiemarkeder i går, fortsat drevet af Kinas devaluering, som både giver finansiel uro og alt andet lige rammer selskaber med salg på det kinesiske marked. Her til morgen er der dog positive takter på de asiatiske markeder, drevet af at det værste ser ud til at være overstået med hensyn til CNY-svækkelsen. Statsrenterne faldt i går men er steget lidt igen her til morgen. EUR styrkedes over for USD i går men bevægelsen er vendt her til morgen. Kina: Centralbanken intervenerede massivt i den sidste time før kinesisk markedsluk i går til fordel for CNY, hvorved noget af gårsdagens svækkelse af CNY-spotkursen blev elimineret. Hermed kunne centralbanken her til morgen nøjes med at udmelde en referencerate for CNY over for USD som er 1,1% svagere end gårsdagens referencerate og stadig følge sin nye praksis med at lade referenceraten afspejle gårsdagens lukkekurs. Der er tale om den svageste referencerate siden august De foregående to dage er referenceraten blevet gjort svagere med i alt 3,5%. De indenlandske valutahandlere har da også her til morgen kvitteret for centralbankens indsats for at begrænse CNYsvækkelsen ved kun at lade spot-kursen svækkes marginalt i forhold til referenceraten. Hvis det holder frem til markedsluk kl dansk tid, virker det sandsynligt, at referenceraten ikke behøver at blive sat svagere i morgen tidlig. På offshore-markedet, hvor svækkelsespresset har været endnu mere massivt de seneste dage, er offshore yuan (kaldet CNH) rent faktisk styrket lidt, men ligger dog fortsat svagere end onshore CNY. USA: JOLT-rapporten for juni viste et fald i antallet af nye jobopslag til 5,25 mio. fra reviderede 5,36 mio. i maj. Tallet i maj var det største siden 2000, hvor data er tilgængelige fra. Opsigelsesraten var uændret på 1,9%, og det peger fortsat på en omsætning på arbejdsmarkedet som tilsiger en noget højere lønvækst end den lidt skuffende afdæmpede udvikling, vi har set de seneste måneder. Euroområdet: Industriproduktionen faldt mere end ventet af konsensus med 0,4% m/m i juni, hvorved årsvækstraten faldt til 1,2% y/y fra 1,6% i maj. Dermed faldt industriproduktionen samlet for hele 2. kvartal med 0,2% Q/Q efter positiv vækst de seneste kvartaler. Dermed er der ikke mange tegn på at industrien nyder godt af den seneste tids faldende oliepris og svagere EUR, om end industribarometrene har peget på en mere robust udvikling. Gårsdagens industriproduktionstal peger samtidig på ganske moderat BNP-vækst i 2. kvartal (se figur), som offentliggøres fredag. Storbritannien: Ledigheden var uændret 5,6% i juni og beskæftigelsen faldt med i juni. Dermed faldt beskæftigelsen moderat for anden måned i træk efter pæne stigninger de seneste to år. Lønvæksten aftog mere end ventet men er dog fortsat positiv. Euroområdet: Industriproduktionen faldt i Q2 Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 13. august 2015 Markedskommentarer Aktier OMXC20 CAP (-2,07% / indeks 1.006,18) endte i negativt territorium efter de kinesiske myndigheder valgte at devaluere de kinesiske yuan for anden dag i træk i forsøget på at komme væksten og den pressede eksportsektor til gavn. I bunden af indekset endte blandt andet Coloplast (-3,51% / kurs 458,50) efter et nordisk finanshus var ude og sænke anbefalingen på aktien. FLSmidth (-2,61% / kurs 290,80) endte også lavere grundet den fornyede uro omkring Kina. Vestas (-2,73% / kurs 363,80) var under pres i dagens handel på trods af, at vindmølleproducenten annoncerede en ordre på 100 MW til de amerikanske marked tirsdag aften. Dagens kursmæssige taber blev Genmab (-4,35% / kurs 615,50) dog uden selskabsspecifikke nyheder, I den anden ende af indekset endte Novozymes (+0,07% / kurs 302,40) efter at have været under et gevaldigt pres i kølvandet på det skuffende halvårsregnskab i den forgangne uge. Dagens kursmæssige vinder blev GN Store Nord (+0,36% / kurs 140,90) forud for morgendagens