27. august 2014 Macro Research Morgenmelding Handelsbanken Dagens fokus Det er en dag uden de helt store begivenheder på den internationale nøgletalsfront. Eneste nøgletal vi får fra USA er den ugentlige opgørelse over udviklingen i antallet af ansøgninger om realkreditlån. Efter en periode med stabiliseringstegn på aktivitetsfronten har denne timelige indikator peget på at boligmarkedet stadig udvikler sig noget haltende, med risiko for at udviklingen i salget af eksisterende boliger kan begynde at falde igen i de kommende måneder. Vi skulle således gerne se realkreditansøgningerne begynde at tage til igen snarligt. De stigende spekulationer om at Fed rykker nærmere med en stramning af pengepolitikken er dog ikke decideret befordrende for udviklingen på boligmarkedet, om end renterne stadig ikke har vist tegn på stigning. Fra euroområdet får vi tysk forbrugertillid, hvor det bliver interessant at se om uroen fra krisen i Ukraine/Rusland og signalerne om at det tyske opsving har mistet pusten sætter negative spor i optimismen i husholdningerne. Et stærkt arbejdsmarked og pæne reallønsstigninger har ellers drevet forbrugertilliden op på det stærkeste niveau siden 2006, hvilket har bidraget til forventninger om, at den indenlandske efterspørgsel vil holde hånden under økonomien i en situation hvor den eksporttunge industrisektor er kommet i modvind. Vi ser dog en vis risiko for, at forbrugerne vil begynde at miste lidt af optimismen, og dermed yderligere understrege, at tysk økonomi formentlig ikke er stærk nok til virke som motor for opsvinget i euroområdet. Vi venter et tilsvarende billede fra den italienske forbrugertillid. I kombination med at euroområdets næststørste økonomi står i stampe, hvilket ventes understreget i dag af en fortsat svag udvikling i den franske erhvervstillid i august, er det for indeværende svært at turde tro på, at væksten i euroområdet er på vej op på et niveau der kan gøre indhug i de fortsat høje offentlige gældsniveauer og den høje ledighed samt dæmme op for deflationstruslen. Sidstnævnte kan få lidt yderligere næring af en fortsat negativ udvikling i de tyske importpriser for juli. USA: Boligmarkedet halter stadig Højdepunkter siden sidst Markederne: Aktiemarkederne i både Europa og USA havde pilen opad, hvor bl.a. det amerikanske S&P500-indeks lukkede over 2000 for første gang nogen sinde. De asiatiske markeder har også vist små stigninger i nat. Obligationsrenterne i Danmark og Tyskland faldt en smule. EUR blev svækket over for USD. Geopolitik: Egypten ser ud til at have mæglet en våbenhvile på plads mellem Israel og Hamas. Spændingerne mellem Ukraine og Rusland er dog stadig intakte, efter at et møde mellem landets to præsidenter i går ikke gav anledning til fremskridt, om end Putin udtalte sig positivt med hensyn til muligheden for fremtidige politiske forhandlinger. USA har sendt overvågningsfly ind over Syrien for at overvåge Islamic State-militser. USA: Forbrugertilliden fra Conference Board steg fra 90,3 til 92,4 i august, hvilket var mere end ventet, og det stærkeste niveau siden oktober 2007. Forventningerne til fremtiden faldt ganske vist en lille smule tilbage, men er stadig forenelig med stærk vækst i privatforbruget og vurderingen af den aktuelle økonomiske