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1 28. april 2016 Macro Research Morgenmelding Handelsbanken Dagens fokus Dagens vigtigste nøgletal er nok de amerikanske BNP-tal for 1. kvartal, hvor der ventes en halvering af væksten til 0,7% q/q (annualiseret) fra 4. kvartals 1,4%. Vækstafmatningen er især blevet antydet af ISM s indeks, som har trukket noget nedad i 1. kvartal (Ise figur). Vækstnedgangen vurderes især at være foranlediget af svagere nettoeksport i 1. kvartal, mens væksten i privatforbruget ventes uændret svagt sammenlignet med 4. kvartal. Investeringerne ventes der heller ikke den store bedring i siden 4. kvartal, hvilket blev understreget af tirsdagens svage tal for ordreindgangen i marts. Dagens tyske inflationstal ventes af konsensus at vise et fald til 0,1% y/y i april fra 0,3% y/y i marts. Et større fald end ventet betyder stor chance for, at inflationen i euroområdets samlet set falder under konsensusestimatet på 0% y/y når tallet offentliggøres i morgen. EU-Kommissionen kommer med sit ESI-konjunkturbarometer i dag. Konsensus venter en lille fremgang. De øvrige spørgeskemabaserede indikatorer har ellers vist fald selvom de hårde indikatorer såsom industriproduktion og detailomsætning ikke er faldet yderligere. En stigning i ESI understøtter, at det er de hårde og ikke de bløde indikatorer, som for tiden har mest ret. Vi venter uændret dansk ledighed i april. Arbejdsmarkedet er et af de få lyspunkter i dansk økonomi for tiden, men det venter vi vil ændre sig. Dog tror vi ikke tilbagegangen kommer allerede med april-tallene. USA: ISM-indeks peger på nyt vækstfald Kilde: Macrobond Højdepunkter siden sidst Markederne: Der var aktiekursstigninger i Europa i går, og det fortsatte i USA efter centralbanken undlod at hæve renten. De amerikanske statsrenter faldt lidt efter rentemødet og er faldet yderligere her til morgen. EUR/USD har til gengæld ikke ladet sig mærke sønderligt. Her til morgen var der stor skuffelse i Japan over manglende lempelser fra Bank of Japan. Det har sendt de japanske og de fleste øvrige asiatiske aktier i kulkælderen, og har styrket JPY over for USD. Japan: Bank of Japan undlod at sænke sine rentesatser og kom heller ikke med nye kvantitative lempelser på rentemødet her til morgen. Presset på banken for at levere ny stimulans var ellers relativt stort givet den seneste tids styrkelse af JPY, det manglende inflationspres samt en svag økonomisk udvikling Industriproduktionen rebound ede pænt og mere end ventet i marts efter et styrtdyk måneden før. Til gengæld faldt inflationen, så flere af Japans mange inflationsmål nu igen er negative. USA: Fed hævede som ventet ikke renten på gårsdagens rentemøde. Der var ikke noget pressemøde, så tegn på ændret syn på pengepolitikken skulle findes i teksten i rentemeddelelsen. Den vigtigste ændring var nok, at Fed nedtonede referencen til den globale økonomiske og finansielle situation. På forrige møde udgjorde den globale økonomi og finansielle udvikling en risiko, mens der på dette møde kun stod, at Fed holder tæt øje med udviklingen. En anden ændring i forhold til forrige møde var, at arbejdsmarkedet vurderes at have forbedret sig yderligere, selvom økonomien ikke havde forbedret sig. Samlet vurderer vi, at rentemeddelelsen holder døren åben for en renteforhøjelse i juni, som dog vil kræve en gunstig udvikling i nøgletallene i den kommende måneds tid, Et enkelt medlem af FOMC, Esther George, ønskede en renteforhøjelse allerede i går, men det ønskede hun også på forrige møde. Storbritannien: BNP-væksten faldt som