regnskabsaflæggelse. Renter Statsrenterne i Tyskland (Og Danmark) faldt i går da euroområdets industriproduktion kom ud svagere end ventet. Samtidig forlyder det, at det tyske parlaments underhus måske ikke som planlagt kan nå at stemme om hjælpepakken til Grækenland allerede i begyndelsen af næste uge. Det skulle angiveligt være medlemmer af Merkels egen koalition, som af politiske og praktiske grunde er modstandere af en hurtig afstemning. Sidst men ikke mindst fik rentefaldene næring af den finansielle uro relateret til Kinas valutadevaluering. De amerikanske statsrenter fulgte med nedad i går idet forventningen til første renteforhøjelse fra Fed blev udskudt. Men faldende til stigninger i går aftes og der har været yderligere stigninger her til morgen i takt med at det værste ser ud til at være overstået med hensyn til CNYsvækkelsen. Valuta EUR styrkedes markant over for USD i går. Kinas tilsyneladende indtræden i den globale valutakrig førte til udskudte forventninger til Fed s renteforhøjelser, og det mindskede USD s tiltrækningskraft. Her til morgen er bevægelsen dog vendt. Det værste ser ud til at være overstået mht. CNY-svækkelsen efter centralbanken intervenerede massivt i den sidste time før kinesisk markedsluk i går til fordel for CNY, hvorved noget af gårsdagens svækkelse af CNY-spotkursen blev elimineret. Hermed kunne centralbanken her til morgen nøjes med at udmelde en referencerate for CNY over for USD som er 1,1% svagere end gårsdagens referencerate og stadig følge sin nye praksis med at lade referenceraten afspejle gårsdagens lukkekurs. Der er tale om den svageste referencerate siden august De foregående to dage er referenceraten blevet gjort svagere med i alt 3,5%. De indenlandske valutahandlere har da også her til morgen kvitteret for centralbankens indsats for at begrænse CNYsvækkelsen ved kun at lade spot-kursen svækkes marginalt i forhold til referenceraten RUB er svækket meget markant på det seneste over for både EUR og USD i takt med olieprisens fald. Den russiske økonomi er stærkt afhængig af olie- og gaseksport. Svækkelsen fortsatte i går, blandt andet fordi Kinas devaluering satte råvarepriserne under yderligere nedadgående pres. Kina er samtidig Ruslands største samhandelspartner. 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, 13. august 2015 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 11/08/15 Coloplast 3. kvartal 11/08/15 Genmab 2. kvartal 11/08/15 Pandora 2. kvartal 11/08/15 Solar 2. kvartal 12/08/15 D/S Norden 2. kvartal 12/08/15 G4S 2. kvartal 12/08/15 Spar Nord Bank 2. kvartal 12/08/15 Torm 2. kvartal 13/08/15 A.P. Møller-Mærsk 2. kvartal 13/08/15 Bang & Olufsen Årsregnskab 13/08/15 GN Store Nord 2. kvartal 14/08/15 William Demant Holding 2. kvartal Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 10/08/15 07:00 Japan Consumer Confidence Index Jul /08/15 08:30 Frankrig Bank of France Bus. Sentiment Jul /08/15 09:00 Danmark Industrial Production MoM Jun % -4.2%(r) 3.4% 10/08/15 09:00 Danmark Trade Balance ex Ships Jun 7.5B 7.8B 7.9B 6.3B 10/08/15 09:00 Danmark Current Account Balance Jun 13.5B 10.0B 15.7B(r) 10.4B 10/08/15 09:00 Danmark CPI (MoM/YoY) Jul -0.2%/0.6% -0.1%/0.7% 0.0%/0.7% -0.1%/0.7% 10/08/15 09:00 Danmark CPI EU Harmonized (MoM/YoY) Jul -0.2%/0.4% -0.2%/0.4% -0.1%/0.4% -0.1%/0.5% 10/08/15 09:30 Sverige Industrial Production (MoM/YoY) Jun 0.2%/2.6% -1.5%/-1.0% -0.3%/3.4%(r) -1.0%/1.2% 10/08/15 10:00 Norge CPI (MoM/YoY) Jul -0.1%/1.9% %/2.6% -0.1%/1.8% 10/08/15 10:00 Norge CPI Underlying (MoM/YoY) Jul 0.0%/2.6% --/2.6% 0.5%/3.2% 0.0%/2.6% 10/08/15 10:30 EMU Sentix Investor Confidence Aug /08/15 15:00 USA Fed's Lockhart Speaks 11/08/15 02:30 Kina New Yuan Loans CNY Jul 750.0B B B 11/08/15 02:30 Kina Aggregate Financing CNY Jul B B 718.8B 11/08/15 11:00 Tyskland ZEW Survey Current Situation Aug /08/15 11:00 Tyskland ZEW Survey Expectations Aug /08/15 12:00 USA NFIB Small Business