Morgenmelding Handelsbanken

Transkript

1 22. januar 2016 Macro Research Morgenmelding Handelsbanken Dagens fokus I USA er øjnene nok allerede så småt rettet mod næste uges FOMC-møde, og dagens nøgletal vil nok ikke have den helt store effekt på markederne. Markederne venter et begrænset fald i den foreløbige opgørelse af Markits PMI-indeks i januar. Indekset har gennem længere tid befundet sig på et højere niveau end pendanten (og det mere fulgte) ISM-indeks, som kan skyldes en mindre eksponering mod multinationale virksomheder. Vi ser dog risiko for, at Markits PMI vil være faldet mere end markedet venter, på linje med hvad vi også har set i de regionale indeks, og dermed forstærke indtrykket af en industrisektor i vanskeligheder. Salget af eksisterende boliger ventes imidlertid at være steget relativt meget i december, efter det markante dyk måneden før, som dog formentlig kunne tilskrives regelændringer, der forlænger sagsbehandlingen ved huskøb. Trods stigningen vil signalet dog fortsat være en relativt flad udvikling i aktiviteten på boligmarkedet over den seneste tid. Endelig ventes Conference Boards ledende indeks og det nationale aktivitetsindeks fra Chicago Fed at understrege en aktuel relativt svag økonomisk udvikling. Fra euroområdet får vi de foreløbige PMI-opgørelser for januar, hvor budskabet indtil videre har været at økonomien har holdt sig relativt stabilt op til udgangen af året. Budskabet fra flere af de hårde økonomiske nøgletal har imidlertid været mere skuffende, med en mere negativ udvikling i bl.a. industriproduktionen og detailsalget. Hertil kommer også den markant negative stemning som har præget de finansielle markeder i årets begyndelse, som bl.a. indikeret af det investorbaserede Sentixbarometer, formentlig har øget bekymringen om den globale økonomis styrke. På den baggrund venter vi, at den sammensatte PMI-indikator vil være faldet fra 54,3 til 53,5 i januar, hvilket er et større fald end ventet i markedet, og det svageste niveau siden februar sidste år. Det vil indikere et aftagende momentum i opsvinget. Detailsalget i UK ses i markedet at have udviklet sig negativt i december, efter den meget stærke vækst måneden før, som indikerer, at en stor del af julesalget fandt sted i forbindelse med Black Friday. Vi ser dog mulighed for en positiv overraskelse, bl.a. som følge af at Cyber Monday faldt i december i år. Detailsalget i Danmark ventes at være steget med 0,1% m/m i december, hvilket ikke just indikerer et prangende julesalg. Det skyldes at vi ser en risiko for, at en del af julegaverne blev købt i forbindelse med Black Friday i november. For det andet peger dankortomsætningen - når renset for pengeoverførsler samt at vi benytter dankortet mere og mere - på, at der kun var en beskeden fremgang i detailomsætningen. Der er dog mulighed for en positiv overraskelse, hvis tøjsalget retter sig efter en lidt afdæmpet vækst i november. EMU: Finansiel uro kan også ramme PMI Højdepunkter siden sidst Markederne: De europæiske aktiemarkeder tog godt imod ECB s signaler om at der med stor sandsynlighed er mere stimulans på vej. I USA havde aktiemarkederne også en positiv tone om end fremgangen her var mere begrænset. I Asien i har der i nat været et solidt rebound på aktiemarkederne især i Japan, og olieprisen er steget relativt kraftigt. Den fremgang kan formentlig fra morgenstunden smitte positivt af på de europæiske markeder. Obligationsrenterne i Danmark og Tyskland endte dagen lavere i især den korte ende, påvirket af meldingerne fra ECB som også førte til en svækkelse af EUR over for USD. JPY er også svækket på den øgede risikovillighed. USA: Den regionale aktivitetsindikator for fremstillingssektoren fra Philadelphia Fed steg fra -10,2 til -3,5 i januar, hvilket var bedre end ventet, men som dog stadig ikke tegner et sundt billede af tilstanden i industrisektoren. Sammen med den langt mere skuffende udvikling i pendanten fra New York området er der således fortsat en risiko for et nyt fald i det nationale ISM-indeks. Antallet af nye ledige steg fra til personer. Selvom tallet stadig er lavt i et historisk perspektiv, så har der været en opadgående tendens i udviklingen siden oktober sidste år. EMU: Den europæiske centralbank (ECB) holdt som ventet renten i ro, og annoncerede heller ikke andre