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1 1. marts 2016 Macro Research Morgenmelding Handelsbanken Dagens fokus Dagen i dag byder på en stribe globale PMI-indeks for fremstillingssektoren for februar, og vi har allerede taget hul på nogle af dem i Asien i morges (jf. neden for). Det vigtigste bliver nok eftermiddagens ISM-indeks i USA. Efter at have været på lidt af en deroute det seneste halve år ventes indekset at stige en smule, men stadig holde sig på et temmelig nedtonet niveau på lige over 48,0 i februar. Allerede offentliggjorte regionale fremstillingsindeks fra centralbankerne i Philadelphia og New York har peget på en lille stigning, men samtidigt har et meget lavt niveau for ISM s eget ordre/færdigvarelagre tilsagt, at stigningen ikke bliver stor. Derudover har en tidligere svækkelse i USD peget på, at ISM-indekset bør have fundet en bund i denne omgang (se figur). Derudover byder USA ind med bilsalg og byggeinvesteringer. I euroområdet forventes der ikke som udgangspunkt revidering af det foreløbige PMI-fremstillingsindeks i januar, og fokus kan lige så godt være på tyske ledighedstal for februar. Derudover får vi PMI-fremstillingsindeks fra Storbritannien, Schweiz, Sverige og Norge. USA: USD peger på ISM-stabilisering Kilde: Macrobond Højdepunkter siden sidst Markederne: Aktiemarkederne blandede, hvor Europa lagde negativt ud mandag, men endte med stigning, mens USA omvendte lukkede i minus. Olieprisen steg, mens renterne satte sig en smule og EUR blev svækket. Asiens børser stiger til morgen, som reaktion på PBoC-lempelsen i går, mens svage Kina-PMI tillægges mindre betydning. Kina: Centralbanken i Kina, PBoC, nedsatte reservekravet over for de kommercielle banker med 0,5 procentpoint, så kravet for de største banker nu er 17%. Tiltaget er positivt, da det frigiver likviditet for bankerne og dermed understøtter kreditgivningen og dermed den økonomiske vækst. Tiltaget skal dog også ses i lyset af den massive kapitaludstrømning fra Kina den seneste tid. Udstrømningen er blevet imødegået af valutaintervention fra centralbankens side, og det har drænet likviditet fra pengemarkedet. PMI-fremstillingsindeksene fra Markit og NBS faldt uventet meget i februar til henholdsvis 48,0 og 49,0. Dertil skulle lægges et uventet fald i NBS s officielle serviceindeks til laveste niveau siden december 2008, som peger på, at de økonomiske svagheder breder sig til servicesektoren. Tallene kan dog være forstyrret af nytåret, som faldt i februar, som på den en side betød lukkede fabrikker, men burde også øge ferie-forbruget af serviceydelser. Så effekten var nok ikke entydig, men indeksene var en skuffelse i forhold til forventninger om at øget kreditvækst vil hjælpe på aktiviteten. Japan: PMI-fremstillingsindekset blev revideret en tand ned til 50,1 i februar, mens arbejdsløshedsraten uventet faldt til 3,2% i januar, og vi skal tilbage til 1995 for at finde en lavere ledighed. USA: Chicago PMI s fremstillingsindeks faldt mere end ventet tilbage under 50 (47.6) i februar fra forrige 55,6 og trods de store udsving de seneste måneder peger indekset på en vis stabilisering. Verserende boligsalg skuffede fælt i januar med det største fald siden 2013 dog efter en oprevideret stigning i december. Udover koldt vejr (snestorm) kan manglende udbud og højere priser forklare tilbagegangen. FOMC s vicechef Dudley udtalte, at mens han stadig tror på, at inflationen vil nå Fed s 2% s mål, var han mindre sikker en tidligere, idet usikkerheden er steget og nedsiderisikoen øget. Euroområdet: Forbrugerprisinflationen faldt i februar noget mere end ventet til -0,2% y/y fra 0,3% y/y og er dermed allerede tilbage i deflationært område. Kerneinflationen faldt samtidigt uventet meget til 0,7% y/y, og det øger presset på ECB