Morgenmelding Handelsbanken Danmark 7. marts 2012

Transkript

1 Morgenmelding Handelsbanken Danmark 7. marts 2012 Vigtigste begivenheder Markederne: Stemningen på aktiemarkederne forsures og der sker store kursfald tirsdag, især i Europa som viser største fald siden slut november. Det var ellers en stille dag mht. økonomiske begivenheder. Renterne følger med sydover og JPY og USD styrkes og råvarepriserne falder. Asien fortsætter den negative stemning, men de amerikanske aktiefutures peger lidt op til morgen. EMU: BNP-væksten blev som ventet bekræftet på -0,3% k/k i 4. kvartal. Grækenland: Grækenland advarer om at der ikke vil være midler til at betale forpligtelser til investorer der ikke deltager i gældsombytning. Dagen i dag byder på ADP-beskæftigelsesopgørelse fra USA, hvorfra der også kommer realkreditansøgninger. Ellers vil der fortsat være fokus på græsk gældsombytning samt lidt fokus på tyske fabriksordrer. Dagens vigtigste begivenheder Højdepunkter siden sidst Tirsdagen var meget fattig på vigtige økonomiske nøgletal, men vi modtog dog den reviderede BNP-opgørelse for 4. kvartal i euroområdet. Det blev som ventet bekræftet at væksten at BNP faldt med 0,3% fra 3. kvartal. Ikke desto mindre var det da interessant, at se underkomponenterne i regnskabet, som viste et større end ventet fald i privatforbrug og i faste investeringer. Eksporten faldt også, men blev overgået af et endnu større fald i importen Nettoeksporten bidrog således positivt til BNP-væksten med 0,5%-point, hvilket er en svag baggrund da det blot understreger den svage indenlandske efterspørgsel. Selvom der har været visse stabiliseringstegn i konjunkturbarometrene de seneste par Tysk industri ventes at stabilisere sig efter nedtur faste priser, Indeks (2005=100) Industriproduktion Nye ordrer Source: Reuters EcoWin Dagen i dag byder på lidt mere interessant økonomiske begivenheder end i går, men man må stadig sige at torsdag og fredag på papiret er mere interessante. Fra USA modtager vi i dag et nyt fingerpeg om situationen på arbejdsmarkedet, da den alternative beskæftigelsesopgørelse fra ADP for februar offentliggøres. ADPopgørelsen har ligesom de mere officielle tal peget på stærk vækst i beskæftigelsen gennem de seneste måneder. Som altid skal man dog passe på med at tillægge opgørelsen alt for stor vægt, da ADP eksempelvis pegede den modsatte vej i beskæftigelsesfremgangen i forhold til arbejdsmarkedsrapporten. Det er dog klart, at en vækst på lige over personer i den private beskæftigelse som der ventes i februaropgørelsen, ville være et kærkomment signal fra arbejdsmarkedet. Usikkerheden omkring tallet er dog stor, ikke mindst fordi vi også får den årlige revision af tallene. Der kan eventuelt være en lille smule opmærksomhed på realkreditansøgningerne for sidste uge i USA. Disse faldt endnu en gang i forrige uge, men det skyldtes fald i refinansieringer, mens ansøgninger i forbindelse med boligkøb steg med det meste i seks uger, hvilket dog kun løftede dem en smule bort fra niveauet tæt på bundrekord i nyere tid (siden 1996). Det understreger, at boligomsætningen fortsat er under pres (især på nybyggede boliger). Derudover kan der komme en smule fokus på tyske fabriksordrer for januar, især efter at industrien har været noget på hælene i slutningen af 2011, hvor industriproduktionen i december udviste et chok-fald, der ikke er set større siden finanskrisens højdepunkt i januar Fabriksordrerne har sammen med PMI-indekset dog tegnet et billede af en stabilisering på det sidste, om end der bestemt ikke har været tale et decideret vendingstegn (se dagens figur). Således ventes væksten i fabriksordrerne at falde lidt tilbage igen i januar, men dog stadig være stigende. Endelig vil der fortsat være fokus på nyheder og rygter i forbindelse med det videre forløb i den græske gældsombytning (PSI), selvom vi sandsynligvis må vente helt til fredag for at få det endelige resultat at vide. Dog kan mangel på succes eventuelt vise sig før så intet nyt er som udgangspunkt godt nyt. måneder pegede BNP-tallenes bredt baserede fald altså fortsat på svagheder i 1. kvartal. I Grækenland nærmer deadline (i morgen) for gældsombytningen sig, og det er tydeligt at nervøsiteten er stigende om hvorvidt den ønskede deltagelse på 90% af de private investorer kommer i mål, og det kan kaldes en succes. Der fremkom nye rygter om en mulig udskydelse af deadline, rygter der dog senere blev afvist. Derudover fremkom det græske offentlige gældsadministrationskontor (Public Debt Management Agency) i går med en advarsel/trussel om, at landets økonomiske program ikke indeholder midler til at fortsætte betalinger til private kreditorer som ikke deltager i gældsombytningen Faste priser, Indeks (2005=100) Analytikere: Jes Asmussen, , jeas01@handelsbanken.dk, Rasmus Gudum, , ragu02@handelsbanken.dk, Thomas Haugaard, , thje01@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.

