Morgenmelding Handelsbanken

Transkript

1 14. august 2015 Macro Research Morgenmelding Handelsbanken Dagens fokus Eurogruppens finansministre mødes i dag for at godkende den tredje hjælpepakke til Grækenland. Der er dog et lille aber dabei. De mange besparelsestiltag og strukturelle tiltag, som er en del af pakken, skulle have være vedtaget af det græske parlament i går aftes. I skrivende stund (kl.6.45 fredag morgen) er parlamentet i Athen dog stadig samlet efter at have debatteret hele natten, og det er uvist om det vil lykkes at få stemt tiltagene igennem. Til gengæld har den finske finansminister Stubb udtalt, at Finland nu trods sin skepsis vil give grønt lys for hjælpepakken, ligesom det tyske parlament ser ud til alligevel at skulle stemme om hjælpepakken til Grækenland i næste uge som planlagt efter der i forgårs blev skabt tvivl om tidsplanen ville holde. BNP-væksten for euroområdet for 2. kvartal offentliggøres i dag. Vi forventer, at det reale BNP vil stige med 0,3% q/q i 2. kvartal, hvilket er en tand lavere end væksten på 0,4% i 1. kvartal. Mens aktivitetsbarometrene generelt samt de allerede offentliggjorte nationale BNP-tal for fx Spanien har foreslået en uændret vækst i 2. kvartal, har de hårde data peget på en mere dæmpet vækstudvikling. I sidste uge modtog vi skuffende juni-tal for væksten i både detailsalg og industriproduktion. Det betyder, at privatforbruget samt industrien bør bidrage markant mindre til væksten i 2. kvartal. På den mere positive side ser nettoeksporten dog ud til at skulle bidrage robust i 2. kvartal i overensstemmelse med udviklingen i handelstallene. Inden euroområdets BNP tikker ind kl. 11, kommer der nationale BNP-tal for Tyskland kl. 8 og Frankrig kl Fra USA kommer der i dag både forbrugertillid og industriproduktion. University of Michigans foreløbige bud på stemningen blandt husholdningerne i august ventes at stige en lille smule i juli, hvilket opretholder indtrykket af, at detailsalget bør komme op i gear i de kommende måneder. Robust beskæftigelse og stigende huspriser ses især at påvirke forbrugertilliden positivt. Aktiemarkedet har udviklet sig rimeligt stabilt, mens vi kan se lidt negativ indflydelse fra højere benzinpriser. Væksten i industriproduktionen i juli ventes stort set uændret fra juni. På trods af at ISM s fremstillingsindeks overordnede skuffede i juli med et fald, pegede underindeksene for både produktion og ordreindgangen i vejret. Læg dertil at bilindustrien viste en højere end ventet salgsstigning i juni. Vi venter en stigning i industriproduktionen på 0,2% m/m, mens konsensus venter en stigning på 0,3%. Euroområdet: PMI peger på uændret vækst Kilde: Macrobond Højdepunkter siden sidst Markederne: De europæiske aktiemarkeder steg pænt i går, mens der var små fald i USA. Kina- og Hongkong-aktier oppe her til morgen og resten af Asien blandet. Statsrenterne er steget lidt, og EUR(USD nu nogenlunde uændret efter EUR svækkelse først på dagen i går. Kina: Efter spotkursen for USD/CNY bl.a. pga. centralbankens interventioner og udtalelser ikke svækkedes i går over for USD og dermed lukkede tæt på gårsdagens referencekurs, er denne morgens referencekurs stort