ventet af konsensus fra 0,6% q/q i 4. kvartal til 0,4% q/q i 1. kvartal. Usikkerhed i forbindelse med Brexitafstemningen er en vigtig parameter bag den lavere vækst, og usikkerheden vil nok trække yderligere nedad i 2. kvartal frem mod afstemningen d. 25. juni. Grækenland: Efter sammenbrud i Grækenlands forhandlinger med sine kreditorer har statsminister Tsipras anmodet euroområdets ledere om at sætte et topmøde op. De græske statsrenter steg markant, men der var ingen tegn på afsmittende effekter på de andre sydeuropæiske lande. Storbritannien: Brexit-frygt tynger BNP-vækst Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 28. april 2016 Markedskommentarer Aktier OMXC20 CAP (+0,66% / indeks 1002,30) endte gårsdagens handel med stigninger. Nogenlunde samme tendens gjorde sig gældende på de øvrige europæiske børser. Den positive stemning var godt hjulpet af stigende oliepriser. Den største høreapparatforhandler Amplifon rapporterede et stærkt regnskab for 1. kvartal. Det smittede positivt af på høreapparatselskaberne GN Store Nord (+0,60% / kurs 133,80) og William Demant (+1,94% / kurs 681,50) eftersom det tyder på at markedsforholdene kan have været gode i 1. kvartal. Amplifon er desuden forhandler af GN Store Nords høreapparater. FLSmidth (- 2,89% / kurs 258,40) fik endnu engang lidt foruroligende meldinger fra en konkurrent. Således rapporterede finske Outotec et skuffende regnskab for 1. kvartal der viste et kraftigt fald i ordreindgangen. Det indikerer, at underleverandørerne til mineindustrien fortsat har trange tider. Renter Obligationsrenterne i Tyskland og Danmark var nogenlunde uændrede i går. Derimod steg de græske statsrenter markant efter sammenbrud i Grækenlands forhandlinger med sine kreditorer og efter statsminister Tsipras anmodede euroområdets ledere om at sætte et nyt topmøde op. Der var ingen tegn på afsmittende effekter på de andre sydeuropæiske landes statsrenter. De amerikanske statsrenter fulgte en faldende tendens frem mod rentemødet i går aftes dansk tid, og faldet fortsatte efter mødet og her til morgen i den japanske handel. Fed hævede som ventet ikke renten på gårsdagens rentemøde, men holdt dog døren åben for en forhøjelse i juni. Den vigtigste ændring i ordlyden af rentemeddelelsen var nok, at Fed nedtonede referencen til den globale økonomiske og finansielle situation. På forrige møde udgjorde den globale økonomi og finansielle udvikling en risiko, mens der på dette møde kun stod, at Fed holder tæt øje med udviklingen. Valuta Der var ikke store bevægelser i går eller her til morgen i EUR over for USD. EUR/USD slog kortvarigt ud efter rentemødet i den amerikanske centralbank, Fed, i går aftes dansk tid, men fandt hurtigt tilbage. Fed holdt renten uændret som ventet, og holdt alle muligheder åbne for udfaldet på næste rentemøde i juni. Den vigtigste ændring i ordlyden af rentemeddelelsen var nok, at Fed nedtonede referencen til den globale økonomiske og finansielle situation. På forrige møde udgjorde den globale økonomi og finansielle udvikling en risiko, mens der på dette møde kun stod, at Fed holder tæt øje med udviklingen. JPY er styrket markant over for USD her til morgen efter Bank of Japan skuffende undlod at komme med nye pengepolitiske lempelser på sit rentemøde. Presset på banken for at levere ny stimulans var ellers relativt stort givet den seneste tids styrkelse af JPY, det manglende inflationspres samt en svag økonomisk udvikling 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, 28. april 2016 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 27/04/16 