Morgenmelding Handelsbanken Danmark 10. oktober 2012 Vigtigste begivenheder Markederne: Aktiemarkederne svinger over dagen men ender med pilen nedad lige som obligationsrenterne. Spanske renter stiger og JPY og USD styrkes, mens oliepriserne stiger. Alcoa-regnskab overstiger forventninger, men nedjusterer efterspørgselsforventninger på svagere Kina-vækstudsigter. Asienbørser fortsætter ned, men USfutures stort set flade. USA: NFIB-indekset faldt uventet i september. EMU: Draghi-høring i EP: Ser svag økonomisk udvikling på kort sigt, og kun gradvis bedring derefter risiko på nedsiden. EUfinansministermøde uden meget nyt. Grækenland: Merkel-besøg foregik i forsonlig tone. Storbritannien: Industriproduktionen faldt som ventet med 0,5% m/m i august. Danmark: Som ventet steg handelsoverskuddet til 9,0 mia. DKK i august, hvor betalingsbalanceoverskuddet samtidigt steg til 14,3 mia. DKK. Dagen i dag er fokus nok især på Beige Book fra USA og Rajoy/Hollande-møde i euroområdet. Blandt nøgletallene holder vi øje med fransk industriproduktion, realkreditansøgninger i USA og herhjemme forbrugerpriser. Italien skal sælge statspapirer. Dagens vigtigste begivenheder I dag vil der fortsat være fokus på politikerne i Europa, og denne gang er der tale om et ledermøde mellem Spanien og Frankrig, idet præsident Hollande tager imod Premierminister Rajoy i Paris. I den sammenhæng er det interessant, at en del af det største pres på Spanien for at hjemtage en hjælpepakke især er kommet fra Frankrig. Blandt de økonomiske statistikker holder vi øje med fransk industriproduktion, hvor der - som i tyskland tidligere på ugen - forventes et august-fald, som lægger op til en svag aggregeret industriproduktion for hele euroområdet, som vi modtager på fredag. Endelig kan man holde et øje på om det stadig lykkes Italien at slippe fornuftigt af sted med auktion over korte statspapirer. Derudover er der i dag især opmærksomhed på USA, hvor den amerikanske centralbank (Fed) i aften offentliggør sin Beige Book -rapport som udgør det økonomiske oplæg til det næste rentemøde den 24. oktober. Det bliver interessant om rapportens anekdotiske vurdering af økonomien på nogen måde understøtter lidt af den mere positive tendens, der senest er set inden for ISM s barometre for erhvervslivet samt den mere robuste bedringstendens på boligmarkedet og endelig selvfølgelig vurderingen af arbejdsmarkedet, som jo pt. udgør den væsentligste begrundelse Højdepunkter siden sidst Danmark: Inflationen stiger igen for Fed s nye stimulansrunde QE3. Ud over denne rapport har vi i dag flere taler fra ledende centralbankfolk. Herhjemme vender vi os imod den stigende forbrugerprisinflation - et billede der desværre ikke ventes ændret i september. Det er især priserne på energi, der igen er med til at presse forbrugerpriserne i vejret over måneden. Endvidere venter vi også at se en forsinket reaktion i tøjpriserne, hvor den sæsonbestemte stigning i august var mindre end ventet muligvis som følge af en forlængelse af udslagsperioden. På den svagt positive front venter vi dog at se et fald i fødevarepriserne, men altså ikke nok til at forhindre forbrugerpriserne i at vokse med 0,5% m/m. Det indebærer