set lig gårsdagens. Rent faktisk er den blevet fastsat 0,05% stærkere end i går, den første styrkelse i fire dage. Onshore spotkursen ligger stort set fladt her til morgen, mens offshore-kursen endda er styrket lidt. USA: Detailsalget steg som ventet med 0,6% m/m og rettede sig dermed noget ovenpå det skuffende juni-fald, som samtidig blev oprevideret til nulvækst. Kernedetailsalget i form af den såkaldte kontrolgruppe, som består af den del af detailomsætningen, som indgår som personligt forbrug i nationalregnskabet, voksede mindre end ventet med kun 0,3% m/m. Dermed ser det ud til, at det personlige forbrug er vokset i juli efter tilbagegang i juni, men fremgangen er dog relativt beskeden (se figur). Kernedetailsalget blev også oprevideret for både juni og april, og der er dermed lagt op til en oprevidering af den allerede offentliggjorte BNP-vækst for 2. kvartal. Euroområdet: Referatet af det seneste ECB-rentemøde bød ikke på meget nyt. ECB er stadig fast besluttet på at gennemføre QE-programmet i sin helhed, og er endda åben for at forlænge det, om nødvendigt. Grækenland: BNP-væksten i 2. kvartal steg højst overraskende til hele 1,5% y/y fra 0,2% i 1. kvartal. Der var ventet et fald til -0,6%. BNP-tallene fanger tilsyneladende ikke effekten af den forværrede økonomiske situation i slutningen af juni, hvor der bl.a. blev indført kapitalrestriktioner. Mon ikke 3. kvartals BNP så bliver grufuld læsning? Sverige: Inflationen rebound ede overraskende i juli ved at stige (blive mindre negaiv) til -0,1% y/y. Konsensus havde ventet uændret inflation på -0,4% y/y mens vi (og Riksbanken) ventede et lille uptick til -0,3% y/y. Det må alt andet lige gøre Riksbanken lidt mindre dueagtig, selvom inflationen altså stadig er negativ og langt fra 2%. USA: Lille fremgang i væksten i kernedetailsalget Kilde: Macrobond For full disclaimer and definitions, please refer to the end of this report.

2 Morgenmelding Handelsbanken, 14. august 2015 Markedskommentarer Aktier OMXC20 CAP (+1,71% / indeks 1.023,41) endte i positivt territorium efter at have været flere dages pres i kølvandet på en række devalueringer af den kinesiske yuan. De kinesiske myndigheder valgte ligeledes i dag at devaluere deres valuta endnu engang, men det var dog ikke nok til at påvirke den positive stemning på de europæiske børser efter meldinger fra de kinesiske myndigheder om, at der ikke er grundlag til at devaluere den kinesiske yuan yderligere. I toppen af indekset endte A.P. Møller-Mærsk (+5,88% / kurs ,00) efter rederiet rapporteret et regnskab, som var langt bedre end frygtet. Samtidig annoncerede rederiet et aktietilbagekøb til en værdi af 1 mia. dollars. I den anden ende af indekset endte GN Store Nord (-9,58% / kurs 127,40) efter selskabet rapporterede et særdeles svagt regnskab, hvor begge divisioner kom svagere ud end ventet. Samtidig havde GN ReSound været ramt af regnskabssvindel, hvilket medførte et ekstraordinært tab. Disse faktorer betød, at GN Store Nord nedjusterede deres forventninger til helåret, hvilket blev straffet af aktionærerne. Renter Statsrenterne steg lidt i går i både Tyskland/Danmark og i USA. Det skyldtes bl.a. øget optimisme efter