Morgenmelding Handelsbanken

Transkript

1 8. januar 2015 Macro Research Morgenmelding Handelsbanken Dagens fokus Dagens fokus i euroområdet vil være på EU-kommissionens konjunkturbarometer, ESI. Vi forventer, at ESI vil stige en smule i december til 101,5 fra 100,8 i november og dermed forlænge en beskeden stigende tendens ind i en tredje måned. ESI har udviklet sig lidt mere positivt end PMI-Composite indekset i de seneste to måneder. En foreløbig opgørelse af forbrugertilliden har allerede overrasket på opsiden i december. Endvidere har det tyske IFO-indeks viste endnu en anden bredt funderet stigning i december, hvor det franske INSEE barometer var stabilt (se figur). Vi vil stadig være forsigtige med at spå om, at stigningen i stemningsundersøgelsen vil fortsætte i 2015 selvom en svagere EUR og lavere oliepriser til dette. Derudover modtager vi detailsalgstal for euroområdet, hvor der blot ventes en beskeden stigning i november, som dog kan vise sig lidt større efter positive tyske tal i går. Endelig offentliggør Tyskland fabriksordreindgang for november, hvor der ventes et fald oven på oktobers lidt overraskende stigning, ikke mindst i betragtning af, at væksten i industriproduktionen her modereredes mere end ventet. I morgen ventes industriproduktionen i november at vise en fortsat beskeden fremgang for november, hvilket er i overensstemmelse med den seneste stabilisering i PMI-fremstilling. I Storbritannien er der rentemøde i Bank of England, hvor der igen ikke ventes de store nyheder. De seneste olieprisfald har sænket inflationsudsigterne på kort sigt, men det vil samtidigt støtte yderligere op om det forbrugsdrevne opsving. Endelig byder USA ind med antallet af nytilmeldte ledige på overførselsindkomst for sidste uge. Her ventes et lille fald til personer, og det ikke ændre synderlig på niveauet set over de seneste par måneder. EMU: Tysk IFO flager ny stigning i ESI-barometer Kilde: Macrobond Højdepunkter siden sidst Markederne: Aktiemarkederne stiger (OMXC20CAP undtaget). Oliepriser trækker lidt opad, renter stiger mens EUR/USD falder yderligere. Til morgen fortsætter den gode børsstemning i Asien og US-futures stiger yderligere og JPY svækkes. USA: Fed-referatet viste at de fleste FOMC-medlemmer bakker op om Yellens syn på, at bankens udtrykte tålmodighed betyder, at renten ikke vil blive hævet før tidligst slut-april. Derudover så nogle medlemmer mulighed for at faldet i oliepriserne kan sænke de langsigtede inflationsforventninger, men der var nogle der så at løn og inflation kan stige mere end ventet givet faldet i ledigheden fortsætter. I den forbindelse var det desuden interessant at referatet spejlede Yellens besked om, at en normalisering af pengepolitikken kan ske med en kerneinflation på nuværende niveau. ADP s opgørelse over den private beskæftigelse i december steg mere end ventet med personer i december op fra opreviderede personer i november. Det er et robust niveau (højeste i ½ år) som afstiver de positive forventninger forud for arbejdsmarkedsrapporten på fredag (se figur). Handelsunderskuddet faldt mere end ventet i november til det laveste niveau siden 2013 efter at olieimporten styrtdykker til laveste niveau i mere end fem år. Udviklingen vil sandsynligvis fortsætte de efterfølgende par måneder. Derudover steg realkreditansøgningerne markant i sidste uge