situation, der har tendens til at være stærkt korreleret med udviklingen på arbejdsmarkedet, steg markant. At arbejdsmarkedet er i fortsat bedring blev også understreget af et nyt fald i vurderingen af forskellen mellem om det er svært eller nemt at få arbejde til det laveste niveau siden maj 2008. Det peger på, at vi kan se yderligere fald i ledigheden i den kommende tid. Ordrerne på varige goder steg med hele 22,6% m/m i juli. Det var dog trukket af en ventet massiv stigning i langsigtede ordrer på fly, som i en del år endnu ikke vil have indflydelse på den økonomiske aktivitet. Ser man på den underliggende ordreaktivitet var billedet således en lille smule mere broget. Ordrerne på ikke-militære kapital goder ex fly, der ses som en god proxy for de fremadrettede investeringer, faldt således med 0,5% m/m, hvor der var ventet en lille stigning. Faldet kommer dog efter en kraftig oprevideret stigning i juni på 5,4% m/m, og er derfor ikke umiddelbart alarmerende - set over de seneste tre måneder er der tale om en stigning på 11,6% i forhold til den foregående tre-måneders periode. Og ser man på afskibningerne af ikke-militære kapitalgoder ex fly, der indgår i beregningen af BNP og dermed mest relevant for den aktuelle investeringsaktivitet så steg de med 1,5% m/m. Den regionale aktivitetsindikator for fremstillingssektoren fra Richmond Fed steg mod forventning fra 7 til 12 i august det stærkeste niveau siden marts 2011. Eneste lidt svage signaler vi fik, var fra de to husprisopgørelser for juni. CaseShillers opgørelse viste et fald i priserne på 0,2% m/m, hvilket var 2. måned i træk med tilbagegang. FHFA s opgørelse viste en stigning på 0,4% m/m, men væksten i maj blev dog nedjusteret fra 0,4% til 0,2% m/m. Mens svaghederne er mest udtalte i den førstnævnte peger begge på, at noget af dampen er gået af boligmarkedet når man ser på årsstigningstakterne. USA: Arbejdsmarkedet fortsætter med at hele For full disclaimer and definitions, please refer to the end of this report.
Morgenmelding Handelsbanken, 27. august 2014 Markedskommentarer Aktier OMXC20 CAP (+0,10% / indeks 801,01) endte i positivt territorium og fulgte dermed strømmen i Europa, hvor størstedelen af de ledende indeks endte dagen i plus. De europæiske aktier var ligesom dagen forinden fortsat begunstiget af spekulationer i markedet om, at den europæiske centralbank snart vil annoncere flere lempelige tiltag til gavn for europæisk økonomi og aktiemarkedet. Det danske aktiemarked var derimod tynget af Vestas (-5,48% / kurs 241,50) efter endnu et udenlandsk finanshus var ude med en negativ analyse på aktien. Således sænkede Bank of America deres kursmål på aktien med over 30%. GN Store Nord (-0,68% / kurs 131,00) kom også under pres efter at den schweiziske storbank UBS sænkede deres kursmål på aktien. Uden for eliteindekset var Bavarian Nordic (+0,86% / kurs 117,00) i fokus efter selskabet offentliggjorde, at det har modtaget en ordre fra den canadiske regering som lyder på en levering af i alt 65.700 doser Imvamune koppevacine. Renter Som det også var tilfældet mandag er udviklingen i renterne formentlig stadig styret af ECB-chef Draghis kommentarer i fredags, hvor han åbnede døren op for ny pengepolitisk stimulans. Forventningerne om kvantitative