Optimism Jul /08/15 14:30 USA Unit Labor Costs 2Q P 0.0% %(r) 0.5% 12/08/15 07:30 Kina Retail Sales YoY Jul 10.6% 10.4% 10.6% 10.5% 12/08/15 07:30 Kina Industrial Production YoY Jul 6.6% 6.4% 6.8% 6.0% 12/08/15 08:00 Sverige PES Unemployment Rate Jul 4.1% % 4.1% 12/08/15 10:30 UK ILO Unemployment Rate 3Mths Jun 5.6% % 5.6% 12/08/15 11:00 EMU Industrial Production (MoM/YoY) Jun -0.1%/1.7% -0.5%/ -0.4%/1.6% -0.4%/1.2% 12/08/15 13:00 USA MBA Mortgage Applications 07. Aug % 0.1% 12/08/15 16:00 USA JOLTS Job Openings Jun USA MBA Mortgage Foreclosures 2Q % USA Mortgage Delinquencies 2Q % 13/08/15 01:01 UK RICS House Price Balance Jul 42% -- 40% 13/08/15 01:50 Japan Machine Orders (MoM/YoY) Jun -4.8%/17.6% %/19.3% 13/08/15 08:00 Tyskland CPI (MoM/YoY) Jul F 0.2%/0.2% %/0.2% 13/08/15 08:45 Frankrig CPI (MoM/YoY) Jul -0.4%/0.3% %/0.3% 13/08/15 09:30 Sverige CPI (MoM/YoY) Jul -0.3%/-0.4% -0.2%/-0.3% -0.3%/-0.4% 13/08/15 09:30 Sverige CPI CPIF (MoM/YoY) Jul -0.2%/0.6% -0.2%/0.6% -0.2%/0.6% 13/08/15 13:30 EMU ECB account of the monetary policy meeting 13/08/15 14:30 USA Retail Sales Advance (MoM) Jul 0.6% 0.6% -0.3% 13/08/15 14:30 USA Retail Sales Control Group (MoM) Jul 0.5% % 13/08/15 14:30 USA Import Price Index (MoM/YoY) Jul -1.2%/-10.7% %/-10.0% 13/08/15 14:30 USA Initial Jobless Claims 08. Aug 270K K 13/08/15 15:45 USA Bloomberg Consumer Comfort 09. Aug /08/15 07:30 Frankrig GDP (QoQ/YoY) 2Q P 0.2%/1.1% %/0.8% 14/08/15 08:00 Sverige Maeklarstatistik Housing Price Data 14/08/15 08:00 Tyskland GDP (QoQ/YoY) 2Q P 0.5%/1.5% %/1.0% 14/08/15 11:00 EMU GDP (QoQ/YoY) 2Q A 0.4%/1.3% 0.3%/ 0.4%/1.0% 14/08/15 11:00 EMU CPI (MoM/YoY) Jul -0.6%/0.2% %/0.2% 14/08/15 11:00 EMU CPI Core YoY Jul F 1.0% % 14/08/15 14:30 USA PPI Final Demand (MoM/YoY) Jul 0.1%/-0.9% %/-0.7% 14/08/15 14:30 USA PPI Ex Food and Energy (MoM/YoY) Jul 0.1%/0.5% %/0.8% 14/08/15 15:15 USA Industrial Production (MoM) Jul 0.3% % 14/08/15 15:15 USA Manufacturing (SIC) Production (MoM) Jul 0.4% % 14/08/15 16:00 USA U. of Mich. Sentiment Aug P 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

4 Research disclaimers Handelsbanken Capital Markets, a division of Svenska Handelsbanken AB (publ) (collectively referred to herein as SHB ), is responsible for the preparation of research reports. SHB is regulated in Sweden by the Swedish Financial Supervisory Authority, in Norway by the Financial Supervisory Authority of Norway, in Finland by the Financial Supervisory of Finland and in Denmark by the Danish Financial Supervisory Authority. All research reports are prepared from trade and statistical services and other information that SHB considers to be reliable. SHB has not independently verified such information and does not represent that such information is true, accurate or complete. Accordingly, to the extent permitted by law, neither SHB, nor any of its directors, officers or employees, nor any other person, accept any liability whatsoever for any loss, however it arises, from any use of such research reports or its contents or otherwise arising in connection therewith. This report has not been given to the subject company, or any other external party, prior to publication to approval the accuracy of the facts presented. The subject company has not been notified of the recommendation, target price or estimate changes, as stated in this report, prior to publication. In no event will SHB or any of its affiliates, their officers, directors or employees be liable to any person for any direct, indirect, special or consequential damages arising out of any use of the information contained in the research reports, including without limitation any lost profits even if SHB is expressly advised of the possibility or likelihood of such damages. The views contained in SHB research reports are the opinions of employees of SHB and its affiliates and accurately reflect the personal views of