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1 19. januar 2015 Macro Research Morgenmelding Handelsbanken Dagens fokus USA har børslukket i dag som følge af Martin Luther King Day, og der er heller ingen nøgletal af betydning fra Europa eller Asien i kalenderen. I morgen tidlig inden vi andre står op offentliggøres kinesiske BNP-tal for 4. kvartal Konsensus venter et lille fald i årsvækstraten fra 7,3% y/y i 3. kvartal til 7,2% y/y i 4. kvartal. Det svarer nogenlunde til et fald i den kvartalsvise vækst fra 1,9% q/q i 3. kvartal til 1,8% q/q i 4. kvartal. Vi er dog mere pessimistiske, og venter et fald til omkring 7,0% y/y og 1,6% q/q. De øvrige makroøkonomiske indikatorer peger på, at vækstmomentum fortsatte med at falde mod slutningen af 2014, og de kinesiske myndigheder kom med flere små fine-tuning tiltag for at understøtte økonomien. Sidstnævnte vidner om, at også myndighederne oplevede, at væksten gik mere ned end ønsket i slut Tiltagene har sandsynligvis begrænset positiv effekt og havde i hvert fald ikke effekt allerede i 4. kvartal. Vækstafmatningen ventes også afspejlet i decembertallene for industriproduktionen og investeringerne, hvor vi venter lidt lavere årsvækstrater end novembers 7,2% y/y henholdsvis 15,8% y/y (år-til-dato). Væksten i detailomsætningen kan derimod godt være steget. Detailomsætningen (nominelt) trækkes ned af de lavere brændstofpriser, men den lavere benzinregning giver samtidig husholdningerne større råderum til øvrigt forbrug. Ugens hovedbegivenhed bliver utvivlsomt rentemødet i den europæiske centralbank (ECB) torsdag. Det bliver lidt af et skæbnemøde, da forventningerne til at ECB her vil levere nyt stimulanstiltag har bygget sig op over den seneste tid. Draghi og co. kan således let komme til at skuffe markederne, hvis de ikke leverer varen. I USA bliver det en relativt stille uge med hensyn til interessante økonomiske begivenheder, men der kommer dog diverse boligstatistikker i løbet af ugen og Markits PMI-indeks for fremstillingssektoren fredag. Sidstnævntes europæiske pendant kommer også fredag. Der vil være fokus på den danske pengepolitik i denne uge efter den schweiziske centralbanks beslutning om at droppe kursloftet for CHF over for EUR og sætte renten ned. Det gav et ekstra styrkelsespres på den danske krone. Det underbygger vores forventninger gennem længere tid, om at Nationalbanken snarligt vil vælge at sætte renten på indskudsbeviser yderligere ned. Kina: Risiko på nedsiden for 4. kvartals BNP Kilde: Macrobond Højdepunkter siden sidst Markederne: Der var aktiekursstigninger på de fleste markeder i fredags, men ikke i Schweiz. I Kina er aktierne faldet her til morgen, da myndighederne har strammet reglerne for såkaldt margin trading. Obligationsrenterne var nogenlunde uændret i Tyskland og Danmark, men steg lidt i USA. EUR svækkedes lidt over for USD. USA: Forbrugerpriserne faldt 0,4% m/m i december på linje med konsensusestimatet, hvilket sendte årsstigningstakten ned til 0,8% y/y fra 1,3% y/y i november. Kernepriserne var uændret fra november til december, hvilket var lavere end novembers og konsensus 0,1% m/m. Fed s FOMC har signaleret, at man vil se gennem fingre med den lave inflation, som opfattes som værende af midlertidig karakter drevet af faldende oliepris og lavere importpriser pga. stærkere USD. Til gengæld forbedrer de lavere energipriser husholdningernes købekraft, hvilket understøtter økonomien og om noget rykker den første renteforhøjelse tættere på. Den foreløbige forbrugertillidsopgørelse fra University of Michigan for januar