Kinas centralbank både i ord og handling signalerede, at man ikke er gang med en massiv og længerevarende devaluering. I USA fik rentestigningen nok også medvind af offentliggørelsen af detailsalgstallene. Selvom juli-tallet kom ud som ventet, var der oprevideringer af de foregående måneder. Det medvirkede til at forventningen til den første Fed-renteforhøjelse blev fremrykket igen efter de seneste dages uro relateret til Kinas valutakurs havde udskudt forventningen. Den græske statsrente faldt efter græsk BNP overraskede positivt i 2. kvartal. BNPtallene fanger tilsyneladende ikke effekten af den forværrede økonomiske situation i slutningen af juni, hvor der bl.a. blev indført kapitalrestriktioner. Det græske parlament har været samlet hele natten for at vedtage tiltagene fra hjælpepakken forud for mødet for Eurogruppens finansministre i dag. Valuta USD styrkedes generelt i går efter Kinas myndigheder beroligede markederne ved både i ord og handling at signalere, at man ikke er gang med en massiv og længerevarende devaluering af CNY over for USD. Således blev EUR også svækket over for USD i går, selvom bevægelsen er blevet reverseret igen i nat. Efter spotkursen for USD/CNY bl.a. pga. centralbankens interventioner og udtalelser ikke svækkedes i går over for USD og dermed lukkede tæt på gårsdagens referencekurs, er denne morgens referencekurs stort set lig gårsdagens. Rent faktisk er den blevet fastsat 0,05% stærkere end i går, den første styrkelse i fire dage. Onshore spotkursen ligger stort set fladt her til morgen, mens offshore-kursen endda er styrket lidt. En række andre asiatiske valutaer er fortsat med at svækkes, også her til morgen. SEK styrkedes i går efter svensk inflation kom ud overraskende høj. Inflationen er dog stadig negativ på -0,1% y/y så der er for tidligt at konkludere, at svensk inflation har normaliseret sig. 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, 14. august 2015 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 11/08/15 Coloplast 3. kvartal 11/08/15 Genmab 2. kvartal 11/08/15 Pandora 2. kvartal 11/08/15 Solar 2. kvartal 12/08/15 D/S Norden 2. kvartal 12/08/15 G4S 2. kvartal 12/08/15 Spar Nord Bank 2. kvartal 12/08/15 Torm 2. kvartal 13/08/15 A.P. Møller-Mærsk 2. kvartal 13/08/15 Bang & Olufsen Årsregnskab 13/08/15 GN Store Nord 2. kvartal 14/08/15 William Demant Holding 2. kvartal Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 10/08/15 07:00 Japan Consumer Confidence Index Jul /08/15 08:30 Frankrig Bank of France Bus. Sentiment Jul /08/15 09:00 Danmark Industrial Production MoM Jun % -4.2%(r) 3.4% 10/08/15 09:00 Danmark Trade Balance ex Ships Jun 7.5B 7.8B 7.9B 6.3B 10/08/15 09:00 Danmark Current Account Balance Jun 13.5B 10.0B 15.7B(r) 10.4B 10/08/15 09:00 Danmark CPI (MoM/YoY) Jul -0.2%/0.6% -0.1%/0.7% 0.0%/0.7% -0.1%/0.7% 10/08/15 09:00 Danmark CPI EU Harmonized (MoM/YoY) Jul -0.2%/0.4% -0.2%/0.4% -0.1%/0.4% -0.1%/0.5% 10/08/15 09:30 Sverige Industrial Production (MoM/YoY) Jun 0.2%/2.6% -1.5%/-1.0% -0.3%/3.4%(r) -1.0%/1.2% 10/08/15 10:00 Norge CPI (MoM/YoY) Jul -0.1%/1.9% %/2.6% -0.1%/1.8% 10/08/15 10:00 Norge CPI Underlying (MoM/YoY) Jul 0.0%/2.6% --/2.6% 0.5%/3.2% 