Royal Unibrew 1. kvartal 27/04/16 Sydbank 1.kvartal 27/04/16 Solar 1.kvartal 27/04/16 Össur 1. kvartal 27/04/16 Spar Nord 1.kvartal 27/04/16 Nordea 1.kvartal 28/04/16 Jyske Bank 1. kvartal 29/04/16 Novo Nordisk 1.kvartal 29/04/16 Danske Bank 1.kvartal 29/04/16 Vestas Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 25/04/16 08:45 EMU ECB's Constancio, Coeure, Nouy speaks /04/16 09:30 Sverige Unemployment Rate SA Mar 7.0% 7.0% 7.1% 7.2% 25/04/16 10:00 Tyskland IFO Business Climate Apr /04/16 12:00 UK CBI Business Optimism Apr /04/16 15:00 Belgien Business Confidence Apr /04/16 16:00 USA New Home Sales Mar 520k k(r) 511k 25/04/16 16:30 USA Dallas Fed Manf. Activity Apr /04/16 14:30 USA Durable Goods Orders Mar P 1.9% % 0.8% 26/04/16 14:30 USA Cap Goods Orders Nondef Ex Air Mar P 0.6% % 0.0% 26/04/16 15:00 USA S&P/CS 20 City (MoM/YoY) Feb 0.8%/5.5% %/5.75% 0.66%/5.38% 26/04/16 15:45 USA Markit US Services PMI Apr P /04/16 15:45 USA Markit US Composite PMI Apr P /04/16 16:00 USA Consumer Confidence Index Apr /04/16 16:00 USA Richmond Fed Manufact. Index Apr /04/16 18:00 Frankrig Total Jobseekers Mar k k k 27/04/16 03:30 Kina Industrial Profits (YoY) Mar % 11.1% 27/04/16 08:00 Tyskland GfK Consumer Confidence May /04/16 08:45 Frankrig Consumer Confidence Apr /04/16 09:00 Sverige Manufacturing Confidence s.a. Apr /04/16 09:00 Sverige Economic Tendency Survey Apr /04/16 10:30 UK GDP (QoQ/YoY) 1Q A 0.4%/2.0% %/2.1% 0.4%/2.1% 27/04/16 13:00 USA MBA Mortgage Applications 22. Apr % -4.1% 27/04/16 14:30 USA Advance Goods Trade Balance Mar -$62.800b -- -$62.864b -$56.9b 27/04/16 16:00 USA Pending Home Sales (MoM/YoY) Mar 0.5%/1.2% %/5.1% 1.4%/2.9% 27/04/16 20:00 USA FOMC Rate Decision (Upper Bound) 27. Apr 0.5% 0.5% 0.5% 0.5% 27/04/16 20:00 USA FOMC Rate Decision (Lower Bound) 27. Apr 0.25% 0.25% 0.25% 0.25% 28-30/4 Kina Leading Index Mar /04/16 01:30 Japan Jobless Rate Mar 3.3% % 3.2% 28/04/16 01:30 Japan Overall Household Spending YoY Mar -4.1% % -5.3% 28/04/16 01:30 Japan Natl CPI Ex Fresh Food YoY Mar -0.2% % -0.3% 28/04/16 01:50 Japan Retail Sales (MoM/YoY) Mar 0.5%/-1.4% %/0.4% 1.4%/-1.1% 28/04/16 01:50 Japan Industrial Production (MoM/YoY) Mar P 2.8%/-1.6% %/-1.2% 3.6%/0.1% 28/04/16 Japan BOJ Annual Rise in Monetary Base 28. Apr 80t -- 80t 80t 28/04/16 Japan BOJ Policy Rate 28. Apr -0.1% % -0.1% 28/04/16 08:00 UK Nationwide House (MoM/YoY) Apr 0.4%/5.0% %/5.7% 28/04/16 09:00 Danmark Unemployment Rate Gross Rate Mar % 4.3% 28/04/16 09:55 Tyskland Unemployment Claims Rate SA Apr 6.2% % 28/04/16 11:00 EMU Economic Confidence Apr /04/16 14:00 Tyskland CPI (MoM/YoY) Apr P -0.2%/0.1% %/0.3% 28/04/16 14:30 USA Initial Jobless Claims 23. Apr 260k k 28/04/16 14:30 USA GDP Annualized QoQ 1Q A 0.6% 0.9% 1.4% 28/04/16 15:45 USA Bloomberg Consumer Comfort 24. Apr /04/16 07:30 Frankrig GDP (QoQ/YoY) 1Q A 0.4%/1.0% %/1.4% 29/04/16 08:00 Tyskland Retail Sales (MoM/YoY) Mar 0.4%/2.7% %/5.4% 29/04/16 09:00 Schweiz KOF Leading Indicator Apr /04/16 11:00 EMU Unemployment Rate Mar 10.3% 10.3% 10.3% 29/04/16 11:00 EMU CPI Estimate YoY Apr 0.0% 0.0% 0.0% 29/04/16 11:00 EMU CPI Core YoY Apr A 0.9% 0.9% 1.0% 29/04/16 11:00 EMU GDP (QoQ/YoY) 1Q A 0.4%/1.4% 0.5%/-- 0.3%/1.6% 29/04/16 14:30 USA Employment Cost Index 1Q 0.6% % 29/04/16 14:30 USA Personal Spending Mar 0.2% % 29/04/16 14:30 USA PCE Core (MoM/YoY) Mar 0.1%/1.5% %/1.7% 29/04/16 15:45 USA Chicago Purchasing Manager Apr /04/16 16:00 USA U. of Mich. Sentiment Apr F 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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