2 Markedskommentarer Aktier OMXC20 (-2,50% / indeks 443,68) og OMXC (- 2,44% / indeks 368,87) endte begge i negativt territorium grundet øget nervøsitet om hvorvidt det lykkedes Grækenland at få en aftale på plads mellem staten af de private investorer inden fredag. I bunden af indekset endte Vestas (-5,92% / kurs 54,05) efter rygter om, at det japanske selskab Mitsubishi Heavy Industries meget vel vil kunne overhale Vestas med udviklingen af en vindmølle på 7,0 MW. Andre industritunge aktier som FLSmidth & Co. (-4,88% / kurs 415,20) og A.P. Møller-Mærsk (-3,82% / kurs ,00) oplevede massive kursfald grundet fornyet frygt blandt investorerne. Samme tendens sås hos samtlige banker, som var yderst presset, hvor Danske Bank (-4,62% / kurs 93,00), Sydbank (- 4,25% / kurs 101,50) og Nordea (-4,01% / kurs 51,40) alle endte i negativt territorium. Regnskabsaktuelle Topdanmark (-1,01% / kurs 928,00), fremlagde et årsregnskab for 2011, hvor resultatet på mio. kr. var bedre end ventet. Dette var især på grund et fjerde kvartal, hvor indtjeningen endte med et plus på 350 mio. kr. mod forventede 300 mio. kr. I den anden ende af indekset endte Carlsberg (+0,00% / kurs 450,80) som den eneste aktie i eliteindekset uden noget kursfald efter meddelelsen om, at de vil afnotere deres russiske bryggeri Baltika, uanset hvad resultatet bliver af det ventede frivillige indløsningstilbud til Baltikas ørige aktionærer. Renter Tirsdag var på forhånd udset til at blive en stille dag på finansmarkederne i mangel på rigtig vigtige økonomiske begivenheder. Ikke desto mindre var der tale om en negativ præget stemning, som gav sig til udtryk i faldende aktiekurser og faldende obligationsrenter i sikre nationer som USA, Tyskland og Danmark. Den mere negative stemning hentede sandsynligvis inspiration fra usikkerheden om succesen i den græske gældsombytning i denne uge, hvor spekulationerne om resultatet er mange, herunder om det ender ud i en ufrivillig restrukturering af græsk gæld. At den negative stemning hentede input fra gældskrisen kunne blandt andet aflæses i at spanske og italienske renter trak opad og dermed udvidede spændet til Tyskland. Derudover modtog vi en revision af BNP-væksten i euroområdet i 4. kvartal sidste år. Selvom revisionen fastholdt den negative vækst på 0,3% k/k, gav de medfølgende detaljer om underkomponenterne ikke umiddelbart anledning til øget optimisme fremadrettet. Tirsdagens stor fald på aktiemarkederne betød risk-off -dag på valutamarkederne, som ellers ikke modtog de store nye økonomiske input. Således synes især bekymringerne om Grækenland og den igangværende gældsombytningsproces at have betydning, og EUR blev svækket pænt. Således florerede der rygter om at PSI-deltagelsesgraden vil vise sig lavere end de nødvendige 75% og langt lavere end målet på 90%. Der var dog lidt økonomisk nyt i form af en mere detaljeret opgørelse af euroområdets BNP-vækst for 4. kvartal Den gav ikke umiddelbart anledning til fortrøstning om at regionen kan holde sig fri af recession, da rapporten viste et bredt baseret fald. Den øgede risikoaversion indebar samtidigt øget efterspørgsel efter JPY og USD som begge blev styrket pænt især mod EUR. EUR/JPY-krydset viste således største fald i fire måneder. GBP blev også svækket, hvilket desuden kunne hente inspiration fra lidt svage nøgletal, herunder en rapport der uventet viste faldende huspriser i februar. Dagens finansielle nøgletal Handelsbankens finansielle forventninger Aktier Aktu elt %-Æ ndring Aktuelt Æ ndring OMXC USD/JPY Stoxx EUR/USD FTSE EUR/DKK Dow Jones USD/DKK Nasdaq SEK/DKK Brasil NOK/DKK Hang Seng CHF/DKK Nikkei GBP/DKK årige renter Råvarer Aktu elt Æ ndring Aktuelt Æ ndring USA CRB EUR Brent oil (1Mf) DKK Gold (spot) Pengemarkedsr enter EURIBOR3M 0.92 CHF3M 0.09 CIBOR3M 0.99 EURIBOR6M 1.23 CHF6M 0.15 CIBOR6M 1.25 Alle