0.0%/2.6% 10/08/15 10:30 EMU Sentix Investor Confidence Aug /08/15 15:00 USA Fed's Lockhart Speaks 11/08/15 02:30 Kina New Yuan Loans CNY Jul 750.0B B B 11/08/15 02:30 Kina Aggregate Financing CNY Jul B B 718.8B 11/08/15 11:00 Tyskland ZEW Survey Current Situation Aug /08/15 11:00 Tyskland ZEW Survey Expectations Aug /08/15 12:00 USA NFIB Small Business Optimism Jul /08/15 14:30 USA Unit Labor Costs 2Q P 0.0% %(r) 0.5% 12/08/15 07:30 Kina Retail Sales YoY Jul 10.6% 10.4% 10.6% 10.5% 12/08/15 07:30 Kina Industrial Production YoY Jul 6.6% 6.4% 6.8% 6.0% 12/08/15 08:00 Sverige PES Unemployment Rate Jul 4.1% % 4.1% 12/08/15 10:30 UK ILO Unemployment Rate 3Mths Jun 5.6% % 5.6% 12/08/15 11:00 EMU Industrial Production (MoM/YoY) Jun -0.1%/1.7% -0.5%/ -0.4%/1.6% -0.4%/1.2% 12/08/15 13:00 USA MBA Mortgage Applications 07. Aug % 0.1% 12/08/15 16:00 USA JOLTS Job Openings Jun USA MBA Mortgage Foreclosures 2Q % USA Mortgage Delinquencies 2Q % 13/08/15 01:01 UK RICS House Price Balance Jul 42% -- 40% 44% 13/08/15 01:50 Japan Machine Orders (MoM/YoY) Jun -4.8%/17.6% %/19.3% -7.9%/16.6% 13/08/15 08:00 Tyskland CPI (MoM/YoY) Jul F 0.2%/0.2% %/0.2% 0.2%/0.2% 13/08/15 08:45 Frankrig CPI (MoM/YoY) Jul -0.4%/0.3% %/0.3% -0.4%/0.2% 13/08/15 09:30 Sverige CPI (MoM/YoY) Jul -0.3%/-0.4% -0.2%/-0.3% -0.3%/-0.4% 0.0%/-0.1% 13/08/15 09:30 Sverige CPI CPIF (MoM/YoY) Jul -0.2%/0.6% -0.2%/0.6% -0.2%/0.6% 0.1%/0.9% 13/08/15 13:30 EMU ECB account of the monetary policy meeting 13/08/15 14:30 USA Retail Sales Advance (MoM) Jul 0.6% 0.6% -0.3% 0.6% 13/08/15 14:30 USA Retail Sales Control Group (MoM) Jul 0.5% % 0.3% 13/08/15 14:30 USA Import Price Index (MoM/YoY) Jul -1.2%/-10.7% %/-10.0% -0.9%/-10.4% 13/08/15 14:30 USA Initial Jobless Claims 08. Aug 270K K 274K 13/08/15 15:45 USA Bloomberg Consumer Comfort 09. Aug /08/15 07:30 Frankrig GDP (QoQ/YoY) 2Q P 0.2%/1.1% %/0.8% 14/08/15 08:00 Sverige Maeklarstatistik Housing Price Data 14/08/15 08:00 Tyskland GDP (QoQ/YoY) 2Q P 0.5%/1.5% %/1.0% 14/08/15 11:00 EMU GDP (QoQ/YoY) 2Q A 0.4%/1.3% 0.3%/ 0.4%/1.0% 14/08/15 11:00 EMU CPI (MoM/YoY) Jul -0.6%/0.2% %/0.2% 14/08/15 11:00 EMU CPI Core YoY Jul F 1.0% % 14/08/15 14:30 USA PPI Final Demand (MoM/YoY) Jul 0.1%/-0.9% %/-0.7% 14/08/15 14:30 USA PPI Ex Food and Energy (MoM/YoY) Jul 0.1%/0.5% %/0.8% 14/08/15 15:15 USA Industrial Production (MoM) Jul 0.3% 0.2% 0.2% 14/08/15 15:15 USA Manufacturing (SIC) Production (MoM) Jul 0.4% % 14/08/15 16:00 USA U. of Mich. Sentiment Aug P 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 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 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 Macro Research Jan Häggström Chief Economist 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, Macro Research Denmark Jes Asmussen Head, Macro Research Rasmus Gudum-Sessingø Denmark Bjarke Roed-Frederiksen China and Latin America Norway Kari Due-Andresen Head, Macro Research Knut Anton Mork Senior Economist, Norway and China Nils Kristian Knudsen Senior Strategist FX/FI Marius Gonsholt Hov Norway Regional Sales Copenhagen Kristian Nielsen Gothenburg Per Wall Gävle Petter Holm 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