13. september 2016 Macro Research Morgenmelding Handelsbanken Dagens fokus Fokus i dag vil formentlig primært være rettet mod gårsdagens mere dueagtige meldinger fra Fed s Brainard (se nedenfor), som kan give stigende aktiekurser og lavere renter i Europa fra morgenstunden. Der er ikke så mange nøgletal på programmet, om end vi fra USA får NFIB-opgørelsen af stemningen blandt de mindre og mellemstore virksomheder i august. Hvis indekset som ventet i markedet stiger en smule, vil det formentlig aflive lidt af bekymringen over den negative udvikling i ISM-opgørelserne i sidste uge, da det vil styrje indtrykket af, at der var ekstraordinære midlertidige faktorer bag tilbagegangen. Skulle NFIB-indekset imidlertid falde markant tilbage, vil det øge bekymringen om tilstanden i amerikansk økonomi og understøtte forventningerne om ingen renteforhøjelser i september som også fik medvind af Fed s Brainard i går. Det tyske ZEW-barometer for september ventes at være steget en smule og dermed vise yderligere bedring oven på det store fald i juli. Især bedringen på aktiemarkedet bør understøtte dette, om end de seneste skuffende industrital samt den (for nogle) lidt skuffende indsats fra ECB på september-rentemødet kan dæmpe potentialet for stigning. En stigning i ZEW-forventningsindekset ville være i tråd med udviklingen allerede set i euroområdets Sentix-indeks. Forud for torsdagens rentemøde i Bank of England (BoE) vil der også være en vis fokus på de britiske forbrugerpriser for august. Vi venter at inflationen vil være steget for 3. måned i træk, og at vi vil se at det svage GBP begynder at trække op i de importfølsomme priser. Tallet ventes således at understøtte forventningerneom, at også BoE vil afholde sig fra yderligere lempelser. Vi venter, at både den overordnede og underliggende inflation i Sverige steg en smule i august, men ikke nok til at rykke ved forventningerne til Riksbanken. US: Vil de små virksomheder følge trop? Højdepunkter siden sidst Markederne: De europæiske aktiemarkeder endte dagen i negativt territorium. Efter de store fald i fredags endte de amerikanske markeder dog med pæne stigninger efter dueagtige meldinger fra Fed, mens stemningen i Asien i nat har været lidt mere blandet. Obligationsrenterne i Danmark og Tyskland havde pilen opad fra morgenstunden, og endte dagen med stigninger. EUR blev svækket en smule over for USD, mens JPY blev styrket yderligere. Kina: Industriproduktionen steg med 6,3% y/y i august, hvilket var lidt bedre end ventet i markedet. Stigningen kom til trods for, at en række virksomheder holdt lukket i slutningen af august beordret af myndighederne for at mindske luftforureningen på G20-mødet. Højere industriproduktionsvækst er i tråd med vores synspunkt om, at den del af industrien, som ikke er berørt af den igangværende proces med at få nedbragt overkapaciteten i den tunge industri, faktisk klarer sig ganske pænt. Væksten i de faste investeringer rettede sig også i august efter fire måneders fald. Nedbringelsen af overkapacitet lægger også en dæmper på investeringerne, men især (statslige) infrastrukturinvesteringer klarer sig fortsat OK. Opgjort år-til-dato blev væksten fastholdt på 8,1% y/y i august%, men det svarer ifølge vores beregninger til et stort spring opad i den årlige vækstrate (se figur). Detailsalget overraskede også