nye pengepolitiske tiltag. Til gengæld åbnede ECB-chef Draghi døren op for, at der kan komme nye tiltag på det næste rentemøde i marts. Risiciene på nedsiden for både inflationen og den økonomiske udvikling blev således vurderet som at have tiltaget siden rentemødet i december. Især det seneste fald i olieprisen har medvirket til at dæmpe udsigterne for inflationen samt øget risikoen for såkaldte anden-runde effekter på andre priser og lønninger. Vi ser således en stor sandsynlighed for, at ECB vil levere ny stimulans i form af en rentenedsættelse og en justering af bankens obligationsopkøbsprogram i begyndelsen af marts, hvor det ifølge Draghi er nødvendigt at gennemgå og muligvis genoverveje graden af pengepolitisk stimulans en formulering han også brugte som opvarmning til lempelserne i december. Forbrugertilliden i euroområdet faldt fra -5,7 til -6,3, hvilket var svagere end ventet i markedet. Det peger på en svag opbremsning i privatforbruget, om end niveauet er på linje med hvad forbrugertilliden var i gennemsnit i 4. kvartal sidste år. Danmark: Forbrugertilliden faldt fra 6,1 til 4,6 i januar. Årsagen skal formentlig findes i turbulensen på de finansielle markeder samt en øget usikkerhed omkring de globale økonomiske usikkerheder. Renset for sæson faldt forbrugertilliden fra 8,5 til 3,6 det svageste niveau siden midten af Selv om der stadig er en overvægt af forbrugere der ser lysere på fremtiden, peger udviklingen alligevel på, at der er en risiko for en vis opbremsning i privatforbruget på vej ind i det nye år. USA: Industrien stadig i dybe problemer For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 22. januar 2016 Markedskommentarer Aktier OMXC20 CAP (+2,68% / indeks 948,68) endte gårsdagens handel i positivt terræn på en dag hvor den europæiske centralbank (ECB) afholdt rentemøde. ECB-chef Mario Draghi gav i den anledning udtryk for, at der kan blive annonceret nye tiltag i forbindelse med næste rentemøde i marts. I toppen af indekset endte Tryg (+7,75% / kurs 122,30) der rapporterede et regnskab der overgik markedets forventninger. Desuden annoncerede selskabet et ekstra udbytte på 3,5 kr. per aktie i tillæg til de 2,5 kr. per aktie som allerede var blevet annonceret sidste år. Ydermere, annoncerede forsikringsselskabet et aktietilbagekøbsprogram for i år på 1 mia. kr. Endelig meddelte Tryg, at de agter at gennemføre prisforhøjelser i år for, at kunne imødekomme et stigende antal skadesanmeldelser. FLSmidth (+1,76% / kurs 219,50) havde også en god dag. Selskabet meddelte desuden, at Novo Nordisk fonden har øget sin ejerandel og nu ejer styk aktier, hvilket svarer til 15,02% af den samlede nominelle aktiekapital i FLSmidth fra tidligere 10%. Uden for det ledende C20-indeks var D/S Norden (-7,81% / kurs 81,50) i fokus efter rederiet meddelte, at det nedskriver værdien af tørlastflåden med 180 mio. USD, som følge af, at det pressede tørlastmarked har medført at de potentielle salgspriser af tørlastflåden er faldet. Renter Obligationsrenterne i Danmark og Tyskland begyndte dagen med stigninger men trak langsomt nedad igen i løbet af formiddagen, hvor risikovilligheden trådte vande forud for ECB-mødet. ECB-chef Draghi slog imidlertid en meget blød tone an, og signalerede, at situationen siden december havde ændret sig så meget især som følge af den lavere oliepris og dens effekt på inflationen at bankens pengepolitik skal tages op til overvejelse på det næste rentemøde i marts. Dermed signalerede han, at der med relativt stor sandsynlighed er yderligere lempelser af pengepolitikken på vej, og det gav anledning til et dyk i obligationsrenterne i især den korte ende af kurven. Udsigten til mere stimulans fra ECB gav dog også et løft i risikovilligheden som sendte aktierne op, og det kan formentlig have begrænset rentefaldet. Stigende oliepriser kan også have dæmpet tendensen til lavere renter. Et lille fald i forbrugertilliden i euroområdet underbyggede også udsigten til mere stimulans. I USA så vi en stigning i antallet af nye ledige og mens Philly Fed steg mere end ventet, så er indtrykket stadig, at industrisektoren er presset. De amerikanske renter og olieprisen steg dog yderligere efter europæisk lukketid, og de asiatiske aktiemarkeder stiger kraftigt i nat, som formentlig kan give anledning til lidt højere