desværre, at inflationstakten målt ved den nationale opgørelse ventes at være steget fra 2,6% til 2,8% i september, hvilket vil være det højeste niveau siden juli sidste år. Den helt store synder i denne stigning skal især findes i basiseffekter fra energipriserne, men det ændrer ikke ved, at inflationsudviklingen er med til at udhule købekraften i de danske husholdninger, der for tiden oplever svagere lønstigningstakter (jf. dagens figur). Det er blandt andet en af faktorerne bag vores forventning om en fortsat svag udvikling i privatforbruget. Tirsdag var fokus igen især på den politiske situation i EU, hvor finansministrene mødte i den brede EU-gruppe. Der kom dog ikke meget nyt i forhold til mødet mandag i den smallere eurogruppe. Det fremgik dog, at to emner var oppe at vende det fælles banktilsyn i ECB samt en finansskat på finansielle transaktioner. Der blev dog ikke i den forbindelse vedtaget noget nyt, og problemerne med at finde fælles fodslag i begge emner var mest iøjnefaldende. Derudover kunne det fra et markedsperspektiv fremstå en smule skuffende, at der på ugens finansministermøder ikke var større pres på Spanien for at få landet til at tage en hjælpepakke. De spanske renter vendte i hvert fald pilen opad efter at finansministermødet sluttede i går. Derudover var der stor opmærksomhed på tyske kansler Merkels sviptur til Athen ikke mindst som følge af det massive sikkerhedsopbud som følge af de ventede demonstrationer i den forbindelse. Selve mødet foregik i en forsonlig tone, hvor begge indikerede at man var på rette vej og man fremadrettet vil arbejde for at fastholde Grækenland i eurosamarbejdet. Merkel udtalte dog, at mere skulle gøres ligesom Samaras for sin del efterlyste mere hjælp fra EU s side. Merkel tilbød derudover et øget bilateralt projektsamarbejde mellem de to lande der skal genoprette væksten, ligesom at hun vil arbejde for at Grækenland får adgang til midler fra European Investment Bank. Selvom Samaras sagde, at det græske folk bløder, medgav han at der var behov for yderligere strukturelle reformer. Målet med mødet mellem de to var således især at understrege, at Grækenland ikke står isoleret med problemerne. I USA var det en smule overraskende, at aktivitetsindekset NFIB for mindre virksomheder faldt i september til 92,8, hvilket dog kun var marginalt fra 92,9 i august. Ikke desto mindre var der ventet en stigning i overensstemmelse med at indekset typisk er mere følsomt over for udviklingen i den indenlandske aktivitet, hvor forbrugertillid og ISM-service seneste har overrasket på opsiden. Dykkede man ned i indeksets sammensætning, var det især skuffende at den ellers lovende udvikling i ansættelsesplanerne blev brudt og vurderingen faldt til det laveste niveau siden juni. På den anden side, var der lidt opløftende læsning i vurderingen af den fremtidige generelle økonomiske situation som steg til 2, og dermed viste fremgang for første gang siden februar 2011. Analytikere: Jes Asmussen, +45 4679 1203, jeas01@handelsbanken.dk, Rasmus Gudum, +45 4679 1619, ragu02@handelsbanken.dk, Thomas Haugaard, +45 4679 1229, 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.