positivt idet årsvæksten steg til 10,6% i august fra 10,2% y/y, mod ventet uændret vækst USA: Fokus var i rettet mod de tre Fed-taler, der er de sidste på programmet inden næste uges rentemøde. Fed s Lockhart, der pt. ikke er stemmeberettiget, fastholdt, at der trods et par svage nøgletal på det seneste stadig er tilstrækkeligt momentum i økonomien til at en renteforhøjelse kræver en seriøs diskussion. Fed s Kashkari der heller ikke er stemmeberettiget talte om behovet for finanspolitiske tiltag og strukturelle reformer for at styrke den økonomiske vækst. Han understregede, at pengepolitikkens mulighed for alene at styrke væksten i en økonomi, der allerede er tæt på fuld beskæftigelse, er begrænset. Med hensyn til renten så han dog ikke at det hastede med at foretage sig noget. Den tale der var mest fokus på var dog fra Fed s Brainard, som ses som et af de mest dueagtige medlemmer af Fed. Hendes tale var annonceret relativt sent, og der var spekulationer om, at hun ved at lyde mere høgeagtig kunne medvirke til at øge markedernes forventninger til snarlige renteforhøjelser og derigennem give Fed et større råderum på rentemødet i næste uge muligvis på samme måde som fredagens tale fra Fed s Rosengreen. Brainard skød dog en hvid pil igennem disse spekulationer, da hun leverede en tale, der indikerede at hun ikke så grund til at skynde sig med at få sat renten op. Hendes argument var, at givet usikkerhederne omkring inflationen og den globale vækst så er konsekvenserne ved at vente med at få sat renten meget mindre end de potentielle negative effekter ved at sætte renten op for tidligt. Dermed understregede hun, at den dueagtige del af Fed stadig har argumenter for at holde renten i ro, og markedet indpriser nu efter talen kun 22% sandsynlighed for en renteforhøjelse i næste uge - et fald fra 30%. Danmark: Forbrugerpriserne faldt med 0,3% m/m i august, hvilket trak årsstigningstakten ned fra 0,3% til 0,2%. Det var lavere end ventet i markedet, men ikke langt fra vores skøn. Det var som vi havde ventet det især en reversering af den store stigning i lejen af sommerhuse i juli, der medvirkede til at dæmpe den månedlige stigningstakt. Den fortsat lave inflation ser dog ikke ud til for alvor at sætte skub i forbrugslysten. Dankortforbruget faldt således med 1% m/m i august når renset for pengeoverførsler og trend. Det er 2. måned i træk med faldende dankortforbrug. Kina: Investeringerne rebounder For full disclaimer and definitions, please refer to the end of this report.
Morgenmelding Handelsbanken, 13. september 2016 Markedskommentarer Aktier Det ledende danske indeks OMXC20 CAP (-0,47% / indeks 1.015,44) endte i negativt territorium på ugens første handelsdag og fortsatte dermed den dystre stemning fra sidste uge. Stemningen var fortsat præget af øget bekymring for om en renteforhøjelse i USA er nærtforestående. De fornyede bekymringer gav øget volatilitet og medførte at flere benyttede lejligheden til at sælge ud af deres aktiebeholdning. Værst gik det ud for A.P. Møller-Mærsk (-1,56% / kurs 10.090,00) efter at have været inde en god opadgående trend de seneste par uger. Nordea (-1,20% / kurs 65,90) var også hårdt under pres i dagens handel på trods af, at et internationalt finanshus var ude og hæve kursmålet på aktien. TDC (-0,21% / kurs 37,24) endte også en smule lavere