tal er opgjort kl. 7:30 i dag med ændringer fra foregående handelsdag kl. 7:30 Vi forventer, at ECB vil holde renten i ro på 1,00%, men vil dog ikke udelukke yderligere rentenedsættelser, skulle den økonomiske situation tilsige det. Nationalbanken forventes at følge ECB på helt kort sigt, dog med mulighed for yderligere negativ spændudvidelse. Spændet ventes dog igen positvt på 12-måneders sigt. Det er dog usikkert og afhænger i høj grad af udviklingen i DKK. Vi forventer, at Federal Reserve holder pengepolitikken uændret lempelig frem til i hvert fald slutningen af 2014, med en vis sandsynlighed for at en ny omgang kvantitative lempelser (QE3) kan blive aktuel. EUR er under pres fra en lempeligere pengepolitik samt den fortsatte usikkerhed i forbindelse med gældskrisen i euroområdet. Så mens der stadig er en trussel for USD fra den uafklarede situation og den politiske uenighed i forbindelse med udformningen af finanspolitikken, så venter vi generelt en stærkere USD over for EUR på 12 måneders sigt. NOK og SEK ses at kunne blive styrket en smule yderligere på kort sigt, men ventes svækket over de kommende 12 måneder som følge af en fortsat mere lempelig retning i pengepolitikken. Officielle renter 10-årig statsoblig ationer Aktuelt +3 mdr. +6 mdr. +12 mdr. Aktuelt +3 mdr. +6 mdr. +12 mdr. Aktuelt +3 mdr. +6 mdr. +12 mdr. USA EUR/USD Euroland USD/JPY Japan USD/DKK Danmark EUR/DKK Sverige SEK/DKK Norge NOK/DKK marts

3 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 06/03/12 Topdanmark A/S Y 07/03/12 Boconcept Holding A/S-B Q3 07/03/12 D/S Norden Y 07/03/12 Genmab A/S Y 08/03/12 Bavarian Nordic A/S Y Økonomisk kalender Dato Tid Land Indikato r Periode Survey SH B Forrige F aktisk 05/03/12 09:45 Italien PMI Services FEB /03/12 10:00 EMU PMI Composite FEB F /03/12 10:00 EMU PMI Services FEB F /03/12 10:30 UK PMI Services FEB /03/12 10:30 EMU Sentix Investor Confidenc e MAR /03/12 11:00 EMU Euro-Zone Retail Sales (MoM/YoY) JAN -0.1%/-1.6% %/-1.6% 0.3%/0.0% 05/03/12 16:00 USA ISM Non-Manf. Composite FEB /03/12 16:00 USA Factory Orders JAN -0.9% %(r) -1.0% 06/03/12 11:00 EMU Euro-Zone GDP s.a. (QoQ/YoY) 4Q P -0.3%/0.7% -0.3%/0.7% -0.3%/0.7% -0.3%/0.7% 07/03/12 09:00 Danmark Industrial Production (MoM) JAN % 5.6% 07/03/12 12:00 Tyskland Factory Orders (MoM/YoY) JAN 0.6%/-1.8% %/0.0% 07/03/12 13:00 USA MBA Mortgage Applications 02. Mar % 07/03/12 14:15 USA ADP Employment Change FEB 200K K 07/03/12 14:30 USA Nonfarm Productivity 4Q F 0.8% % 07/03/12 14:30 USA Unit Labor Costs 4Q F 1.2% % 07/03/12 USA Revisions: ADP national Employment Report 08/03/12 00:50 Japan Gross Domestic Product (QoQ/annualized) 4Q F -0.2%/-0.6% %/-2.3% 08/03/12 00:50 Japan Trade Balance - BOP Basis JAN B B 08/03/12 09:15 Schweiz CPI (MoM/YoY) FEB 0.2%/-1.0% %/-0.8% 08/03/12 12:00 Tyskland Industrial Production (MoM/YoY) JAN 0.9%/0.6% %/0.9% 08/03/12 13:00 UK BOE Asset Purchase Target MAR 325B 325B 325B 08/03/12 13:00 UK Rentebeslutning, Bank of England 0.5% 0.5% 0.5% 08/03/12 13:30 USA Challenger Job Cuts (YoY) FEB % 08/03/12 13:45 EMU Rentebeslutning, ECB 1.0% 1.0% 1.0% 08/03/12 14:30 USA Initial Jobless Claims 03. Mar K 08/03/12 14:30 USA Continuing Claims 25. Feb K 08/03/12 15:45 USA Bloomberg Consumer Comfort 04. Mar /03/12 00:50 Japan Japan Money Stock M3 (YoY) FEB 2.6% % 09/03/12 02:30 Kina Consumer Price Index (YoY) FEB 3.4% % 09/03/12 06:30 Kina Industrial Production (YoY) FEB 12.4% % 09/03/12 06:30 Kina Fixed Assets Inv Excl. Rural YTD (YoY) FEB 19.5% % 09/03/12 06:30 Kina Retail Sales (YoY) FEB 17.3% % 09/03/12 08:00 Kina Consumer Price Index (MoM/YoY) FEB F 0.7%/2.3% %/2.3% 09/03/12 08:00 Kina CPI - EU Harmonised (MoM/YoY) FEB F 0.9%/2.5% %/2.5% 09/03/12 09:00 Tyskland Exports/Imports SA (MoM) JAN 1.5%/1.2% %/-3.9% 09/03/12 10:30 UK Industrial Production (MoM/YoY) JAN 0.4%/-3.1% %/-3.3% 09/03/12 14:30 USA Trade Balance JAN -$49.0B - - -$48.8B 09/03/12 14:30 USA Ændring i Nonfarm Payrolls FEB 206K 175K 243K 09/03/12 14:30 USA Ændring i Private Payrolls FEB 215K 190K 257K 09/03/12 14:30 USA Arbejdsløshedsrate FEB 8.3% 8.3% 8.3% 09/03/12 16:00 USA Wholesale Inventories JAN 0.6% % 7. marts