med 11,1% w/w, dog især trukket op af refinansieringer understøttet af lavere realkreditrenter. Euroområdet: Forbrugerprisinflation faldt mere end ventet i december til -0,2% fra forrige 0,3%. Faldet kan især relateres til faldet i oliepriserne, hvilket var tydeligt da kerneinflationen samtidigt steg en tand til 0,8% fra 0,7% i november. Ikke desto mindre bør det øge presset på ECB for at iværksætte nye stimulanstiltag på det kommende rentemøde den 22. januar, idet det fortsat er vigtig så vidt det er muligt, at hindre afsmittende effekter på kerneinflationen. Med de fortsat faldende oliepriser i begyndelsen af det nye år, er der allerede udsigt til at inflationen vil udvikle sig i fortsat negativt territorium her. Derudover modtog vi ledighedstal for november, som heller ikke var specielt opløftende. Godt nok var arbejdsløshedsraten uændret 11,5% for fjerde måned i streg som ventet, men antallet af nye ledige personer steg for tredje måned i træk, hvilket vidner om at tendensen i ledigheden er vendt. Tyskland: Ledigheden faldt for 3. måned i streg i december, og det foregik endnu en gang i et højere tempo end ventet. Ledigheden faldt således med hele personer, hvilket var det største fald i otte måneder. Det betød at arbejdsløshedsraten ligeledes uventet faldt til nyt rekordlavt niveau på 6,5%. Derudover modtog vi detailsalgstal for november, som viste en lidt større stigning i november end ventet på 1,0% m/m. Dermed er salget steget to måneder i træk, hvilket ikke er sket siden de to første måneder af Schweiz: Valutareserven steg i december mere end ventet til rekordhøje 495,1 mia. CHF. Det var den største stigning siden midt-2012 afspejlende at SNB, genoptog FX interventioner i december, hvor SNB ligeledes indførte negative indlånsrenter. USA: ADP viser robust december-beskæftigelse Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 8. januar 2015 Markedskommentarer Aktier OMXC20 CAP (-0,80% / indeks 794,30) endte i et beskedent negativt territorium. Det på trods af at de europæiske inflationstal viste, at Europa er havnet i en deflation for første gang siden 2009, som alt andet lige øget presset på den europæiske centralbank om at komme med flere stimulanser i forsøget på at hæve inflationen. I bunden af indekset endte Vestas (-5,14% / kurs 236,10) efter et internationalt finanshus øge sin anbefaling og kursmål betydeligt på aktien. Modsat var et nordisk finanshus ude og sænke deres anbefaling på Vestas i samme ombæring. GN Store Nord (- 3,80% / kurs 129,00) var også hårdt under pres i dagens handel efter et nordisk finanshus var ude og sænke anbefalingen på aktien. I den anden ende af indekset endte blandt andet Chr. Hansen Holding (+0,90% / kurs 268,50) efter at have været hårdt under pres i gårsdagens handel. Dagens kursmæssige vinder blev Tryg (+1,00% / kurs 705,00) dog uden selskabsspecifikke nyheder. Renter Obligationsrenterne havde onsdag næsen nedad fra åbning i overensstemmelse med nye fald i oliepriserne samt på aktiemarkederne. I løbet af formiddagen modtog vi et større fald end ventet i forbrugerprisinflationen for euroområdet i december. Dette blev flankeret af en ny stigning i antallet af ledige i euroområdet i november. Tallene vurderes at sætte yderligere pres på ECB for at lancere nye stimulanstiltag på rentemødet senere i januar, og måske netop derfor vendte stemningen