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1 12. september 2016 Macro Research Morgenmelding Handelsbanken Dagens fokus Efter Fed s Rosengreens udtalelser i fredags førte til rentestigninger og massive aktiekursfald, vil der nok være stort fokus på talerne i eftrmiddag fra fx Fed s Brainard. Udover disse Fed-taler er der ikke meget på programmet på den internationale scene. Fra Danmark får vi udviklingen i forbrugerpriserne i august. Vi venter et fald i priserne over måneden på 0,2%, hvilket er en anelse lavere end konsensus, der venter uændrede priser. Faldende priser på fødevarer og charterrejser samt lavere energipriser ventes at trække ned i forbrugerpriserne over måneden. Vi venter imidlertid også en vis reversering af den meget kraftige stigning i priserne inden for restauranter og hoteller som vi så i juli, som primært kan tilskrives højere priser på leje af sommerhus. Det fald venter vi har trukket ca. 0,15%- point ud af den månedlige stigningstakt. Det gør dog vores skøn lidt usikkert, og får vi ikke ret i denne reversering, vil den månedlige stigningstakt formentlig være tættere på konsensusestimatet. Det ventede fald i forbrugerpriserne vil fastholde årsstigningstakten uændret på 0,3%. Dermed er der stadig tale om en tæt ved historisk lav inflationstakt, som fortsat medvirker til at styrke husholdningernes købekraft. I morgen tidlig kommer Kina med de månedlige aktivitetsindikatorer. Vi venter, at væksten i industriproduktionen steg i august til 6,3% y/y fra 6,0% i juli, også selvom en række industrivirksomheder holdt lukket i slutningen af august beordret af myndighederne for at mindske luftforureningen på G20-mødet. Konsensus venter en fremgang til 6,2% y/y. Stigningen er allerede blevet indikeret af de to fremstillings-pmi-indikatorer. Den officielle steg pænt i august, og Markits sprang i vejret i juli og faldt kun lidt tilbage i august (se figur). Højere industriproduktionsvækst er i tråd med vores synspunkt om, at den del af industrien, som ikke er berørt af den igangværende proces med at få nedbragt overkapaciteten i den tunge industri, faktisk klarer sig ganske pænt. Væksten i de faste investeringer bør også rette sig i august efter fire måneders fald. Nedbringelsen af overkapacitet lægger selv-sagt også en dæmper på investeringerne i bygninger, anlæg og maskiner i industrien. Men især (statslige) infrastrukturinvesterin-ger klarer sig fortsat OK. Konsensus venter et fald i væksten opgjort år-til-dato fra 8,1% y/y til 7,9%. Det svarer ifølge vores beregninger til et stort spring opad i den sædvanlige vækstrate (som ikke offentliggøres) fra 3,9% y/y til 7,0%. (se figur). Resten af ugen byder fra USA på en lang række nøgletal, hvoraf det vigtigste meget vel kan blive detailsalget for august, som vi får torsdag, samme dag som industriproduktionen kommer. Det er småt med store nøgletalsbegivenheder i euroområdet i næste uge, men vi modtager dog tal for den aggregerede industriproduktion i juli onsdag. Der er rentemøder i både Bank of England og Schweiz centralbank torsdag. Kina: Vækst i industriproduktionen bør stige Kilde: Macrobond Kina: Vækst i faste investeringer bør stige Kilde: Macrobond Højdepunkter siden sidst Markederne: Der var store fald fredag på især de amerikanske aktiemarkeder efter Fed s Rosengrens udtalelser, som genoplivede muligheden for en renteforhøjelse på rentemødet i denne måned. Faldene er fortsat på de asiatiske aktiemarkeder her til morgen. Udtalelserne