the respective analysts at this date and are subject to change. There can be no assurance that future events will be consistent with any such opinions. Each analyst identified in this research report also certifies that the opinions expressed herein and attributed to such analyst accurately reflect his or her individual views about the companies or securities discussed in the research report. Research reports are prepared by SHB for information purposes only. The information in the research reports does not constitute a personal recommendation or personalised investment advice and such reports or opinions should not be the basis for making investment or strategic decisions. This document does not constitute or form part of any offer for sale or subscription of or solicitation of any offer to buy or subscribe for any securities nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. Past performance may not be repeated and should not be seen as an indication of future performance. The value of investments and the income from them may go down as well as up and investors may forfeit all principal originally invested. Investors are not guaranteed to make profits on investments and may lose money. Exchange rates may cause the value of overseas investments and the income arising from them to rise or fall. This research product will be updated on a regular basis. No part of SHB research reports may be reproduced or distributed to any other person without the prior written consent of SHB. The distribution of this document in certain jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Please be advised of the following important research disclosure statements: SHB employees, including analysts, receive compensation that is generated by overall firm profitability. Analyst compensation is not based on specific corporate finance or debt capital markets services. No part of analysts compensation has been, is or will be directly or indirectly related to specific recommendations or views expressed within research reports. From time to time, SHB and/or its affiliates may provide investment banking and other services, including corporate banking services and securities advice, to any of the companies mentioned in our research. We may act as adviser and/or broker to any of the companies mentioned in our research. SHB may also seek corporate finance assignments with such companies. We buy and sell securities mentioned in our research from customers on a principal basis. Accordingly, we may at any time have a long or short position in any such securities. We may also make a market in the securities of all the companies mentioned in this report. [Further information and relevant disclosures are contained within our research reports.] SHB, its affiliates, their clients, officers, directors or employees may own or have positions in securities mentioned in research reports. According to the Bank s Ethical Guidelines for the Handelsbanken Group, the board and all employees of the Bank must observe high standards of ethics in carrying out their responsibilities at the Bank, as well as other assignments. The Bank has also adopted Guidelines concerning Research which are intended to ensure the integrity and independence of research analysts and the research department, as well as to identify actual or potential conflicts of interests relating to analysts or the Bank and to resolve any such conflicts by eliminating or mitigating them and/or making such disclosures as may be appropriate. As part of its control of conflicts of interests, the Bank has introduced restrictions ( Information barriers ) on communications between the Research department and other departments of the Bank. In addition, in the Bank s organisational structure, the Research department is kept separate from the Corporate Finance department and other departments with similar remits. The