renter i euroområdet fra morgenstunden Valuta EUR udviklede sig relativt roligt frem mod udmeldingerne fra ECB, men blev svækket kraftigt over for USD i kølvandet på de bløde toner fra ECB-chef Draghi. Han signalerede således, at der med stor sandsynlighed er ny stimulans på vej. I løbet af eftermiddagen og aftenen trak EUR dog lidt op igen, måske som følge af fortsatte spekulationer om at Fed vil være mindre tilbøjelig til at sætte renten op. I hvert fald steg antallet af nye ledige til det højeste niveau siden juli 2015 og selv om Philly Fed indikatoren steg mere end ventet, så peger den fortsat på at industrisektoren er presset. I løbet af i nat er EUR dog blevet svækket igen. Signalerne til ECB gav også anledning til en bedring i risikovilligheden som sendte JPY svagere over for USD. Et fald i Japans PMI for fremstillingssektoren kan også have svækket JPY noget. CNY fixingen blev holdt relativt stabil. Både NOK og SEK blev styrket over for EUR, sidstnævnte formentlig også hjulpet af stigningen i olieprisen der generelt gav lidt medvind til råvarevalutaer. 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 End 2016 Aktuelt Q Q End 2016 Aktuelt Q Q End 2016 USA EUR/USD Euroland USD/JPY UK USD/DKK Danmark EUR/DKK Sverige SEK/DKK Norge NOK/DKK

3 Morgenmelding Handelsbanken, 22. januar 2016 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 19/01/16 Novozymes A/S Helår 21/01/16 Tryg A/S Helår Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 18/01/16 01:01 UK Rightmove House Prices (MoM/YoY) Jan %/7.4% 0.5%/6.5% 18/01/16 02:30 Kina China December Property Prices 19/01/16 03:00 Kina Industrial Production YoY Dec 6.0% 6.0% 6.2% 5.9% 19/01/16 03:00 Kina Retail Sales YoY Dec 11.3% 11.3% 11.2% 11.1% 19/01/16 03:00 Kina Fixed Assets Ex Rural YTD YoY Dec 10.2% 10.3% 10.2% 10.0% 19/01/16 03:00 Kina GDP (QoQ/YoY) 4Q 1.8%/6.9% 1.9%/7.0% 1.8%/6.9% 1.6%/6.8% 19/01/16 08:00 Tyskland CPI (MoM/YoY) Dec F -0.1%/0.3% -0.1%/0.3% -0.1%/0.3% -0.1%/0.3% 19/01/16 10:30 UK CPI (MoM/YoY) Dec 0.0%/0.2% %/0.1% 0.1%/0.2% 19/01/16 10:30 UK CPI Core YoY Dec 1.2% % 1.4% 19/01/16 11:00 EMU CPI (MoM/YoY) Dec 0.0%/0.2% %/0.2% 0.0%/0.2% 19/01/16 11:00 EMU CPI Core YoY Dec F 0.9% % 0.9% 19/01/16 11:00 Tyskland ZEW Survey Current Situation Jan /01/16 11:00 Tyskland ZEW Survey Expectations Jan /01/16 16:00 USA NAHB Housing Market Index Jan (r) 60 20/01/16 Kina Foreign Direct Investment YoY CNY Dec 3.1% % -5.8% 20/01/16 08:00 Tyskland PPI (MoM/YoY) Dec -0.4%/-2.2% %/-2.5% -0.5%/-2.3% 20/01/16 10:30 UK ILO Unemployment Rate 3Mths Nov 5.2% % 5.1% 20/01/16 13:00 USA MBA Mortgage Applications 15. Jan % 9.0% 20/01/16 14:30 USA Housing Starts Dec 1200k k 1149k 20/01/16 14:30 USA Building Permits Dec 1200k k 1232k 20/01/16 14:30 USA CPI (MoM/YoY) Dec 0.0%/0.8% %/0.5% -0.1%/0.7% 20/01/16 14:30 USA CPI Ex Food and Energy (MoM/YoY) Dec 0.2%/2.1% %/2.0% 0.1%/0.7% 21/01/16 01:01 UK RICS House Price Balance Dec 50% -- 49% 50% 21/01/16 08:45 Frankrig Manufacturing Confidence Jan (r) /01/16 09:00 Danmark Consumer Confidence Indicator Jan /01/16 13:45 EMU ECB Main Refinancing Rate 21. Jan 0.05% 0.05% 0.05% 0.05% 21/01/16 13:45 EMU ECB Deposit Facility Rate 21. Jan -0.30% -0.30% -0.30% -0.30% 21/01/16 13:45 EMU ECB Marginal Lending Facility 21. Jan 0.30% 0.30% 0.30% 0.30% 21/01/16 14:30 USA Philadelphia Fed Business Outlook Jan /01/16 14:30 USA Initial Jobless Claims 16. Jan 278k k 293k 21/01/16 16:00 EMU Consumer Confidence Jan A /01/16 09:00 Danmark Retail Sales (MoM/YoY) Dec 0.3%/-- 0.1%/-- 0.2%/1.1% 22/01/16 10:00 EMU ECB Survey of Professional Forecasters 22/01/16 10:00 EMU Markit Eurozone Manufacturing PMI Jan P /01/16 10:00 EMU Markit Eurozone Services PMI Jan P /01/16 10:00 EMU Markit Eurozone Composite PMI Jan P /01/16 10:30 UK Retail Sales Inc Auto Fuel (MoM/YoY) Dec -0.3%/4.4% %/5.0% 22/01/16 10:30 UK PSNB ex Banking Groups Dec 10.5b b 22/01/16 11:00 EMU Euro Area Third Quarter Government Debt 22/01/16 11:00 EMU Euro Area Third Quarter Government Deficit 22/01/16 14:30 USA Chicago Fed Nat Activity Index Dec /01/16 15:45 USA Markit US Manufacturing PMI Jan P /01/16 16:00 USA Existing Home Sales Dec 5.20m m 22/01/16 16:00 USA Leading Index Dec -0.2% % 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 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