Morgenmelding Handelsbanken

Transkript

1 31. marts 2016 Macro Research Morgenmelding Handelsbanken Dagens fokus Dagens vigtigste nøgletal fra euroområdet er det foreløbige estimat for inflationen i marts. Vi har opjusteret vores forventninger en smule efter at de foreløbige tyske inflationstal kom højere ud end ventet og venter nu på linje med konsensus en stigning i inflationen fra -0,2% til -0,1% y/y. Stigningen skal primært tilskrives basiseffekter fra de højere energipriser, mens kerneinflationen formentlig har holdt sig stabilt lavt. Vi venter at inflationen kan stige yderligere over de kommende måneder i takt med at effekten af de lave energipriser ebber yderligere ud. Kombinationen af aftagende vækst og faldende inflationsforventninger bør dog ikke give anledning til at forvente at ECB kan begynde at slappe af. Herudover får vi detailsalgstal fra Tyskland for februar, hvor der ventes en vis moderation efter den kraftige stigning måneden før. Vi får også ledighedstal fra Tyskland der muligvis kan indikere en vis opbremsning i bedringen på arbejdsmarkedet. Fra USA får vi nyt fra arbejdsmarkedet i form af antallet af nye ledige, der efter en opadgående tendens hen over årsskiftet nu igen peger på en solid udvikling på arbejdsmarkedet. Vi venter ikke, at vi vil se tegn på svagheder i dagens opgørelse, men holder et tæt øje med denne timelige indikator for at se om den svage profitudvikling begynder at spilde over på beskæftigelsen. Herudover får vi et par regionale aktivitetsindikatorer for fremstillingssektoren, som ventes at bekræfte signalet om, at vi vil se en stigning i morgendagens nationale ISM-indeks. Endelig er der også et par Fed-talere på programmet, hvor vi se efter om der er uenighed med Fed-chef Yellens meget afdæmpede tilgang til udsigten for flere renteforhøjelser fra forleden. De reviderede BNP-tal fra Danmark ventes ikke at afvige alt for meget fra den foreløbige opgørelse, der viste en afdæmpet vækst på 0,2% q/q i 4. kvartal sidste år. I nat får vi PMI-tal for fremstillingssektoren fra Kina. Markederne forventer stigninger i både den officielle og Markits PMI-opgørelse på 0,5 i marts. Baseret på udviklingen i konjunkturindikatoren fra MNI ser vi dog en risiko på nedsiden i forhold til konsensus. En stigning i PMI-indeksene vil sammen med en forbedring i de hårde indikatorer vil sandsynligvis dæmpe frygten for, at økonomien står på kanten af kollaps. Modsat vil fortsat svage tal nu hvor nytåret er overstået og vi igen får mere retvisende data fra Kina, være et signal om, at de mange lempelser af den økonomiske politik indtil nu, ikke har været nok til at stoppe opbremsningen. Kina: MNI-indikator peger på risiko for PMI-fald Højdepunkter siden sidst Markederne: De europæiske aktiemarkeder steg pænt som reaktion på de dueagtige signaler fra Fed-chef Yellen forleden. Den positive stemning fortsatte også på de amerikanske aktiemarkeder om end i lidt mindre omfang, og stemningen på de asiatiske markeder har været mere blandede i nat. Obligationsrenterne i Danmark og Tyskland steg lidt, mens EUR blev styrket en smule yderligere over for USD. Olieprisen er faldet ganske betydeligt igen efter ellers at være steget i løbet af dagen i går. USA: Antallet af ansøgninger om realkreditlån faldt for 3. uge i træk, trukket ned af ansøgninger om refinansiering, som nu ligger 11% lavere end i samme periode sidste år. Dermed ser det ud til at effekten af de lavere renter på muligheden for at lægge sine lån om muligvis er aftagende, og at der derfor ikke i samme grad kan findes støtte til privatforbruget den vej rundt. Til gengæld sender arbejdsmarkedet fortsat stærke signaler, med en stigning i ADP-beskæftigelsen på personer i marts. Det var tæt på forventningerne, og vil formentlig ikke ændre meget ved markedernes syn på fredagens vigtige arbejdsmarkedsrapport. Fed s Evans indikerer at to renteforhøjelser i år efter hans vurdering er passende, og at juni ser ud til at være det mest oplagte tidspunkt for at effektuere den næste, om end han udtrykte fortsat bekymring for om Fed vil nå sit mål om at få