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1 7. marts 2014 Macro Research Morgenmelding Handelsbanken Dagens fokus Dagens altoverskyggende nøgletal er arbejdsmarkedsrapporten fra USA. Efter ADP-indikatoren kom ud svagt tidligere på ugen og underindekset for beskæftigelsen i ISM-indikatoreren for servicesektoren faldt mere end ventet, har mange analytikere nedjusteret deres skøn for beskæftigelsesfremgangen uden for landbruget. Der er således en vis sandsynlighed for, at den sande konsensusforventning ligger lavere end den beskæftigelsesfremgang på personer, som Bloomberg rapporterer som værende konsensus, og dermed også mulighed for markant positiv markedsreaktion, hvis det faktiske tal ender godt over Opgørelsen risikerer igen at være negativt påvirket af vejret, som var usædvanligt dårligt omkring indsamlingsdatoen den 12. februar. Vi forventer dog ikke, at vejr-effekten vil være lige så udpræget som i januar. Arbejdsløshedsraten er nok ikke faldet igen i februar efter faldet til 6,6% i januar. Vi ser dog en vis mulighed for et yderligere fald i overensstemmelse med den seneste stigning i arbejdsmarkedsindikatoren fra Conference Board samt potentialet for, at den forlængede understøttelsesordning udløb, og flere ledige meldte sig ud af arbejdsstyrken. Tysk industriproduktion for januar steg nok oven på de overraskende fald i december. Det understøttes af gårsdagens stærkere end ventede fabriksordretal. Det bliver også interessant at se, om den danske industriproduktion retter sig efter de store fald vi så i slutningen af sidste år. Disse fald var formentlig drevet af en for stor lageropbygning i de foregående måneder. Baseret på lagerudviklingen i 4. kvartal ser vi således en vis sandsynlighed for, at lagrene er blevet nedbragt tilstrækkeligt til, at vi igen kan se fremgang i produktionen i januar. Det vil også være i overensstemmelse med det løft i så i konjunkturbarometrene for industrien i årets første måned. Vi vil således ikke udelukke et rebound i industriproduktionen i omegnen af 2,0% m/m. Givet det store negative overhæng fra de store fald i produktionen i både november og december, vil industrisektoren samlet set - trods den ventede fremgang i januar - dog få svært ved at bidrage positivt til den kvartalsvise vækst i 1. kvartal. ISM peger på svag arbejdsmarkedsrapport Højdepunkter siden sidst Markederne: Både de europæiske og amerikanske aktiebørser lukkede med små plusser i går. Svækkelsen af JPY har her til morgen ført til en næsten 1% s fremgang i det japanske Nikkei indeks, og de øvrige asiatiske børser ligger også til en lille fremgang. EUR blev styrket over for de fleste valutaer efter ECB ikke kom med nye lempelser af pengepolitikken. De lange renter steg. USA: Antallet af nye dagpengeansøgere faldt med fra forrige uge til , hvilket var et større fald end ventet. Samtidig var der fremgang i Bloombergs ugentlige forbrugertillidsindikator. Kina: Kina oplevede sin første misligholdelse af en obligation udstedt på det relativt nye marked onshore marked (dvs. obligationer udstedt i Fastlandskina og ikke i Hong Kong). Firmaet Shanghai Chaori Solar kunne ikke betale dagens rentebetaling på obligationer udstedt i Det er velkendt, at Solar har været i vanskeligheder længe, og den manglende rentebetaling kom ikke som en overraskelse. Alligevel vil overskrifter om historien nok give næring til nye spekulationer om et kollaps af Kinas oppustede finansielle system. Euroområdet: ECB valgte at holde sig hel passiv på den pengepolitiske front på rentemødet i går. Selv om mange nok havde regnet med at vi ikke ville se renteændringer i denne omgang, så var der større forventninger til at banken ville forsøge at adressere det lave inflationsmiljø og den svage likviditets- og udlånsudvikling med alternative tiltag. Men der var altså intet nyt at hente fra ECB-chef Draghi, hvor ECB's redskab for at forsøge at holde