for at levere ny stimulans på marts-rentemødet. Tyskland: De tyske forbrugere ser ud til at have fået mere mod på at forbruge henover årsskiftet. Således steg detailsalget uventet meget med 0,7% m/m i januar. Dermed er salget steget de seneste tre måneder, efter at den første grimme december-opgørelse blev bortrevideret, hvilket sidst skete for et år siden. Schweiz: Den ledende indikator fra KOF steg noget mere end ventet i februar til 102,4 fra 100,4 i januar. Det var anden måned i streg med stigning, og det bragte indekset op i det højeste niveau i syv måneder. Sverige: Modsat den fortsat meget beskedne vækst i Danmark, viste svensk BNP-vækst sig absolut fra den stærke side i 4. kvartal. Realt BNP steg således her med 1,3% q/q, hvilket stort set var på linje med vores forventning, men næsten dobbelt så højt som konsensus-forventningen. Væksten var også næsten dobbelt så høj som i 3. kvartal, og den højeste side 4. kvartal Væksten var især trukket af robust indenlandsk efterspørgsel, og vi venter at den positive udvikling fortsætter i år. Danmark: Nationalregnskabet for 4. kvartal vist en fremgang i BNP på 0,2% over kvartalet. Det var en smule stærkere end vores forventning om en flad udvikling, hvilket dog udelukkende skyldes, at lagrene ikke faldt helt så meget, som vi havde regnet med. For 2015 som helhed endte den økonomiske vækst på 1,2%. Dermed må det konstateres, at den økonomiske vækst stadig befinder sig i lidt af et sneglespor, og det er naturligvis skuffende at der ikke er mere gang i dansk økonomi. Væksten i dansk økonomi i 2015 var dog på linje med vores forventninger, og vi mener ikke der er udsigt til, at væksten bliver meget højere i år. Arbejdsløshedsraten baseret på bruttoledigheden faldt i januar til nyt laveste niveau siden 2009 på 4,4%. Kina s PMI faldt over en bred kam i februar Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 1. marts 2016 Markedskommentarer Aktier Det ledende danske OMXC20 CAP (+0,21% / indeks 994,65) sluttede ugens første handelsdag med en beskeden stigning. Det danske marked fortsatte med, at følge udviklingen i olieprisen, som steg en smule. I toppen af det danske indeks endte blandt andet A.P. Møller-Mærsk (+3,14% / kurs 9035,00). Der var ikke nogen væsentlige selskabsspecifikke nyheder som rigtigt kunne forklare stigningen. Dog steg olieprisen lidt, hvilket formentligt bidragede til den positive kursudvikling. Herudover er det på det seneste blevet offentliggjort, at cheferne for henholdsvis Mærsk Line, Mærsk Drilling og selskabets finansdirektør har købt Mærsk aktier for et mindre million beløb. Det blev tidligere på måneden offentliggjort, at Genmab (-0,18% / kurs 843,50) kommer til, at indgå i MSCI global standardindekset på gårsdagens lukkekurs, hvilket kan øge opmærksomheden om aktien. Det var dog ikke nok til at løfte aktien i gårsdagens handel. Renter Obligationsrenterne (tyske og danske statsrenter) faldt fra morgenstunden mandag, hvilket fik hjælp fra en negativ stemning på aktiemarkederne kombineret med offentliggørelsen af overraskende negativ forbrugerprisinflation i euroområdet allerede i februar. Tysk detailsalg viste en uventet stigning, hvilket måske mildnede reaktionen en smule. USA s statsrenter holdt niveauet lidt bedre end de tyske den første del af dagen, men faldt tilbage efter at Chicago PMI og verserende boligsalg skuffede, og Fed s Dudley udtalte sig lidt mindre sikkert om Fed vil nå sit 2% s inflationsmål som planlagt. Derudover forsuredes stemningen på de amerikanske aktiemarkeder. Valuta EUR blev svækket efter at forbrugerprisinflationen overraskende viste sig negativ i februar. Det betød mindre at tysk detailsalg viste en ny overraskende stigning. USD blev styrket. Det skete til trods for skuffende opgørelser af Chicago PMI