lempelser fra ECB fortsætter således med at tage til i styrke, og det satte et fortsat pres nedad på renterne i både Danmark og Tyskland på en dag uden de store europæiske nøgletal på programmet. Rentefaldene var dog igen mest udtalte i periferilandene, hvor de 10-årige renter i både Italien og Spanien nåede nye lavpunkter. Rentefaldene blev dog bremset en smule af generelt positive nøgletal fra USA, hvor forbrugertilliden sprang i vejret, ordrerne på varige goder udviklede sig stærkt og den regionale erhvervstillid fra Richmond Fed steg til det højeste niveau siden november 2011. Eneste malurt i bægret var en lidt svagere udviklingen i ordrerne på ikkemilitære kapitalgoder ex fly, og måske mere afgørende et fald i CaseShillers opgørelse huspriserne for 2. måned i træk i juni. På den geopolitiske front var der ikke tegn på, at Ukraine og Rusland kom synderligt meget nærmere hinanden på gårsdagens møde mellem landets præsidenter. Til gengæld har Egypten fået mæglet en fredsaftale på plads mellem Israel og Hamas. Valuta EUR fortsætter med at blive svækket over for USD i takt med at forventningerne om kvantitative lempelser fra ECB tager til i styrke. Der var ingen synderlige nøgletal fra euroområdet på programmet, men til gengæld faldt de amerikanske af slagsen overvejende ud på den positive side, hvilket også gav lidt medvind til USD. Således sprang forbrugertilliden vejret, ordrerne på varige goder udviklede sig stærkt og den regionale erhvervstillid fra Richmond Fed steg til det højeste niveau siden november 2011. Eneste malurt i bægret var en lidt svagere udviklingen i ordrerne på ikke-militære kapitalgoder ex fly, og måske mere afgørende et fald i CaseShillers opgørelse huspriserne for 2. måned i træk i juni. JPY blev svækket en smule over for USD på en bedre stemning på aktiemarkederne, om end svækkelsen var begrænset da det japanske Nikkei-indeks havde lidt svært ved at følge med opad. GBP blev også styrket over for EUR, men blev holdt lidt tilbage af reducerede forventninger til en renteforhøjelse allerede i 2014. BRL styrkedes i går over for USD oven på offentliggørelsen af den seneste meningsmåling forud for præsidentvalget. Målingen viste for første gang ikke en sejr til den nuværende præsident Dilma Rousseff, hvilket ventes at betyde større vægt på en sund økonomisk politik og reformer. Dagens finansielle nøgletal Aktier Valuta 10-årige renter Råvarer Aktuelt %-Ændring Aktuelt Ændring Aktuelt Ændring Aktuelt Ændring OMXC20CAP 801.0 0.10 USD/JPY 104.0 0.120 USA 2.39 0.01 CRB 290.3 1.64 Stoxx600 343.0 0.73 EUR/USD 1.316-0.004 Euroområdet 0.94-0.01 Brent oil (1M fut) 102.7-0.02 FTSE 6822.8 0.70 USD/DKK 5.664 0.018 Danmark 0.97-0.02 Gold (spot) 1283.3 0.02 S&P500 2000.0 0.11 CHF/DKK 6.171-0.003 Nasdaq 4570.6 0.29 GBP/DKK 9.375 0.006 Hang Seng 25067.2-0.03 SEK/DKK 0.814-0.001 Nikkei 15487.0-0.22 NOK/DKK 0.916 0.001 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 1.000 2.39 2.60 3.00 3.50 EUR/USD 1.316 1.32 1.25 1.10 Euroland 0.15 0.15 0.15 0.15 0.94 1.25 1.60 2.00 USD/JPY 104.0 103.0 103.0 107.0 UK 0.50 0.50 0.50 0.75 2.45 2.75 3.00 3.25 USD/DKK 5.664 5.64 5.96 6.77 Danmark 0.20 0.20 0.20 0.20 0.97 1.30 1.65 2.05 EUR/DKK 7.455 7.45 7.45 7.45 Sverige 0.25 0.25 0.50 0.75 1.48 1.85 2.20 2.70 SEK/DKK 0.8140 0.814 0.828 0.851 Norge 1.50 1.50 1.50 1.50 2.32 2.60 2.70 2.70 NOK/DKK 0.9162 0.898 0.898 0.909 2