Guidelines concerning Research also include regulations for how payments, bonuses and salaries may be paid out to analysts, what marketing activities an analyst may participate in, how analysts are to handle their own securities transactions and those of closely related persons, etc. In addition, there are restrictions in communications between analysts and the subject company. For full information on the Bank s ethical guidelines please see the Bank s website the bank/investor relations/corporate social responsibility/ethical guidelines. Handelsbanken has a ZERO tolerance of bribery and corruption. This is established in the Bank s Group Policy on Bribery and Corruption. The prohibition against bribery also includes the soliciting, arranging or accepting bribes intended for the employee s family, friends, associates or acquaintances. For company-specific disclosure texts, please consult the Handelsbanken Capital Markets website: When distributed in the UK Research reports are distributed in the UK by SHB. SHB is authorised by the Swedish Financial Supervisory Authority (Finansinspektionen) and the Prudential Regulation Authority and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Details about the extent of our authorisation and regulation by the Prudential Regulation Authority, and regulation by the Financial Conduct Authority are available from us on request. UK customers should note that neither the UK Financial Services Compensation Scheme for investment business nor the rules of the Financial Conduct Authority made under the UK Financial Services and Markets Act 2000 (as amended) for the protection of private customers apply to this research report and accordingly UK customers will not be protected by that scheme. This document may be distributed in the United Kingdom only to persons who are authorised or exempted persons within the meaning of the Financial Services and Markets Act 2000 (as amended) (or any order made thereunder) or (i) to persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the Order ), (ii) to high net worth entities falling within Article 49(2)(a) to (d) of the Order or (iii) to persons who are professional clients under Chapter 3 of the Financial Conduct Authority Conduct of Business Sourcebook (all such persons together being referred to as Relevant Persons ). When distributed in the United States Important Third-Party Research Disclosures: SHB and its employees are not subject to FINRA s research analyst rules which are intended to prevent conflicts of interest by, among other things, prohibiting certain compensation practices, restricting trading by analysts and restricting communications with the companies that are the subject of the research report. SHB research reports are intended for distribution in the United States solely to major U.S. institutional investors, as defined in Rule 15a-6 under the Securities Exchange Act of Each major U.S. institutional investor that receives a copy of research report by its acceptance hereof represents and agrees that it shall not distribute or provide research reports to any other person Reports regarding fixed-income products are prepared by SHB and distributed by SHB to major U.S. institutional investors under Rule 15a-6(a)(2). Reports regarding equity products are prepared by SHB and distributed in the United States by Handelsbanken Markets Securities Inc. ( HMSI ) under Rule 15a-6(a)(2). When distributed by HMSI, HMSI takes responsibility for the report. Any U.S. person receiving these research reports that desires to effect transactions in any equity product discussed within the research reports should call or write HMSI. HMSI is a FINRA Member, telephone number ( ).

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 Ronny Berg Senior 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 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