samt verserende boligsalg samt efter Fed s vicechef Dudley udtrykte sig mindre sikkert om opnåelsen af Fed s inflationsmål. GBP styrkes mod EUR blandt andet hjulpet af pæne tal for realkreditaktiviteten. JPY blev styrket i sammenhæng med en overordnet negativ børsstemning i USA. Til morgen svækkes JPY en smule efter lidt bedre stemning i Asien samt. PMI-fresmtilling nedrevideres en tand, mens arbejdsløsheden uventet faldt. SEK blev styrket efter at BNP-væksten var højere end ventet i 4. kvartal 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, 1. marts 2016 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab William Demant Holding A/S Helår Royal Unibrew A/S Helår Alm Brand A/S Helår D/S Norden A/S Helår ISS A/S Helår Santa Fe Group A/S Helår NeuroSearch A/S Helår Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk :50 Japan Industrial Production (MoM/YoY) Jan P 3.2%/-3.8% %/-1.9% 3.7%/-3.8% :50 Japan Retail Sales (MoM/YoY) Jan 0.1%/0.1% %/-1.1% -1.1%/-0.1% :30 Tyskland Retail Sales (MoM/YoY) Jan 0.3%/1.8% %/2.5% 0.7%/-0.8% :00 Danmark Unemployment Rate Gross Rate Jan % 4.5% 4.4% :00 Danmark GDP (QoQ/YoY) 4Q P 0.1%/0.4% 0.0%/0.3% -0.4%/0.5% 0.2%/0.6% :00 Schweiz KOF Leading Indicator Feb (r) :30 Sverige GDP (QoQ/YoY) 4Q 0.7%/3.6% 1.4%/4.2% 1.0%/4.1%(r) 1.3%/4.5% :00 EMU CPI Estimate YoY Feb 0.0% 0.0% 0.3% -0.2% :00 EMU CPI Core YoY Feb A 0.9% 0.9% 1.0% 0.7% :45 USA Chicago Purchasing Manager Feb :00 USA Pending Home Sales (MoM/YoY) Jan 0.8%/3.9% %/3.1% -2.5%/-0.9% :30 Japan Jobless Rate Jan 3.3% % 3.2% :30 Japan Overall Household Spending YoY Jan -2.7% % -3.1% :00 Kina Manufacturing PMI Feb :00 Kina Non-manufacturing PMI Feb :45 Kina Caixin China PMI Mfg Feb :00 Japan Nikkei Japan PMI Mfg Feb F :30 USA Fed's Dudley Speaks on Economy and Policy :30 Sverige Swedbank/Silf PMI Manufacturing Feb :00 Norge Manufacturing PMI Feb :30 Schweiz PMI Manufacturing Feb :55 Tyskland Unemployment Claims Rate SA Feb 6.2% % :00 EMU Markit Eurozone Manufacturing PMI Feb F :30 UK Markit UK PMI Manufacturing SA Feb :00 EMU Unemployment Rate Jan 10.4% 10.4% 10.4% :05 EMU ECB's Lautenschlaeger Speaks in New York :45 USA Markit US Manufacturing PMI Feb F :00 USA ISM Manufacturing Feb :00 USA Construction Spending MoM Jan 0.5% % /2016 USA Wards Domestic Vehicle Sales Feb 13.80m m :45 Schweiz GDP (QoQ/YoY) 4Q 0.2%/0.1% 0.2%/ 0%/0.8% :30 EMU ECB Executive Board Member Coeure Speaks in Frankfurt :30 UK Markit/CIPS UK Construction PMI Feb :00 EMU PPI (MoM/YoY) Jan -1.1%/-3.0% %/-3.0% :00 USA MBA Mortgage Applications 26. feb % :15 USA ADP Employment Change Feb 190k k :00 USA Fed's Williams Speaks :00 Danmark Foreign Reserves Feb :00 USA U.S. Federal Reserve Releases Beige Book :45 Kina Caixin China PMI Services Feb :45 Kina Caixin China PMI Composite Feb :30 Frankrig ILO Unemployment Rate 4Q 10.5% % :00 UK Nationwide House PX (MoM/YoY) Feb 0.5%/5.0% %/4.4% :00 EMU Markit Eurozone Services PMI Feb F :00 EMU Markit Eurozone Composite PMI Feb F :30 UK Markit/CIPS UK Services PMI Feb :00 EMU Retail Sales (MoM/YoY) Jan 0.10% %/1.4% :30 USA Challenger Job Cuts YoY Feb % :30 USA Unit Labor Costs 4Q F 4.8% % :30 USA Initial Jobless Claims 27. feb k :45 USA Markit US Services PMI Feb F :45 USA Bloomberg Consumer Comfort 28. feb :00 USA ISM Non-Manf. Composite Feb :00 USA Factory Orders Jan 1.4% % :30 Tyskland Markit Germany Construction PMI Feb :30 Sverige Industrial Production (MoM/YoY) Jan 1.8%/5.7% 3.0%/5.7% -2.9%/0.3% :10 EMU Markit Eurozone Retail PMI Feb :30 USA Change in Nonfarm Payrolls Feb 195k 200k 151k :30 USA Unemployment Rate Feb 4.9% 4.9% 4.9% :30 USA Average Hourly Earnings (MoM/YoY) Feb 0.2%/2.5% /2.6% 0.5%/2.5% 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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