Morgenmelding Handelsbanken, 27. august 2014 Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab 27/08/14 Boconcept Holding 1. kvartal 28/08/14 Bavarian Nordic 2. kvartal 28/08/14 NeuroSearch 2. kvartal 29/08/14 Simcorp 2. kvartal Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 25/08/14 10:00 Tyskland IFO Business Climate Aug 107.0 107.0 108.0 106.3 25/08/14 14:30 USA Chicago Fed Nat Activity Index Jul 0.20 -- 0.21(r) 0.39 25/08/14 15:00 Belgien Business Confidence Aug -8.0 -- -7.5-7.3 25/08/14 15:45 USA Markit US Composite PMI Aug P -- -- 60.6 58.8 25/08/14 15:45 USA Markit US Services PMI Aug P 58.0 -- 60.8 59 25/08/14 16:00 USA New Home Sales Jul 430K -- 422K(r) 412K 25/08/14 16:30 USA Dallas Fed Manf. Activity Aug 12.8 -- 12.7 7.1 26/08/14 07:00 Japan Small Business Confidence Aug 49.5 -- 48.7 47.7 26/08/14 14:30 USA Durable Goods Orders (MoM) Jul 7.1% 8.0% 2.7%(r) 22.6% 26/08/14 14:30 USA Cap Goods Orders Nondef Ex Air (MoM) Jul 0.2% -- 5.4%(r) -0.5% 26/08/14 15:00 USA FHFA House Price Index (MoM) Jun 0.3% -- 0.2%(r) 0.4% 26/08/14 15:00 USA S&P/CS 20 (MoM/YoY) Jun 0.0%/8.3% -- -0.3%/9.4% -0.2%/8.1% 26/08/14 16:00 USA Consumer Confidence Index Aug 88.5 91.0 90.3(r) 92.4 26/08/14 16:00 USA Richmond Fed Manufact. Index Aug 6 -- 7 12 27/08/14 08:00 Tyskland GfK Consumer Confidence Sep 8.9 -- 9.0 27/08/14 08:00 Tyskland Import Price Index (MoM/YoY) Jul -0.1%/-1.4% -- 0.2%/-1.2% 27/08/14 08:45 Frankrig Business Confidence Aug 93 -- 93 27/08/14 09:00 Sverige Economic Tendency Survey Aug 101.3 101.3 100.4 27/08/14 09:30 Sverige Household Lending YoY Jul 5.5% -- 5.4% 27/08/14 10:00 Norge Unemployment Rate AKU Jun 3.2% 3.3% 3.2% 27/08/14 13:00 USA MBA Mortgage Applications 22. Aug -- -- 1.4% 28/08/14 03:30 Kina Industrial Profits YoY Jul -- -- 17.9% 28/08/14 09:00 Danmark Unemployment Rate SA Jul 4.0% 4.1% 4.0% 28/08/14 09:00 Danmark Unemployment Rate Gross Rate Jul 5.1% 5.2% 5.1% 28/08/14 09:55 Tyskland Unemployment Rate Aug 6.7% -- 6.7% 28/08/14 10:00 EMU M3 Money Supply YoY Jul 1.5% -- 1.5% 28/08/14 11:00 EMU Economic Confidence Aug 101.5 101.5 102.2 28/08/14 12:00 UK CBI Reported Sales Aug 27 -- 21 28/08/14 14:00 Tyskland CPI (MoM/YoY) Aug P 0.0%/0.8% -- 0.3%/0.8% 28/08/14 14:30 USA GDP Annualized QoQ 2Q S 3.9% 4.0% 4.0% 28/08/14 14:30 USA Initial Jobless Claims 01/08/23 300K -- 298K 28/08/14 15:45 USA Bloomberg Consumer Comfort 24. Aug -- -- 36.6 28/08/14 16:00 USA Pending Home Sales (MoM/YoY) Jul 0.5%/-3.9% -- -1.1%/-4.5% 29/08/14 01:05 UK GfK Consumer Confidence Aug -1 -- -2 29/08/14 01:30 Japan Jobless Rate Jul 3.7% -- 3.7% 29/08/14 01:30 Japan Natl CPI Ex Fresh Food YoY Jul 3.3% -- 3.3% 29/08/14 01:50 Japan Retail Sales (MoM/YoY) Jul 0.3%/-0.2% -- 0.5%/-0.6% 29/08/14 01:50 Japan Industrial Production (MoM/YoY) Jul P 1.0%/-0.1% -- -3.4%/3.1% 29/08/14 08:00 UK Nationwide House PX MoM Aug 0.1%/10.2% -- 0.1%/10.6% 29/08/14 08:00 Tyskland Retail Sales (MoM/YoY) Jul 0.1%/1.5% -- 1.0%/0.4% 29/08/14 09:00 Danmark GDP (QoQ/YoY) 2Q P 0.3%/1.0% -0.2%/0.5% 0.8%/1.3% 29/08/14 09:00 Schweiz KOF Leading Indicator Aug 97.8 98.0 98.1 29/08/14 11:00 EMU Unemployment Rate Jul 11.5% 11.5% 11.5% 