inflationen op på 2%. Euroområdet: EU-Kommissionens økonomiske barometer (ESI) faldt fra 103,9 til 103,0 i marts. Både forbrugertilliden samt stemningen i industri- og servicesektoren faldt. Barometret indikerer en opbremsning i den økonomiske vækst til lige over 1% i 1. kvartal i år. Ser man på forventningsindeksene peger de endvidere på risikoen for yderligere opbremsning i den kommende tid. På landeplan så vi et lille fald i det tyske ESI, men både Frankrig og Italien oplevede større tilbagegang, som indikerer at opsvingene i disse lande har svært ved at finde fodfæste. Endvidere så faldt inflationsforventningerne igen i marts, som indikerer at risikoen for deflation stadig er til stede. Tyskland: Den foreløbige opgørelse af forbrugerpriserne viste en stigning i inflationen fra -0,2% til 0,1% i marts, hvilket var mere end ventet. Både energi- og fødevarepriser bidrog til stigningen, mens kerneinflationen nok holdt sig relativt svag. UK: Forbrugertilliden var uændret 0 i marts, hvilket var bedre end ventet, og som ikke indikerer øget usikkerhed forud for Brexit-afstemningen i juni Norge: Ledigheden i henhold til arbejdskraftundersøgelsen steg fra opreviderede 4,6% til 4,8% i januar, hvilket var mere end ventet. Vi ser en betydelig risiko for at arbejdsmarkedet vil udvikle sig svagere end hvad Norges Bank forventer. Danmark: Industriens konjunkturbarometer steg fra -7 til -5 i marts, men har overordnet udviklet sig fladt over det seneste halve års tid. Stemningen i servicesektoren faldt svagt fra 9 til 8, og peger dermed heller ikke på yderligere acceleration. Stemningen i byggesektoren fortsatte dog den stigende tendens vi har set gennem det seneste års tid. Mest bekymrende var det dog, at beskæftigelsesforventningerne i den store servicesektor faldt til det laveste niveau siden september EMU: Tegn på aftagende vækst For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 31. marts 2016 Markedskommentarer Aktier Det ledende danske indeks OMXC20 CAP (+1,29% / indeks 1003,88) sluttede gårsdagens handel i positivt terræn. Den positive stemning var drevet af at chefen for den amerikanske centralbank Janet Yellen i en tale aftenen forinden indikerede, at centralbanken kommer til, at stramme pengepolitikken i et langsommere tempo end hvad centralbanken tidligere har indikeret. I toppen af det ledende danske indeks endte blandt andet Vestas (+2,60% / kurs 270,20) på trods af negativ omtale i Børsen, hvor det blev fremhævet at de tyske skattemyndigheder har ransaget vindmølleproducentens kontorer i Tyskland, da man mistænker selskabet for skatteunddragelse. Det er dog efterfølgende blevet afvist af Vestas selv. FLSmidth (+2,81% / kurs 278,50) havde også en god dag ligesom de øvrige råvarerelaterede aktier i Europa. Uden for det ledende danske C20 indeks havde Exiqon (+37,8% / kurs 17,50) en god dag, eftersom det hollandske selskab Qiagen aftenen forinden efter børsluk gav et bud på selskabet. Budprisen var på 18 kr. pr. aktie, hvilket var en præmie på omkring 40% til lukkekursen den foregående dag. Renter Obligationsrenterne i Danmark og Tyskland lagde fra morgenstunden ud med fald som en reaktion på den foregående aftens dueagtige meldinger om udsigten til renteforhøjelser fra Fed-chef Yellen. Renterne trak dog i vejret igen i løbet af morgenen efter at foreløbige inflationstal fra de tyske delstater pegede på at tysk inflation ville overraske på opsiden hvilket tilfældet også blev. Stigende oliepriser samt øget risikoappetit på aktiemarkederne har formentlig også medvirket til at renterne vendte rundt. Et svagt udfald af EU- Kommissionens økonomiske barometer bremsede midlertidigt tendensen til rentestigninger, men en fornuftig udvikling i ADPbeskæftigelsen fra USA fastholdt dog renterne på et højere niveau. Efter at være steget i løbet af dagen faldt oliepriserne dog kraftigt tilbage igen i løbet af i går eftermiddags i kølvandet på friske tal der viste en stigning i de amerikanske olielagre for 7. uge i træk, og det trak lidt ned i renterne op imod lukketid. For dagen som helhed endte renterne i både Danmark og