på trods af, at et internationalt finanshus var ude og hæve anbefalingen og kursmålet på aktien. I den anden ende af indekset endte Novo Nordisk (+0,74% / kurs 298,30) efter et internationalt finanshus var ude og hæve anbefalingen på aktien. Det skete efter aktien endte i det laveste niveau i 1½ år. Renter Der var ikke de store nøgletal på programmet til at sætte retningspilen for obligationsmarkederne i går, hvor stemningen så ud til fortsat at være præget af udsigten til en mindre aggressiv tilgang til pengepolitikken fra centralbankerne rundt omkring i verden. Det betød at obligationsrenterne i Danmark og Tyskland fra morgenstunden fortsatte den stigende tendens fra sidste uge. Stemningen på aktiemarkederne var ligeledes negativ, og det kan muligvis have bremset lidt af tendensen til stigende renter, om end kausaliteten mellem markederne for indeværende ikke er helt normal. Gårsdagens fokus var især rettet mod tre taler fra amerikanske centralbanksmedlemmer. Stigende spekulationer om muligheden for en renteforhøjelse fra Fed allerede i næste uge har været en drivkraft for den negative stemning på obligationsmarkederne. Fed s Lockhart fastholdt da også indtrykket af at en renteforhøjelse kunne være i spil, men både Fed s Kashkari og Fed s Brainard nedspillede behovet for at Fed bør sætte renten op allerede nu. Især sidstnævnte var der stor fokus på, men hendes meldinger faldt altså ud til den dueagtige side, og det trak ned i de amerikanske renter efter europæisk lukketid. Trods bedre end ventede kinesiske nøgletal i nat betyder det, at vi godt kan se rentefald fra morgenstunden i Europa. Valuta EUR blev svækket over for USD fra morgenstunden formentlig trukket af at forventningerne til en mulig renteforhøjelse fra Fed allerede i næste uge fortsat lå og ulmede i markederne. Der var ikke de store nøgletal på programmet til at sætte retningspilen. Markedernes bekymringer om en snarlig renteforhøjelse så dog ud til at glide lidt i baggrunden i løbet af dagen, trods fortsatte argumenter fra Fed s Lockhart for det modsatte. Meldingen fra Fed s Kashkari og Fed s Brainard trak dog i den mere dueagtige retning, og specielt sidstnævntes argumenter for at holde renten i ro indikerer, at vi ikke kommer til at se en renteforhøjelse i næste uge, og det medvirkede til at svække USD over for EUR igen, om end den europæiske fællesvaluta ikke tabte det hele igen. JPY blev dog styrket over for USD allerede fra morgenstunden som følge af den negative udvikling på aktiemarkederne, og den bevægelse fik lidt yderligere medvind efter Brainards tale. En lidt mere positiv stemning på aktiemarkederne i USA og i Asien har dog formentlig begrænset JPY-styrkelsen i nat. GBP blev styrket over for EUR i takt med at markederne indpriser mindre sandsynlighed for yderligere pengepolitiske lempelser i lyset af den modstandskraft økonomien ser ud til at have over for brexit. Dagens finansielle nøgletal Aktier Valuta 10-årige renter Råvarer Aktuelt %-Ændring Aktuelt Ændring Aktuelt Ændring Aktuelt %-Ændring OMXC20CAP 1015.4-0.47 USD/JPY 101.9-0.630 USA 1.65-0.02 CRB 182.9 0.22 Stoxx600 342.2-0.95 EUR/USD 1.123-0.001 Euroområdet 0.04 0.03 Brent oil (1M fut) 47.9 1.33 FTSE 6700.9-1.12 USD/DKK 6.629 0.009 Danmark 0.11 0.04 Gold (spot) 1329.9 0.14 S&P500 2159.0 1.47 CHF/DKK 6.822 0.035 Nasdaq 5211.9 1.68 GBP/DKK 