29/08/14 11:00 EMU CPI Estimate YoY Aug 0.3% 0.4% 0.4% 29/08/14 11:00 EMU CPI Core YoY Aug A 0.8% 0.7% 0.8% 29/08/14 14:00 Brazil GDP (QoQ/YoY) 2Q -0.4%/-0.3% -0.3%/0.0% 0.2%/1.9% 29/08/14 14:30 USA Personal Income (MoM) Jul 0.3% -- 0.4% 29/08/14 14:30 USA Personal Spending (MoM) Jul 0.2% -- 0.4% 29/08/14 14:30 USA PCE Core (MoM/YoY) Jul 0.1%/1.5% -- 0.1%/1.5% 29/08/14 15:45 USA Chicago Purchasing Manager Aug 56.5 -- 52.6 29/08/14 15:55 USA Univ. of Michigan Confidence Aug F 80.1 -- 79.2 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
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 www.handelsbanken.com/about 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: www.handelsbanken.com/research. 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 1934. 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 (+1-212-326-5153).
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 Securities, Fixed Income, FX and Commodities International +44 7909528735 Fixed Income Equity Sales, Foreign Exchange & Commodities Carl Cederschiöld Head of Sales +46 8 701 10 38 Eggert Mörling Head of Equity Sales +46 8 463 49 11 Henrik Franzén Head of Fixed Income Sales +46 8 463 46 72 Magnus Strömer Head of FX and Commodities Sales +46 8 463 45 63 Peter Carlberg Head of Derivative Sales +46 8 701 14 53 Lennart Living Head of Structured Saving Products +46 8 463 57 13 Martin Nossman Head of Cross Asset Execution +46 8 463 25 56 Debt Capital Markets Tony Lindlöf Head of Debt Capital Markets +46 8 701 25 10 Per Jäderberg Head of Corporate Loans +46 8 701 33 51 Måns Niklasson Head of Acquisition Finance +46 8 701 52 84 Ulf Stejmar Head of Corporate Bonds +46 8 463 45 79 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 Markets +46 8 701 20 53 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 Finland Tiina Helenius Head, Economic Research +358 10 444 2404 Tuulia Asplund Finnish economy +358 10 444 2403 Trading Strategy Claes Måhlén Head, Chief Strategist +46 8 463 45 35 Johan Sahlström Chief Credit Strategist +46 8 463 45 37 Ronny Berg Senior Credit Strategist +47 22 82 30 36 Ola Eriksson Senior Credit Strategist +46 8 463 47 49 Martin Jansson Senior Commodity Strategist +46 8 461 23 43 Nils Kristian Knudsen Senior Strategist FX/FI +47 22 82 30 10 Andreas Skogelid Senior Strategist FI +46 8 701 56 80 Pierre Carlsson Strategist FX +46 8 463 46 17 Paul Betton Credit Analyst +46 8 463 45 78 Denmark Jes Asmussen Head, Economic Research +45 467 91203 Rasmus Gudum-Sessingø Danish economy +45 467 91619 Bjarke Roed-Frederiksen China and Latin America +45 467 91229 Norway Knut Anton Mork Head, Economic Research +47 22 39 71 81 Nils Kristian Knudsen Senior Strategist FX/FI +47 22 82 30 10 Ingvild Borgen Gjerde Norwegian economy +47 22 39 70 05 Kari Due-Andresen Norwegian economy +47 22 39 70 07 Marius Gonsholt Hov Norwegian economy +47 22 39 73 40 Regional Sales Copenhagen Kristian Nielsen +45 46 79 12 69 Gothenburg Per Wall +46 31 743 31 20 Gävle Johan Magnusson +46 26 172 111 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 Ulf Larsson +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 28 50 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. +47 223 97 000 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