renterne nede altså pt. er begrænset til den relativt svage 'forward guidance', som der ikke var ændringer i ordlyden af. ECB-stabens nye prognose viste en forventet inflation i 2016 på kun 1,5%. Tyskland: Ordreindgangen i industrien overraskede positivt ved at stige med 1,2% m-o-m efter et fald på 0,5% i december. Frankrig: Den rekordhøje ledighed i Frankrig faldt for første gang i flere år. Ledighedsraten er fortsat to-cifret. Storbritannien: Der var som ventet ikke meget nyt fra rentemødet i BoE. Danmark: Antallet af tvangsauktioner faldt ret så markant i februar, fra 316 til 273, hvilket er det laveste niveau siden begyndelsen af USA: Fald i ugentlige dagpengeansøgere For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 7. marts 2014 Markedskommentarer Aktier OMXC20 OMXC20 CAP (+0,05% / indeks 768,45) endte dagen i moderat positivt territorium. Uroen på de finansielle markeder havde således lagt sig for en stund efter der kom flere indikationer på at parterne i den ukrainske konflikt er forberedte på at indgå en diplomatisk løsning. Desuden afholdte den europæiske centralbank (ECB) rentemøde, hvor renten blev fastholdt uændret på 0,25%. I toppen af indekset endte Vestas (+3,55% / kurs 204,00) i kølvandet på at selskabet dagen forinden kunne annoncere en ordre i Tyskland på 72,6 megawatt. Herudover meddelte selskabet at man rykker 200 medarbejdere fra Århus kontoret til København. Danske Bank (+0,75% / kurs 146,90) havde også en god dag, hvilket kan skyldes at banken dagen forinden havde udstedt hybrid kernekapital i euro-markedet for 750 mio. euro til en lavere rente end ventet. I den anden ende af indekset endte Jyske Bank (-1,72% / kurs 319,50) og Carlsberg (- 0,46% / kurs 546,00) på trods af at der ikke var nogen nævneværdige nyheder for nogen af selskaberne. Uden for det ledende danske C20-indeks havde Spar Nord (+2,44% / kurs 63,00) en god dag efter banken bekræftede at rygter i pressen om interesse for at købe dele af FIH Erhvervsbank var korrekte. Renter De europæiske renter kravlede stille og roligt op ad i går mens tyske industriordrer steg og fransk ledighed faldt. Rentestigningen fik ekstra styrke, da ECB lidt skuffende for nogle ikke annoncerede nye pengepolitiske lempelser af nogen art. De amerikanske renter fulgte samme stigende tendens i går, bl.a. drevet af gode tal for ugentlige dagpengeansøgere. Situationen i Ukraine følges stadig tæt af markedet. Gårsdagen bød på nyheden om at lokalregeringen på Krim har besluttet at afholde en afstemning om løsrivelse fra Ukraine. Ifølge Ukraines forfatning kan løsrivelse kun ske efter en landsdækkende afstemning. Valuta EUR styrkedes markant over for de fleste andre valutaer i går, især som følge af at ECB ikke som ventet af mange kom med en eller anden form for pengepolitisk lempelse. Draghi pegede ellers eksplicit på den stærke EUR som en af årsagerne til den for tiden meget afdæmpede inflation. JPY fortsatte den svækkelse over for bl.a. USD, som begyndte i går på baggrund af at en stor japansk pensionsfond ikke længere bliver tvunget til at holde en ligeså stor andel af indenlandske aktiver. Bank of England ændrede ligesom ECB slet ikke på pengepolitikken på sit møde i går. Men da markedet heller ikke havde ventet nyt fra BoE s hånd, blev GBP svækket over for EUR. AUD handler for tiden på det stærkeste niveau i over tre måneder over for USD. Dagens finansielle nøgletal Aktier Valuta 10-årige renter Råvarer Aktu elt %- Ændri ng Aktuel t Ænd rin g Aktue lt Æn dri ng Aktue lt Æn drin g OMXC20CAP 768,5 0,05 USD/JPY 103,0 0,340 USA 2,74 0,03 CRB 307,6 1,64 Stoxx ,3 0,07 EUR/USD 1,386 0,013 Euroområdet 1,65 0,04 Brent oil (1M fut) 108,5 0,48 FTSE 6788,5 0,19 USD/DKK 5,385-0,052 Danmark 1,66 0,04 Gold (spot) 1350,0 1,15 S&P ,0 0,17 CHF/DKK 6,124 0,005 Nasdaq 4352,1-0,13 GBP/DKK 9,012-0,075 Hang Seng 22716,5 0,06 SEK/DKK 0,842-0,003 Nikkei 15280,9 0,97 NOK/DKK 0,901-0,006 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 0,125 0,500 2,74 2,65 3,10 3,30 EUR/USD 1,386 1,38 1,25 1,10 Euroland 0,25 0,25 0,25 0,25 1,65 1,70 1,90 2,00 U SD/JPY 103,0 102,0 103,0 105,0 UK 0,50 0,50 0,50 0,50 2,77 2,75 3,00 3,25 U SD/DKK 5,384 5,41 5,96 6,77 Danmark 0,20 0,30 0,30 0,30 1,66 1,80 2,00 2,15 EUR/DKK 7,463 7,46 7,45 7,45 Sverige 0,75 0,75 0,75 1,00 2,22 2,25 2,50 2,60 SEK/DKK 0,8422 0,838 0,876 0,898 Norge 1,50 1,50 1,50 1,25 2,91 2,90 2,90 3,00 N OK/DKK 0,9015 0,899 0,920 0,920 2