til det lidt bedre på aktiemarkederne og rentefaldet blev vendt til en lille rentestigning. Desuden modtog vi lidt opløftende tal for ledighed og detailsalg i Tyskland. Derudover fik de græske renter et ordentligt skub i vejret i forbindelse med usikkerhed forud for valget, og det indebar at renten steg til over 10% for første gang siden september Renterne steg lidt yderligere om eftermiddagen i forbindelse med pæne beskæftigelsestal fra ADP i USA, og Fed-referatet bød ikke på de store overraskelser som kunne ændre på rentestigningen. Obligationsrenterne endte således dagen højere i USA men steg knapt så meget i tysk (og dansk) regning. Valuta EUR blev svækket mod USD for fjerde handelsdag i træk, efter at forbrugerprisinflationen faldt mere end ventet i december samt til dels efter at ledigheden steg for tredje måned i streg. Tyskland kunne derudover præstere lidt bedre tal end ventet for ledighed og detailsalg. USD blev for sin del understøttet af pæne beskæftigelsestal fra ADP samt til dels et større end ventet fald i handelsunderskuddet. Fed-referatet bød ikke på de store overraskelser som kunne påvirke USD yderligere. CHF blev styrket en smule endnu en dag, hvilket skete på en dag hvor valutareserven for december viste den største stigning i 2½ år. Generel bedring i risikoappetitten på finansmarkederne betød ellers at JPY blev svækket en smule. Dagens finansielle nøgletal Aktier Valuta 10-årige renter Råvarer Aktuelt %-Ændring Aktuelt Ændring Aktuelt Ændring Aktuelt %-Ændring OMXC20CAP 794,3-0,80 USD/JPY 119,9 0,950 USA 1,98 0,03 CRB 225,1-0,15 Stoxx ,2 0,48 EUR/USD 1,182-0,006 Euroområdet 0,48 0,04 Brent oil (1M fut) 51,5 1,62 FTSE 6419,8 0,84 USD/DKK 6,295 0,029 Danmark 0,48 0,00 Gold (spot) 1209,4-0,31 S&P ,9 1,16 CHF/DKK 6,194-0,002 Nasdaq 4650,5 1,26 GBP/DKK 9,497 0,012 Hang Seng 23870,8 0,80 SEK/DKK 0,789-0,001 Nikkei 17167,1 1,67 NOK/DKK 0,818 0,011 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 Aktuelt +3 mdr. +6 mdr. +12 mdr. Aktuelt +3 mdr. +6 mdr. +12 mdr. Aktuelt +3 mdr. +6 mdr. +12 mdr. USA 0,125 0,125 0,500 1,250 1,98 2,40 2,40 2,50 EUR/USD 1,182 1,22 1,16 1,10 Euroland 0,05 0,05 0,05 0,05 0,48 0,80 0,90 1,00 USD/JPY 119,8 117,0 130,0 140,0 UK 0,50 0,50 0,75 1,00 1,58 2,25 2,50 3,00 USD/DKK 6,295 6,11 6,42 6,77 Danmark 0,20 0,20 0,20 0,20 0,76 0,80 1,00 1,10 EUR/DKK 7,441 7,45 7,45 7,45 Sverige 0,00 0,00 0,00 0,25 0,83 1,20 1,40 1,60 SEK/DKK 0,7888 0,797 0,828 0,856 Norge 1,25 1,25 1,25 1,25 1,35 2,00 2,25 2,50 NOK/DKK 0,8181 0,876 0,876 0,876 2

3 Morgenmelding Handelsbanken, 8. januar 2015 Kommende begivenheder Aktiekalender, vigtige danske regnskaber D ato Selskab R egnskab Ingen væsentlige regnskaber Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk :35 Japan Markit/JMMA Japan Manufacturing PMI Dec F ,1 52, :30 EMU Sentix Investor Confidence Jan ,5 0, :00 Tyskland CPI MoM/YoY Dec P 0.1%/0.3% %/0.6% 0.0%/0.2% :45 USA ISM New York Dec ,4 70, :00 Danmark Foreign Reserves Dec ,5 446, :00 Danmark Change in Currency Reserves Dec B 1,3B USA Domestic vehicle sales Dec 13,7M -- 13,78M 13,46M :45 Kina HSBC China Services PMI Dec , :00 Norge Manufacturing PMI Dec 50, ,3 49, :00 Danmark Unemployment Rate Gross Rate Nov 5,0% -- 5,0% 5,0% :00 Danmark Industriens konjunkturbarometer Dec :00 EMU Markit Eurozone Composite PMI Dec F 51, ,7 51, :30 UK Markit/CIPS UK