sendte samtidig obligationsrenterne markant i vejret og styrkede USD generelt og dermed også over for fx EUR. USA: Fed s Rosengren advarede fredag om, at hvis man venter for længe med at hæve renten, risikerer den amerikanske økonomi at overophede og den finansielle stabilitet kan komme i fare. Rosengren har ellers længe været en af de mest dueagtige blandt Fed-folkene, og da han er stemmeberettiget i FOMC i år, er det bestemt værd at lytte, når han tilsyneladende nu er blevet fortaler for en snarlig renteforhøjelse. Tyskland: Eksporten faldt overraskende med 2,6% m/m i juli efter en stigning på 0,2% i juni. Der var ventet en stigning i juli på 0,4%. Skuffelsen er på linje med den svage udvikling i industriproduktionen, og understreger, at tysk industri og eksportsektor enten holdt tidlig sommerferie i år eller snarere, at brexit og en generel afmatning på Tysklands eksportmarkeder har lagt en dæmper på sektoren. Norge: Inflationen faldt markant i august til 3,3% y/y fra 3,7% i juli. Udfaldet var i tråd med konsensusforventningen, mens Norges Bank ventede langt lavere inflation i deres seneste prognose. Derfor tror vi heller ikke, den tidligere indikerede renteforhøjelse i denne måned bliver til noget. Det tyske eksportindustrilokomotiv er gået i stå Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 12. september 2016 Markedskommentarer Aktier Det danske ledende indeks OMXC20 CAP (- 1,46% / indeks 1.020,25) endte i et negativt territorium på ugens sidste handelsdag, Den negative stemning var primært drevet af en øget frygt for om den amerikanske centralbank (Fed)vil stramme pengepolitikken efter et centralbankmedlem talte for en snarlig renteforhøjelse. Det fik investorerne til trække følehornene en smule til sig, hvilket pressede aktiemarkederne. I bunden af indekset endte Lundbeck (-3,87% / kurs 258,60) efter medicinalselskabet fik afivst en appelsag hos EU- Domstolen. Samtidig er der også en frygt for, at Hillary Clinton vil forsøge at sænke priserne på medicin, hvia hun bliver valgt som USAs næste præsident. Sidstenævnte satte også Novo Nordisk (-2,15% / kurs 296,10) under pres i fredagens handel, mens medicinalaktien samtidig fik sænket anbefalingen af et internationalt finanshus. I den anden ende af indekset endte A.P. Møller-Mærsk (+0,99% / kurs ,00) efter et nordisk finanshus hævede kursmålet på aktien. Renter Obligationsrenterne i Tyskland og Danmark fortsatte fredag de stigninger, som startede torsdag efter ECB på rentemødet ikke kom med nye stimulanstiltag og ikke engang kom med tegn herpå. Måske stigningerne også skyldtes svagere end ventede tyske eksporttal offentliggjort fredag formiddag. Rentestigningerne tog ekstra fart fredag eftermiddag efter Fed s Rosengren advarede om, at hvis man venter for længe med at hæve renten, risikerer den amerikanske økonomi at overophede og den finansielle stabilitet kan komme i fare. Rosengren har ellers længe været en af de mest dueagtige blandt Fed-folkene, og da han er stemmeberettiget i Fed s rentekomite (FOMC) i år, er det bestemt værd at lytte, når han tilsyneladende nu er blevet fortaler for en snarlig renteforhøjelse. Både de amerikanske og de tyske og danske 10-årige statsrenter endte med at være steget omkring 6 basispunkter fredag. Valuta USD styrkedes over for de fleste valutaer, herunder over for EUR, fredag eftermiddag efter Fed s Rosengrens udtalelser, som genoplivede muligheden for en renteforhøjelse på rentemødet i denne måned. Fredag aften og her til morgen har EUR dog genvundet lidt af det tabte. Det samme gælder for JPY, som også svækkedes over for USD fredag eftermiddag men som her til morgen har genvundet noget af svækkelsen. NOK svækkedes lidt fredag morgen efter norsk inflation faldt markant i august til 3,3% y/y fra 3,7% i juli. Udfaldet var dog stort set i tråd med konsensusforventningen, mens Norges Bank ventede langt lavere inflation i deres seneste prognose. 