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. All research reports are prepared from trade and statistical services and other information which 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, accepts any liability whatsoever for any loss howsoever arising 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. Any opinions expressed are the opinions of employees of SHB and its affiliates and reflect their judgment at this date and are subject to change, and there can be no assurance that future events will be consistent with any such opinions. The information in the research reports does not constitute a personal recommendation or personalized investment advice. Reliance should not be placed on such reports or opinions expressed therein when making investment or strategic decisions. SHB, its affiliates, their clients, officers, directors or employees own or have positions in securities mentioned in research reports. SHB and/or its affiliates provide investment banking and noninvestment banking financial services, including corporate banking services; and, securities advice to issuers of securities mentioned in research reports. 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. 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. Distribution of our research in any such other jurisdictions may constitute a violation of UK or US securities laws, or the law of any such other jurisdiction. No part of SHB research reports may be reproduced or distributed to any other person without the prior written consent of SHB. Research reports are distributed in the UK by SHB. SHB is authorised by the Swedish Financial Supervisory Authority (Finansinspektionen), and authorised and subject to limited regulation by the UK Financial Services Authority. Details about the extent of our authorisation and regulation by the UK Financial Services Authority are available from us on request. From time to time, we may offer investment banking and other services 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. We buy and sell the 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 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.] 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 FSA Conduct of Business Sourcebook (all such persons together being referred to as Relevant Persons ). The research reports are directed only at Relevant Persons, other persons should not act or rely on such reports or any of their contents. UK customers should note that SHB does not participate in the UK Financial Services Compensation Scheme for investment business and accordingly UK customers will not be protected by that scheme. SHB employees, including analysts, receive compensation that is generated by overall firm profitability. The views contained in SHB research reports accurately reflect the personal views of the respective analysts, and no part of analysts compensation is directly or indirectly related to specific recommendations or views expressed within research reports. For specific analyst certification, please contact Robert Gärtner on tel In the United Kingdom SHB is regulated by the Financial Services Authority but recipients should note that neither the UK Financial Services Compensation Scheme nor the rules of the FSA made under the UK Financial Services and Markets Act 2000 for the protection of private customers apply to this research report. When Distributed in the United States Important Third-Party Research Disclosures: Research reports are prepared by SHB for information purposes only. 