steg overraskende til det højeste niveau i 11 år. Det er nok især de faldende energipriser og fremgangen på arbejdsmarkedet, som øger husholdningernes optimisme, og det er selvsagt godt nyt for privatforbruget. Industriproduktionen faldt 0,1% i december, men det er ikke helt så slemt som det umiddelbart lyder, bl.a. fordi vejret spillede ind. Euroområdet: De endelige inflationstal afveg ikke fra den foreløbige opgørelse. Dog blev kerneinflationen nedrevideret, sådan at den nu var 0,7% y/y i december. Dermed var den uændret fra november til december i stedet for den overraskende stigning, som den foreløbige opgørelse viste. USA: Forbrugertillid på højeste niveau i 11 år Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 19. januar 2015 Markedskommentarer Aktier OMXC20 CAP -0,23% / indeks 815,28) endte, på linje med størstedelen af de øvrige europæiske aktieindeks, i negativt terræn. Det var i sær de sidste dages store udsving på valutaog råvaremarkederne som var med til, at dæmpe risikoappetitten. I toppen af indekset endte Genmab (+1,74% / kurs 392,70), som nød godt af at Nordea hævede deres kursmål på aktien fra 382 kr. til 450 kr. A.P. Møller-Mærsk (-0,87% / kurs ,00) endte derimod i den lave ende af indekset på trods af at olieprisen steg og det ugentlige fragtrateindeks SCFI viste en stigning på knap 5%. I den anden ende af indekset endte Pandora (-2,43% / kurs 450,30) der dermed indtil videre er den mest faldende aktie i det ledende danske C20 indeks i år. Bag den seneste tids lidt kedelige udvikling for Pandora-aktien ligger blandt andet stigende guld og sølvpriser, samt indikationer på at julesalget i USA har været lidt svagt. Renter I Tyskland og Danmark var statsobligationsrenterne nogenlunde uændrede i fredags på trods af at den endelige opgørelse af kerneinflationen i euroområdet blev nedrevideret, sådan at den nu var 0,7% y/y i december. Dermed var den uændret fra november til december i stedet for den overraskende stigning, som den foreløbige opgørelse viste. Den samlede inflation blev dog ikke revideret. Markedet vil nok i dag og de kommende dage fortsætte med at spekulere i, hvad Draghi og co. har i ærmet på torsdagens ECB-møde. Forventningerne til at ECB vil levere et nyt stimulanstiltag har bygget sig op over den seneste tid, og ECB kan således let komme til at skuffe markederne, hvorved noget af den seneste tids rentefald kan blive reverseret. De amerikanske statsrenter steg fredag eftermiddag dansk tid. Det var nok især offentliggørelsen af forbrugertillidsindikatoren fra University og Michigan, som trak renterne op. Forbrugertilliden steg overraskende til det højeste niveau i 11 år. Det er nok især de faldende energipriser og fremgangen på arbejdsmarkedet, som øger husholdningernes optimisme, og det er selvsagt godt nyt for privatforbruget i USA. Valuta EUR svækkedes over for USD fredag i den europæiske handel, men svækkelsen blev delvist reverseret efter offentliggørelsen af den foreløbige forbrugertillidsopgørelse fra University of Michigan for januar. Den steg overraskende til det højeste niveau i 11 år. Det er nok især de faldende energipriser og fremgangen på arbejdsmarkedet, som øger husholdningernes optimisme, og det er selvsagt godt nyt for privatforbruget. EUR/CHF faldt tilbage under pari fredag. Umiddelbart efter CHF blev givet fri torsdag handledes krydset også under 1, men resten af torsdagen lå EUR/CHF lige over 1. Bevægelserne er dog små i forhold til den over 15% store styrkelse, som fandt sted torsdag. Siden det overraskende tiltag fra Schweiz torsdag har der været