Tyskland dog højere, men vi kan muligvis se rentefald fra morgenstunden herhjemme som følge af de lavere oliepriser. Valuta EUR fortsatte fra morgenstunden den stærkere tendens over for USD som Fed-chef Yellens dueagtige meldinger om udsigten til renteforhøjelser skød i gang aftenen forinden. Større stigninger end ventet de foreløbige inflationstal fra de tyske delstater kan formentlig også have bidraget til at trække op i den fælles valuta. Et fald i det økonomiske barometer for euroområdet bremsede dog EURstyrkelsen, og et fornuftigt udfald ad ADPbeskæftigelsen i USA lagde formentlig også en dæmper på udviklingen. EUR ligger dog her til morgen stadig en smule stærkere over for USD i forhold til i går morges. JPY blev svækket over for USD i løbet af formiddagen i går, men er efterfølgende igen blevet styrket. 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, 31. marts 2016 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Ingen væsentlige Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 28/03/16 14:30 USA Personal Spending Feb 0.1% % 0.1% 28/03/16 14:30 USA PCE Core MoM/YoY Feb 0.2%/1.8% %/1.7% 0.1%/1.7% 28/03/16 16:00 USA Pending Home Sales MoM Feb 1.5% % 3.5% 28/03/16 16:30 USA Dallas Fed Manf. Activity Mar /03/16 10:00 EMU M3 Money Supply YoY Feb 5.0% % 5.0% 29/03/16 11:15 USA Fed's Williams Speaks in Singapore 29/03/16 15:00 USA S&P/CS 20 City MoM SA Jan 0.7% % 0.8% 29/03/16 16:00 USA Consumer Confidence Index Mar % 30/03/16 01:50 Japan Industrial Production MoM/YoY Feb P -5.9%/-1.7% %/-3.8% -6.2%/-1.5% 30/03/16 09:00 Schweiz KOF Leading Indicator Mar /03/16 10:00 Norge Unemployment Rate AKU Jan 4.5% 4.5% 4.6% 4.8% 30/03/16 11:00 EMU Economic Confidence Mar /03/16 13:00 USA MBA Mortgage Applications 25. Mar % -1.0% 30/03/16 14:00 Tyskland CPI EU Harmonized MoM/YoY Mar P 0.7%/0.0% %/-0.2% 0.8%/0.1% 30/03/16 14:15 USA ADP Employment Change Mar 195k k(r) 200k 30/03/16 19:00 USA Fed's Evans Speaks 31/03/16 01:05 UK GfK Consumer Confidence Mar /03/16 08:00 Tyskland Retail Sales MoM/YoY Feb 0.4%/2.2% %/-0.8% 31/03/16 09:00 Danmark GDP QoQ/YoY 4Q F 0.2%/0.6% 0.2%/0.6% 0.2%/0.6% 31/03/16 09:55 Tyskland Unemployment Claims Rate SA Mar 6.2% % 31/03/16 10:00 Norge Retail Sales W/Auto Fuel (MoM) Feb -0.2% -0.5% 0.9% 31/03/16 10:30 UK GDP QoQ/YoY 4Q F 0.5%/1.9% %/1.9% 31/03/16 11:00 EMU CPI Estimate YoY Mar -0.1% 0.0% -0.2% 31/03/16 11:00 EMU CPI Core YoY Mar A 0.9% % 31/03/16 13:30 USA Challenger Job Cuts YoY Mar % 31/03/16 14:30 USA Initial Jobless Claims 26. Mar 265k k 31/03/16 14:30 USA Continuing Claims 19. Mar 2194k k 31/03/16 15:00 USA ISM Milwaukee Mar /03/16 15:30 USA Fed's Evans Speaks 31/03/16 15:45 USA Chicago Purchasing Manager Mar /03/16 15:45 USA Bloomberg Consumer Comfort 27. Mar /03/16 23:00 USA Fed's Dudley Speaks 01/04/16 01:50 Japan Tankan Large Mfg Index 1Q /04/16 03:00 Kina Manufacturing PMI Mar /04/16 03:00 Kina Non-manufacturing PMI Mar /04/16 03:45 Kina Caixin China PMI Mfg Mar /04/16 08:30 Sverige Swedbank/Silf PMI Manufacturing Mar /04/16 09:00 Norge Manufacturing PMI Mar /04/16 09:30 Schweiz PMI Manufacturing Mar /04/16 09:15 Spanien Markit Spain Manufacturing PMI Mar /04/16 09:45 Italien Markit/ADACI Italy Manufacturing PMI Mar /04/16 10:00 EMU Markit Eurozone Manufacturing PMI Mar F /04/16 10:30 UK Markit UK PMI Manufacturing SA Mar /04/16 11:00 EMU Unemployment Rate Feb 10.3% % 01/04/16 11:00 Danmark Danish PMI Survey Mar /04/16 14:30 USA Change in Nonfarm Payrolls Mar 205k k 01/04/16 14:30 USA Unemployment Rate Mar 4.9% % 01/04/16 14:30 USA Average Hourly Earnings MoM/YoY Mar 0.2% %/2.2% 01/04/16 15:45 USA Markit US Manufacturing PMI Mar F /04/16 16:00 USA ISM Manufacturing Mar /04/16 16:00 USA U. of Mich. Sentiment Mar F /04/16 18:00 USA Fed's Mester Speaks in New York 01/04/16 USA Wards Domestic Vehicle Sales Mar 13.80m m 01/04/16 USA Wards Total Vehicle Sales Mar 17.5m m 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 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 Lars Henriksson Foreign Exchange Strategist 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