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). Each analyst identified in this research report 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, and that no part of such analyst s compensation has been or will be related, directly or indirectly, to specific recommendations or views expressed in this research report. 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). 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 For company-specific disclosure texts, please consult the Handelsbanken Capital Markets website: Those wishing to see the disclosure text who do not have the access to the website, please contact Robert Gärtner on tel Please be advised of the following important research disclosure statements: 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 Supervision of Finland and in Denmark by the Danish Financial Supervisory Authority. SHB has recently had, currently has, or will be seeking corporate finance assignments with the subject company. 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 to ensure the integrity and independence of research analysts and the research department, as well as to identify, eliminate, avoid, deal with, or make public actual or potential conflicts of interests relating to analysts or the Bank. As part of its control of conflicts of interests, the Bank has introduced restrictions ( Chinese walls ) in communication 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 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 and guidelines on conflicts of interests relating to analysts, please see the Bank s website the bank/investor relations/corporate social responsibility/ethical guidelines or Guidelines for research. 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.

5 Contact information Capital Markets Michael Green Head Per Elcar Global co-head of Equities Björn Linden Global co-head of Equities Jan Häggström Head of Economic Research and Chief Economist, SHB Magnus Fageräng Head of Structured Products Peter Karlsson Head of Equity & Credit Research Debt Capital Markets Tony Lindlöf Head of Debt Capital Markets Kjell Arvidsson Head of Loans Per Jäderberg Head of Structured Finance Måns Niklasson Head of Acquisition Finance Ulf Stejmar Head of Corporate Bonds Economic Research Jan Häggström Head of Economic Research Sweden Petter Lundvik USA, Special Analysis Gunnar Tersman Eastern Europe, Emerging Markets Helena Trygg Japan, United Kingdom Anders Brunstedt Swedish Economy Eva Dorenius Web Editor Fixed Income, Foreign Exchange & Commodities Carl Cederschiöld Head of Fixed Income, Currencies and Commodities Warwick Salvage Head of Fixed Income Håkan Larsson Head of Currencies Magnus Strömer Head of Commodities Patrik Castman-Langlet Head of Derivative Sales Lars Henriksson Head of F/X Sales Trading Strategy Claes Måhlén Head Martin Enlund Senior Strategist FI/FX Johan Sahlström Senior Credit Strategist Therese Öhlin Senior Credit Strategist Martin Jansson Senior Commodity Strategist Nils Kristian Knudsen Senior Strategist FX/FI Denmark Jes Asmussen Head, Economic Research Rasmus Gudum-Sessingø Danish economy Thomas Haugaard Latin America, Emerging Markets Finland Tiina Helenius Head, Economic Research Tuulia Asplund Finnish economy Olli Hyytiäinen Finnish economy Norway Knut Anton Mork Head, Economic Research Ida Wolden Bache Norwegian economy Nils Kristian Knudsen Senior Strategist FX/FI Kari Due-Andresen Norwegian economy Regional Sales Copenhagen Kristian Nielsen Gothenburg Karl-Johan Svensson Gävle Andreas Edvardson Helsinki Mika Rämänen Linköping Fredrik Lundgren London Ray Spiers Luleå Ove Larsson Luxembourg Christiane Junio Malmö Jonas Darte Oslo Petter Fjellheim Stockholm Malin Nilén Umeå Kenneth Båtsman 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