en tendens til, at investorer er søgt med alle de tre skandinaviske valutaer, måske fordi de betragtes som et alternativt safe haven. Både SEK og NOK er styrket lidt, og det ser også ud til at der er et styrkelsespres på DKK. Sidstnævnte vil nok blive imødegået af Nationalbanken med en selvstændig rentenedsættelse. Dagens finansielle nøgletal Aktier Valuta 10-årige renter Råvarer Aktuelt %-Ændring Aktuelt Ændring Aktuelt Ændring Aktuelt %-Ændring OMXC20CAP 815,3-0,23 USD/JPY 117,2 0,790 USA 1,84 0,12 CRB 224,2 1,73 Stoxx ,4 1,13 EUR/USD 1,156-0,007 Euroområdet 0,45-0,02 Brent oil (1M fut) 49,8 2,30 FTSE 6550,3 0,79 USD/DKK 6,429 0,038 Danmark 0,43-0,03 Gold (spot) 1277,4 1,49 S&P ,4 1,34 CHF/DKK 7,518 0,188 Nasdaq 4634,4 1,39 GBP/DKK 9,735 0,035 Hang Seng 23794,3-1,28 SEK/DKK 0,791 0,006 Nikkei 17013,4 0,88 NOK/DKK 0,850 0,014 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 1,84 2,40 2,40 2,50 EUR/USD 1,156 1,22 1,16 1,10 Euroland #N/A N/A 0,05 0,05 0,05 0,45 0,80 0,90 1,00 USD/JPY 117,2 117,0 130,0 140,0 UK 0,50 0,50 0,75 1,00 1,53 2,25 2,50 3,00 USD/DKK 6,427 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 7,431 7,45 7,45 7,45 Sverige 0,00 0,00 0,00 0,25 0,76 1,20 1,40 1,60 SEK/DKK 0,7913 0,797 0,828 0,856 Norge 1,25 1,25 1,25 1,25 1,39 2,00 2,25 2,50 NOK/DKK 0,8498 0,876 0,876 0,876 2

3 Morgenmelding Handelsbanken, 19. januar 2015 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab Novozymes Årsregnskab Bang & Olufsen 2. kvartal Chr. Hansen Holding 1. kvartal Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk :01 UK Rightmove House Prices (MoM/YoY) Jan %/7.0% :00 Japan Consumer Confidence Index Dec :00 Kina Fixed Assets Ex Rural YTD YoY Dec 15.7% 15.7% 15.8% :00 Kina Retail Sales YoY Dec 11.7% 11.9% 11.7% :00 Kina Industrial Production YoY Dec 7.4% 7.1% 7.2% :00 Kina GDP (QoQ/YoY) 4Q 1.7%/7.2% 1.6%/7.0% 1.9%/7.3% :00 Tyskland PPI (MoM/YoY) Dec -0.3%/-1.3% %/-0.9% :00 EMU ECB Survey of Professional Forecasters :00 Tyskland ZEW Survey Current Situation Jan :00 Tyskland ZEW Survey Expectations Jan :00 USA NAHB Housing Market Index Jan :30 UK Weekly Earnings ex Bonus 3M/YoY Nov 1.9% % :30 UK ILO Unemployment Rate 3Mths Nov 5.9% % :30 UK Bank of England Minutes :00 USA MBA Mortgage Applications 16. jan % :30 USA Building Permits Dec 1055K K :30 USA Housing Starts Dec 1040K K /2015 Japan Bank of Japan Monetary Policy Statement :00 Danmark Consumer Confidence Indicator Jan -- 7, :00 Danmark Retail Sales (MoM/YoY) Dec -- 0,2% 0.8%/0.8% :30 Sverige Unemployment Rate SA % :30 UK PSNB ex Banking Groups Dec 9.4B B :00 EMU Euro Area Third Quarter Government Debt/govt. Defecit :00 UK CBI Business Optimism :45 EMU ECB Main Refinancing Rate 0.050% 0.050% 0.050% :45 EMU ECB Deposit Facility Rate % % % :30 USA Initial Jobless Claims 17. jan K :00 USA FHFA House Price Index MoM Nov 0.3% % :45 USA Bloomberg Consumer Comfort 18. jan :00 EMU Consumer Confidence Jan A :00 USA Kansas City Fed Manf. Activity % :35 Japan Markit/JMMA Japan Manufacturing PMI Jan P :45 Kina HSBC China Manufacturing PMI :45 Frankrig Business Confidence , :00 EMU Markit Eurozone Manufacturing PMI , :00 EMU Markit Eurozone Services PMI , :00 EMU Markit Eurozone Composite PMI Jan P :30 UK Retail Sales Incl. Auto MoM Dec -0.6% % :30 UK Retail Sales Incl. Auto YoY Dec 3.0% % :00 Belgien Business Confidence Jan :45 USA Markit US Manufacturing PMI Jan P :00 USA Existing Home Sales Dec 5.05M M :00 USA Leading Index Dec 0.4% % 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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