Composite PMI Dec 57, ,6 55,2% :45 USA Markit US Composite PMI Dec F -- 53,8 53, :00 USA Factory Orders Nov -0,4% -- -0,7% -0,7% :00 USA ISM Non-Manf. Composite Dec ,3 56, :00 Tyskland Retail Sales MoM/YoY Nov 0.2%/0.6% %/1.7% 1.0%/-0.8% :00 Schweiz Foreign Currency Reserves Dec 472.0B B(r) 495.1B :00 EMU Unemployment Rate Nov 11,5% 11,5% 11,5% 11,5% :00 EMU CPI Estimate YoY Dec -0,1% 0,0% 0,3% -0,2% :00 EMU CPI Core YoY Dec A 0,7% 0,7% 0,7% 0,8% :00 USA MBA Mortgage Applications ,9% 11,1% :15 USA ADP Employment Change Dec 226K K(r) 241K :30 USA Trade Balance Nov -$42.0B -- -$42.2B(r) -$39.0B :00 USA Fed Releases Minutes from Its Dec FOMC Meeting :30 USA Fed's Evans Speaks on Monetary Policy in Chicago :00 Tyskland Factory Orders MoM/WDA YoY Nov -0.8%/1% %/2.4% :00 EMU PPI MoM/YoY Nov -0.2%/-1.4% %/-1.3% :00 EMU Retail Sales MoM/YoY Nov 0.2%/0.2% %/1.4% :00 EMU Economic Confidence Dec 101,2 101,5 100, :00 UK BOE Asset Purchase Target Jan 375B 375B 375B :00 UK Bank of England Bank Rate 0,5% 0,5% 0,5% :30 USA Challenger Job Cuts YoY Dec % :30 USA Initial Jobless Claims 290K K :30 USA Continuing Claims K :45 USA Bloomberg Consumer Comfort , :00 USA Fed's Kocherlakota Speaks on Monetary Policy in Minneapolis :00 Tyskland Industrial Production SA MoM/YoY Nov 0.2%/-0.6% %/0.8% :00 Danmark Industrial Production MoM Nov ,8% :00 Danmark Trade Balance ex Ships Nov B :00 Danmark Current Account Balance Nov B :15 Schweiz CPI MoM/YoY Dec -0.3%/-0.2% :30 Sverige Industrial Production MoM/YoY Nov 0.5%/-3.7% %/0.1% :00 Norge CPI MoM/YoY Dec 0.0%/2.1% %/1.9% :30 UK Industrial Production MoM/YoY Nov 0.2%/1.7% %/1.1% :30 USA Change in Nonfarm Payrolls Dec 243K 250K 321K :30 USA Unemployment Rate Dec 5,7% 5,7% 5,8% :30 USA Average Hourly Earnings MoM/YoY Dec 0.2%/2.2% %/2.1% 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 Michael Green Head Per Elcar Head of Securities, Fixed Income, FX and Commodities Jan Häggström Head of Economic Research and Chief Economist, SHB Peter Karlsson Head of Equity & Credit Research Björn Linden Head of Securities, Fixed Income, FX and Commodities International Fixed Income Equity Sales, Foreign Exchange & Commodities Carl Cederschiöld Head of Sales Eggert Mörling Head of Equity Sales Henrik Franzén Head of Fixed Income Sales Magnus Strömer Head of FX and Commodities Sales Peter Carlberg Head of Derivative Sales Lennart Living Head of Structured Saving Products Martin Nossman Head of Cross Asset Execution 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 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 Sweden Eva Dorenius Web Editor Finland Tiina Helenius Head, Economic Research Tuulia Asplund Finnish economy Trading Strategy Claes Måhlén Head, Chief Strategist Johan Sahlström Chief Credit Strategist Ronny Berg Senior 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 Paul Betton Credit Analyst Denmark Jes Asmussen Head, Economic Research Rasmus Gudum-Sessingø Danish economy Bjarke Roed-Frederiksen China and Latin America Norway Knut Anton Mork Head, Economic Research Nils Kristian Knudsen Senior Strategist FX/FI Ingvild Borgen Gjerde Norwegian economy Kari Due-Andresen Norwegian economy Marius Gonsholt Hov Norwegian economy Regional Sales Copenhagen Kristian Nielsen Gothenburg Per Wall Gävle Johan Magnusson 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