Markedskommentarer Aktier OMXC20 (-0,84% / indeks 499,97) og OMXC (- 0,86% / indeks 406,47) endte begge i negativt territorium efter investorernes fokus er flyttet over mod om, hvorvidt de europæiske politikere er villige til at gennemføre de nødvendige reformer der skal til forud for Finansministrenes møde i går aftes. Det skyldes især at historien har vist, at politikerne ikke er viljestærke nok, hvilket i høj grad drev den negative stemning på aktiemarkedet. I bunden af indekset endte Vestas (-3,76% / kurs 36,62) efter vindmølleproducentens salgschef Juan Araluce meddelte, at han venter, at de amerikanske vindmølleinstallationer vil falde til 2-3 GW i 2013, hvis ikke den amerikanske PTC - ordning (støtterabat til vedvarende energi) forlænges i slutningen af året. Carlsberg (-2,79% / kurs 522,50) endte også i negativt terræn efter et internationalt finanshus var ude og sænke anbefalingen på aktien. A.P. Møller - Mærsk (-2,07% / kurs 41.680,00) endte lavere efter rederiet i forbindelse med deres kapitalmarkedsdag meddelte, at de først forventer at nå en produktion på 400.000 tønder olie om dagen i 2020, hvor markedet havde ventet at dette ville nås i 2018-19. Renter Rimelig stille tirsdag, hvor renterne dog lagde ud med fald i overensstemmelse med en vis pessimisme havde fat i markederne fra morgenstunden oven på IMF s (ventede) vækstnedjustering kombineret med ECB-chef Draghis høring i Europaparlamentet, hvor han ikke fremstod specielt optimistisk på vækstudsigterne. Det var småt med interessante økonomiske nøgletal, men vi modtog dog et NFIBindeks fra USA som viste et uventet fald i september. Det hindrede dog ikke renterne i at følge udviklingen på aktiemarkederne først med en stigning og senere på dagen et fald, som måske blev inspireret af en vis skuffelse over ugens finansministermøderne i Europa, der ikke synes at have bragt Spanien tættere på en hjælpepakke. De spanske (og italienske) renter steg i hvert fald efter mødets afslutning i går. De sikre tyske og danske renter endte således tirsdagen med et lille fald. Det samme gjaldt USA-renterne, hvilket dog skulle ses i sammenhæng med lukkedagen mandag, hvor resten af verdens toneangivende renter havde pilen nedad. Der var tale om en rimelig stille tirsdag, hvor stemningen på valutamarkederne dog var præget af en risk off -tendens. Det var således allerede tydeligt fra morgenstunden hvor JPY blev styrket og EUR blev svækket, efter at IMF nedjusterede sine globale vækstskøn og ECB-chef Draghi udtrykte bekymring om vækstudsigterne i euroområdet. Derudover var det sandsynligvis skuffende at der ikke kom mere ud af EU-finansministermødet. I den forbindelse var det desuden interessant, at DKK og CHF blev svækket pænt over for EUR, efter nyheden om at to af de store amerikanske depot-banker (bla. State Street) vil forhøje omkostningerne via øgede negative renter på placeringer af DKK og CHF i depot. Svækkelserne viste sig dog midlertidige. NFIB-indekset i USA skuffede da det uventet faldt i september, hvilket dog ikke så ud til at have større USD-effekt. USD fortsatte således sin styrkelse igennem det meste af dagen, og til morgen fortsatte tendensen i overensstemmelse med at Asien overtog en den negative børsudvikling. Dagens finansielle nøgletal Handelsbankens finansielle forventninger Aktier Aktu elt %-Æ ndring Aktuelt Æ ndring OMXC20 500,0-0,84 USD/JPY 78,2-0,19 Stoxx600 270,2-0,45 EUR/USD 1,285-0,014 FT SE 5810,3-0,54 EUR/DKK 7,458 0,000 Dow Jones 13473,5-0,81 USD/DKK 5,803 0,060 Nasdaq 3065,0-1,52 SEK/DKK 0,865-0,002 Brasil. 