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, 12. september 2016 Kommende begivenheder Aktiekalender, vigtige danske regnskaber D ato Selskab R egnskab Ingen væsentlige Økonomisk kalender Tid Land Indikator Periode Survey SHB Forrige Faktisk Kina Aggregate Financing CNY Aug 900.0b b Kina New Yuan Loans CNY Aug 725.0b b 12/09/16 01:50 Japan Machine Orders MoM/YoY Jul -3%/0.3% %/-0.9% 12/09/16 09:00 Danmark CPI MoM/YoY Aug 0.0%/0.5% -0.2%/0.3%& -0.1%0.3% 12/09/16 09:00 Danmark CPI EU Harmonized MoM/YoY Aug -0.1%/0.4% -0.2%/0.2% -0.1%/0.1% 12/09/16 14:05 USA Fed's Lockhart, Kashkari and Brainard Speaks 13/09/16 04:00 Kina Industrial Production YoY Aug 6.2% 6.3% 6.0% 13/09/16 04:00 Kina Retail Sales YoY Aug 10.2% % 13/09/16 04:00 Kina Fixed Assets Ex Rural YTD YoY Aug 7.9% 7.8% 8.1% 13/09/16 08:00 Tyskland CPI MoM/YoY Aug F 0%/0.4% -- 0%/0.4% 13/09/16 09:30 Sverige CPI MoM/YoY Aug %/1.2% 0.1%/1.1% 13/09/16 09:30 Sverige CPI CPIF MoM/YoY Aug %/1.5% 0.1%/1.4% 13/09/16 10:30 UK CPI MoM/YoY Aug 0.4%/0.7% %/0.6% 13/09/16 10:30 UK CPI Core YoY Aug 1.3% % 13/09/16 11:00 Tyskland ZEW Survey Current Situation Sep /09/16 11:00 Tyskland ZEW Survey Expectations Sep /09/16 12:00 USA NFIB Small Business Optimism Aug /09/16 10:30 UK ILO Unemployment Rate 3Mths Jul 4.9% % 14/09/16 11:00 EMU Industrial Production MoM/YoY Jul -0.8%/-0.7% -1.0%/' 0.6%/0.4% 14/09/16 13:00 USA MBA Mortgage Applications 09. Sep % 14/09/16 14:30 USA Import Price Index MoM/YoY Aug -0.1%/ %/-3.7% 15/09/16 09:30 Sverige Unemployment Rate SA Aug % 7.0% 15/09/16 09:30 Schweiz SNB 3-Month Libor Lower Target Range 15. Sep % -1.25% 15/09/16 09:30 Schweiz SNB 3-Month Libor Upper Target Range 15. Sep % -0.25% 15/09/16 09:30 Schweiz SNB Sight Deposit Interest Rate 01/09/ % -0.75% 15/09/16 10:30 UK Retail Sales Inc Auto Fuel MoM/YoY Aug -0.1%/5.7% %/5.9% 15/09/16 11:00 EMU CPI MoM/YoY Aug 0.1%/0.2% 0.1%/0.2% -0.6%/0.2% 15/09/16 11:00 EMU CPI Core YoY Aug F 0.8% 0.8% 0.8% 15/09/16 13:00 UK Bank of England Bank Rate 01/09/ % 0.25% 0.25% 15/09/16 13:00 UK BOE Asset Purchase Target Sep 435b 435b 435b 15/09/16 14:30 USA Retail Sales Advance MoM Aug -0.1% % 15/09/16 14:30 USA Initial Jobless Claims 10. Sep k 15/09/16 14:30 USA Retail Sales Control Group MoM Aug 0.4% % 15/09/16 14:30 USA Philadelphia Fed Business Outlook Sep /09/16 14:30 USA PPI Final Demand MoM/YoY Aug 0.1%/0.1% %/-0.2% 15/09/16 14:30 USA PPI Ex Food and Energy MoM/YoY Aug 0.1%/1.0% %/0.7% 15/09/16 14:30 USA Empire Manufacturing Sep /09/16 15:15 USA Industrial Production MoM Aug -0.2% % 15/09/16 15:15 USA Manufacturing (SIC) Production MoM Aug -0.3% % 16/09/16 14:30 USA CPI MoM/YoY Aug 0.1%/1.0% -- 0%/0.8% 16/09/16 14:30 USA CPI Ex Food and Energy MoM/YoY Aug 0.2%/2.3% %/2.2% 16/09/16 14:30 USA Real Avg Weekly Earnings YoY Aug % 16/09/16 16:00 USA U. of Mich. Sentiment Sep P /09/16 EMU EU-27 Leaders Hold Summit to Discuss Brexit in Bratislava 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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