3 Morgenmelding Handelsbanken, 7. marts 2014 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab Topdanmark Årsregnskab Genmab Årsregnskab Solar Årsregnskab Auriga Industies Årsregnskab Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk :01 UK Hometrack Housing Survey (MoM/YoY) Feb % /4.8% 0.7%/5.4% :00 Kina Non-manufacturing PMI Feb :45 Kina HSBC/Markit Manufacturing PMI Feb :30 Sverige PMI Manufacturing Feb 55, , :00 Norge Manufacturing PMI Feb 52, , :30 Schweiz PMI Manufacturing Feb 55, , :00 EMU PMI Manufacturing Feb F , , :30 UK PMI Manufacturing Feb 56, (r) 56, :30 USA Personal Income (MoM) Jan 0.2% % 0,3% :30 USA Personal Spending (MoM) Jan 0.1% %(r) 0,4% :30 USA PCE Core (MoM/YoY) Jan 0.1%/1.1% % /1.2% 0.1%/1.1% :58 USA Markit US PMI Final Feb 56, ,7 57, :00 EMU ECB's Draghi Testifies in Brussels :00 USA ISM Manufacturing Feb 52, , :00 USA Construction Spending (MoM) Jan -0,5% % (r) 0,1% USA Total Vehicle Sales Feb 15.40M M 15.27M Kina China Political Advisory Body CPPCC Annual Meeting starts :30 UK PMI Construction Feb % :00 EMU PPI (MoM/YoY) Jan -0.1%/-1.3% %/-0.8% -0.3%/-1.4% :00 Danmark Foreign Reserves Feb :15 USA Fed's Lacker Speaks on Economy USA U.S. President Obama Sends 2015 Budget to Congress :30 Kina Premier Li Keqiang to give 2014 GDP Growth Target to NPC :45 Kina HSBC/Markit Services PMI Feb :30 Sverige Industrial Production (MoM/YoY) Jan 0.5%/1.0% 0.1%/0.8% -1.0%/0.1% -0,3%/0,8% :00 EMU PMI Services Feb F ,6% :00 EMU PMI Composite Feb F ,3% :30 UK PMI Services Feb , :00 EMU Retail Sales (MoM/YoY) Jan 0.8%/-0.2% %/-1.0% 1,6%/1,3% :00 EMU GDP (QoQ/YoY) 4Q P 0.3%/0.5% %/0.5% 0.3%/0.5% :00 USA MBA Mortgage Applications 28. feb % 9,4% :15 USA ADP Employment Change Feb 155K K 139K :00 USA ISM Non-Manf. Composite Feb , :00 USA Federal Reserve Releases Beige Book Kina China National People's Congress starts annual meeting :00 USA Fed's Fisher, Williams speaks :30 Frankrig ILO Unemployment Rate 4Q 11,0% % 10,2% :30 Sverige Average House Prices Feb M 2,003M :00 Tyskland Factory Orders (MoM/YoY) Jan 0.9%/7.5% %/6.0% 1,2%/8,4% :00 UK Bank of England Bank Rate 06. mar 0.50% 0.50% 0.50% 0.50% :00 UK BOE Asset Purchase Target Mar 375B 375B 375B 375B :30 USA Challenger Job Cuts (YoY) Feb % 24,4% :45 EMU ECB Announces Interest Rates 06. mar 0,25% 0,25% 0,25% 0,25% :45 EMU ECB Deposit Facility Rate 06. mar 0,00% 0,00% 0,00% 0,00% :30 EMU ECB'S Draghi Holds Press Conference After Rate Decision :30 USA Unit Labor Costs 4Q F -0,5% % -0,1% :30 USA Initial Jobless Claims 01. mar 336K K 323K :45 USA Bloomberg Consumer Comfort 02. mar , :00 USA Factory Orders (MoM) Jan -0.5% % -0, :00 USA Fed's Plosser, Lockhart speaks :45 Schweiz Unemployment Rate SA Feb 3.2% 3.2% 3.2% :00 Schweiz Foreign Currency Reserves Feb 436.0B B :00 Danmark Industrial Production (MoM) Jan % -2.9% :15 Schweiz CPI (MoM/YoY) Feb 0.3%/0.1% 0.3%/0.1% -0.3%/0.1% :30 UK BoE/GfK Inflation Next 12 Mths Feb % :00 Tyskland Industrial Production (MoM/YoY) Jan 0.8%/3.9% %/2.6% :30 USA Change in Nonfarm Payrolls Feb 146K 175K 113K :30 USA Unemployment Rate Feb 6.6% 6.6% 6.6% EMU ESM Sovereign Debt R ating Published by Fitch Analytikere: Jes Asmussen ([email protected]); Rasmus Gudum-Sessingø, ([email protected]); Bjarke Roed-Frederiksen, ([email protected]) 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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