58939,5-0,64 NOK/DKK 1,011 0,004 Hang Seng 20932,6-0,02 CHF/DKK 6,158 0,012 Nik kei 8614,3-1,77 GBP/DKK 9,28 0,06 10-årige renter Råvarer Aktu elt Æ ndring Aktuelt Æ ndring USA 1,72 0,01 CRB 307,6 1,64 EUR 1,47 0,00 Brent oil (1Mf) 114,2 1,30 DKK 1,28 0,00 Gold (spot) 1763,5-0,89 Pengemarkedsrenter EURIBOR3M 0,21 CHF3M 0,04 CIBOR3M 0,33 EURIBOR6M 0,42 CHF6M 0,15 CIBOR6M 0,58 Alle tal er opgjort kl. 7:30 i dag med ændringer fra foregående handelsdag kl. 7:30 Svag vækst og en gældskrise der ruller videre betyder, at vi fortsat forventer nye lempelsestiltag fra ECB, om end de sandsynligvis er udskudt til efter implementeringen af OMT. Nationalbanken forventes at følge ECB ned på renten, hvis det bliver aktuelt. Givet det lave renteniveau tæt på 0% kan der dog være tvivl om Nationalbanken sænker udlånsrenten i samme udstrækning. Den seneste stigning i EUR/DKK betyder samtidigt at Nationalbanken snarligt kan vælge at hæve indlånsrenten. Vi forventer, at Federal Reserve iværksætter nye kvantitative lempelser snarligt. EUR ses at være under pres fra en relativ svag økonomi samt den fortsatte usikkerhed i forbindelse med gældskrisen kombineret med muligheden for yderligere lempelser af pengepolitikken. Så vi venter en stærkere USD over for EUR over de kommende 12 måneder. SEK forventes at kunne blive styrket lidt yderligere på kort sigt, og ellers stabil. NOK ses at kunne blive styrket yderligere. 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 0,125 0,125 0,125 0,125 1,72 1,70 1,70 1,70 EUR/USD 1,285 1,25 1,15 1,10 Euroland 0,75 0,75 0,50 0,50 1,47 1,35 1,30 1,20 USD/JPY 78,2 79,0 80,0 85,0 Japan 0,10 0,10 0,10 0,10 0,77 1,10 1,15 1,20 USD/DKK 5,803 5,96 6,48 6,78 Danmark 0,20 0,20 0,10 0,10 1,28 1,20 1,20 1,10 EUR/DKK 7,458 7,45 7,45 7,46 Sverige 1,25 1,00 1,00 1,00 1,49 1,35 1,20 1,05 SEK/DKK 0,8653 0,866 0,898 0,898 Norge 1,50 1,50 1,50 2,00 1,82 1,85 1,80 1,70 NOK/DKK 1,0106 1,028 1,035 1,050 10. oktober 2012 2
Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 12-10-12 Bang & Olufsen 3. k vartal Økonomisk kalender Dato Tid Land Indikato r Periode Survey SH B Forrige F aktisk 08-10-12 04:30 Kina HSBC Services PMI Sep -- -- 52.0 54,3 08-10-12 07:45 Schweiz Unemployment Rate (sa) Sep 3.0% 3.0% 2.9% 2,9% 08-10-12 08:00 Tysk land Exports SA (MoM) Aug -0,6% -- 0,4% 2,4% 08-10-12 08:00 Schweiz CPI (MoM/YoY) Sep 0.3%/-0.4% 0.1%/-0.6% 0.0%/-0.5% 0.3%/-0.4% 08-10-12 08:30 Frankrig Bank of France Busines s Sentiment Sep 91 93 92 08-10-12 10:30 EMU Sentix Investor Confidenc e Oct -20,9 -- -23.2-22,2 08-10-12 12:00 Tyskland Industrial Production (MoM/YoY) Aug -0.6%/-1.6% -- 1.2%/-1.3% -0.5%/-1.4% 08-10-12 17:00 EMU Euro-Area Finance Ministers Meet 09-10-12 GrækenlandMerkel meets Samaras 09-10-12 01:01 UK RICS House Price Balance Sep -20% -- -18% -15% 09-10-12 01:50 Japan Adjusted Current Account Total Aug 520.0B -- 335.4B 722.3B 09-10-12 01:50 Japan Trade Balance - BOP Basis Aug - 628.6B -- - 373.6B - 644.5B 09-10-12 02:00 USA IMF Releases W orld Economic Outlook 09-10-12 09:00 EMU EU Finance Ministers Meet 09-10-12 09:00 Danm ark Current Account (Kroner) Aug 13.0B 13.0B 13.4B 14.3B 09-10-12 09:00 Danm ark Trade Bal. X Ship sa (Kroner) Aug 8.5B 9.0B 8.2B 9.0B 09-10-12 10:30 UK Industrial Production (MoM/YoY) Aug -0.5%/-1.1% -- 2.9%/-0.8% -0.5%/-1.2% 09-10-12 13:30 USA NFIB Small Business Optimism Sep 93.5 -- 92.9 92.8 10-10-12 02:30 USA Fed's Yellen Speaks 10-10-12 08:45 Frankrig Industrial Production (MoM/YoY) Aug -0.3%/-4.2% -- 0.2%/-3.1% 10-10-12 09:00 Danm ark CPI - EU Harm onized (MoM) Sep 0.5%/2.8% 0.6%/2.9% 0.4%/2.6% 10-10-12 09:00 Danm ark CPI (MoM/YoY) Sep 0.4%/2.7% 0.5%/2.8% 0.3%/2.6% 10-10-12 10:00 Norge CPI (MoM/YoY) Sep 0.9%/0.5% 1.0%/0.6% -0.4%/0.5% 10-10-12 10:00 Norge CPI Underlying (MoM/YoY) Sep 1.0%/1.0% 1.0%/1.0% -0.7%/1.2% 10-10-12 11:00 Italien Sells bills 10-10-12 13:00 USA MBA Mortgage Applications Oct 5 -- -- 16.6% 10-10-12 16:00 USA JOLTs Job Openings Aug 3735 -- 3664 10-10-12 16:00 USA Wholesale Inventories Aug 0.4% -- 0.7% 10-10-12 20:00 USA Fed's Beige Book 10-10-12 20:45 USA Fed's Kocherlakota, Tarullo, Fisher speaks 10-10-12 Spanien Rajoy meets Hollande 11-10-12 01:50 Japan Machine Orders (MoM/YoY) Aug -2.3%/-4.6% -- 4.6%/1.7% 11-10-12 07:00 Japan Consumer Confidence Sep -- -- 40.5 11-10-12 08:00 Tysk land Consumer Price Index (MoM/YoY) Sep F 0.0%/2.0% -- 0.0%/2.0% 11-10-12 08:45 Frankrig Consumer Price Index (MoM/YoY) Sep -0.1%/2.2% -- 0.7%/2.1% 11-10-12 09:30 USA Fed's Yellen Speaks 11-10-12 09:30 Sverige CPI - Headline Rate (MoM/YoY) Sep 0.6%/0.6% 0.7%/0.7% 0.1%/0.7% 11-10-12 09:30 Sverige SW CPI - CPIF (MoM/YoY) Sep 0.7%/0.9% 0.8%/1.0% 0.1%/0.9% 11-10-12 11:00 Italien Sells bonds 11-10-12 14:30 USA Import Price Index (MoM/YoY) Sep 0.8%/-1.3% -- 0.7%/-2.2% 11-10-12 14:30 USA Trade Balance Aug -$44.0B -- -$42.0B 11-10-12 14:30 USA Initial Jobless Claims Oct 6 368K -- 367K 11-10-12 15:45 USA Bloomberg Consumer Comfort Oct 7 -- -- -36.9 11-10-12 18:30 USA Fed's Plosser Speaks on Economy 11.-15. 5 OCT Kina New Yuan Loans Sep 700.0B -- 703.9B 12-10-12 00:00 USA Fed's Bullard to Meet W ith Reporters 12-10-12 11:00 EMU Euro-Zone Ind. Prod. sa (MoM/YoY) Aug -0.4%/-4.1% -- 0.5%/-2.4% 12-10-12 14:30 USA Producer Price Index (MoM/YoY) Sep 0.8%/1.8% -- 1.7%/2.0% 12-10-12 14:30 USA PPI Ex Food & Energy (MoM/YoY) Sep 0.2%/2.5% -- 0.2%/2.5% 12-10-12 15:55 USA U. of Michigan Confidence Oct P 78,0 -- 78.3 12-10-12 18:35 USA Fed's Lac ker Speaks on Economy 10. oktober 2012 3
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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 www.handelsbanken.com/about 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.
Contact information Capital Markets Michael Green Head +46 8 701 43 56 Per Elcar Head of Securities, Fixed Income, +46 8 701 19 49 FX and Commodities Jan Häggström Head of Economic Research and +46 8 701 10 97 Chief Economist, SHB Peter Karlsson Head of Equity & Credit Research +46 8 701 21 51 Björn Linden Head of Equities UK and US +44 7909528735 Debt Capital Markets Tony Lindlöf Head of Debt Capital Markets +46 8 701 25 10 Kjell Arvidsson Head of Loans +46 8 701 20 04 Per Jäderberg Head of Structured Finance +46 8 701 33 51 Måns Niklasson Head of Acquisition Finance +46 8 701 52 84 Ulf Stejmar Head of Corporate Bonds +46 8 701 24 16 Fixed Income Equity Sales, Foreign Exchange & Commodities Carl Cederschiöld Head of Sales +46 8 701 10 38 Peter Bolz Head of Equity Sales +46 8 463 57 08 Thomas Grandin Head of Fixed Income Sales +46 8 701 45 83 Lars Henriksson Head of FX Sales +46 8 463 45 18 Magnus Strömer Head of Commodities Sales +46 8 463 45 63 Peter Carlberg Head of Derivative Sales +46 8 701 14 53 Per Sjögemark Head of Structured Saving Products +46 8 463 45 19 Martin Nossman Head of Cross Asset Execution +46 8 463 25 56 Trading Strategy Claes Måhlén Head +46 8 463 45 35 Martin Enlund Senior Strategist FI/FX +46 8 463 46 33 Johan Sahlström Senior Credit Strategist +46 8 463 45 37 Therese Ruth Senior Credit Strategist +46 8 463 48 59 Martin Jansson Senior Commodity Strategist +46 8 461 23 43 Nils Kristian Knudsen Senior Strategist FX/FI +47 22 82 30 10 Economic Research Jan Häggström Head of Economic Research +46 8 701 10 97 Sweden Petter Lundvik USA, Special Analysis +46 8 701 33 97 Gunnar Tersman Eastern Europe, Emerging +46 8 701 20 53 Markets Helena Trygg Japan, United Kingdom +46 8 701 12 84 Anders Brunstedt Sweden +46 8 701 54 32 Eva Dorenius Web Editor +46 8 701 50 54 Denmark Jes Asmussen Head, Economic Research +45 467 91203 Rasmus Gudum-Sessingø Danish economy +45 467 91619 Thomas Haugaard Latin America, Emerging Markets +45 467 91229 Finland Tiina Helenius Head, Economic Research +358 10 444 2404 Tuulia Asplund Finnish economy +358 10 444 2403 Norway Knut Anton Mork Head, Economic Research +47 22 39 71 81 Ida Wolden Bache Norwegian economy +47 22 39 73 40 Nils Kristian Knudsen Senior Strategist FX/FI +47 22 82 30 10 Kari Due-Andresen Norwegian economy +47 22 39 70 07 Regional Sales Copenhagen Kristian Nielsen +45 46 79 12 69 Gothenburg Karl-Johan Svensson +46 31 743 31 09 Gävle Andreas Edvardson +46 26 172 144 Helsinki Mika Rämänen +358 10 444 62 20 Linköping Fredrik Lundgren +46 13 28 91 10 London Ray Spiers +44 207 578 86 12 Luleå/Umeå Ove Larsson +46 90 154 719 Luxembourg Erik Bertram +352 274 868 245 Malmö Jonas Darte +46 40 24 54 04 Oslo Petter Fjellheim +47 22 82 30 29 Stockholm Malin Nilén +46 8 701 27 70 Toll-free numbers From Sweden to 020-58 64 46 From Norway to 800 40 333 From Denmark to 8001 72 02 From Finland to 0800 91 11 00 Within the US 1-800 396-2758 Svenska Handelsbanken AB (publ) Stockholm Copenhagen Blasieholmstorg 11 Havneholmen 29 SE-106 70 Stockholm DK-1561 Copenhagen V Tel. +45 46 79 12 00 Tel. +46 8 701 10 00 Fax. +45 46 79 15 52 Fax. +46 8 701 12 40 Helsinki Aleksanterinkatu 11 FI-00100 Helsinki Tel. +358 10 444 11 Fax. +358 10 444 2578 Oslo Tjuvholmen Allé 11, Postboks 1249 Vika NO-0110 Oslo Tel. +47 22 94 0700 Fax. +47 2233 6915 London 3 Thomas More Square London GB-E1W 1WY Tel. +44 207 578 8668 Fax. +44 207 578 8090 New York Handelsbanken Markets Securities, Inc. 875 Third Avenue, 4 th Floor New York, NY 10022-7218 Tel. +1 212 326 5153 Fax. +1 212 326 2730 FINRA, SIPC