8.841 0.058 Hang Seng 23487.1 0.84 SEK/DKK 0.781 0.001 Nikkei 16711.7 0.23 NOK/DKK 0.805 0.004 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 Q3 2016 Q4 2016 Q2 2017 Aktuelt Q3 2016 Q4 2016 Q2 2017 Aktuelt Q3 2016 Q4 2016 Q2 2017 USA 0.250 0.375 0.625 0.625 1.65 1.60 1.60 1.60 USD/DKK 6.629 7.09 7.10 7.10 Euroland -0.40-0.40-0.40-0.40 0.04-0.05 0.00 0.00 EUR/DKK 7.444 7.4 7.5 7.5 UK 0.25 0.25 0.25 0.25 0.87 0.70 0.80 0.95 GBP/DKK 8.840 8.75 8.66 0.87 Danmark -0.65-0.65-0.65-0.65 0.11 0.10 0.15 0.15 CHF/DKK 6.821 6.83 6.90 6.90 Sverige -0.50-0.50-0.50-0.50 0.31 0.35 0.60 0.80 SEK/DKK 0.7806 0.800 0.813 0.851 Norge 0.50 0.50 0.25 0.00 1.26 1.20 1.10 1.00 NOK/DKK 0.8053 0.791 0.791 0.828 2
Morgenmelding Handelsbanken, 13. september 2016 Kommende begivenheder Aktiekalender, vigtige danske regnskaber D ato Selskab R egnskab Ingen væsentlige Økonomisk kalender Tid Land Indikator Periode Survey SHB Forrige Faktisk 10.-15. Kina Aggregate Financing CNY Aug 900.0b -- 487.9b 10.-15. Kina New Yuan Loans CNY Aug 725.0b -- 463.6b 12/09/16 01:50 Japan Machine Orders MoM/YoY Jul -3%/0.3% -- 8.3%/-0.9% 4.9%/5.2% 12/09/16 09:00 Danmark CPI MoM/YoY Aug 0.0%/0.5% -0.2%/0.3%& -0.1%0.3% -0.3%/0.2% 12/09/16 09:00 Danmark CPI EU Harmonized MoM/YoY Aug -0.1%/0.4% -0.2%/0.2% -0.1%/0.1% -0.4%/0.0% 12/09/16 14:05 USA Fed's Lockhart, Kashkari and Brainard Speaks 13/09/16 04:00 Kina Industrial Production YoY Aug 6.2% 6.3% 6.0% 6.3% 13/09/16 04:00 Kina Retail Sales YoY Aug 10.2% -- 10.2% 10.6% 13/09/16 04:00 Kina Fixed Assets Ex Rural YTD YoY Aug 7.9% 7.8% 8.1% 8.1% 13/09/16 08:00 Tyskland CPI MoM/YoY Aug F 0.0%/0.4% -- 0.0%/0.4% 13/09/16 09:30 Sverige CPI MoM/YoY Aug 0.0%/1.2% 0.0%/1.2% 0.1%/1.1% 13/09/16 09:30 Sverige CPI CPIF MoM/YoY Aug -0.1%/1.5% 0.0%/1.5% 0.1%/1.4% 13/09/16 10:30 UK CPI MoM/YoY Aug 0.4%/0.7% -- -0.1%/0.6% 13/09/16 10:30 UK CPI Core YoY Aug 1.4% -- 1.3% 13/09/16 11:00 Tyskland ZEW Survey Current Situation Sep 56.0 -- 57.6 13/09/16 11:00 Tyskland ZEW Survey Expectations Sep 2.5 -- 0.5 13/09/16 12:00 USA NFIB Small Business Optimism Aug 94.8 -- 94.6 14/09/16 09:30 Sverige GDP QoQ/YoY 2Q F 0.3%/3.1% 0.3%/3.1% 0.3%/3.1% 14/09/16 10:30 UK ILO Unemployment Rate 3Mths Jul 4.9% -- 4.9% 14/09/16 11:00 EMU Industrial Production MoM/YoY Jul -0.8%/-0.7% -1.0%/' 0.6%/0.4% 14/09/16 13:00 USA MBA Mortgage Applications 09. Sep -- -- 0.9% 14/09/16 14:30 USA Import Price Index MoM/YoY Aug -0.1%/-2.2% -- 0.1%/-3.7% 15/09/16 09:30 Sverige Unemployment Rate SA Aug 6.8% 6.8% 7.0% 15/09/16 09:30 Schweiz SNB 3-Month Libor Lower Target Range 15. Sep -- -1.25% -1.25% 15/09/16 09:30 Schweiz SNB 3-Month Libor Upper Target Range 15. Sep -- -0.25% -0.25% 15/09/16 09:30 Schweiz SNB Sight Deposit Interest Rate 01/09/15 -- -0.75% -0.75% 15/09/16 10:30 UK Retail Sales Inc Auto Fuel MoM/YoY Aug -0.4%/5.4% -- 1.4%/5.9% 15/09/16 11:00 EMU CPI MoM/YoY Aug 0.1%/0.2% 0.1%/0.2% -0.6%/0.2% 15/09/16 11:00 EMU CPI Core YoY Aug F 0.8% 0.8% 0.8% 15/09/16 13:00 UK Bank of England Bank Rate 01/09/15 0.25% 0.25% 0.25% 15/09/16 13:00 UK BOE Asset Purchase Target Sep 435b 435b 435b 15/09/16 14:30 USA Retail Sales Advance MoM Aug -0.1% -- 0.0% 15/09/16 14:30 USA Initial Jobless Claims 10. Sep -- -- 259k 15/09/16 14:30 USA Retail Sales Control Group MoM Aug 0.4% -- 0.0% 15/09/16 14:30 USA Philadelphia Fed Business Outlook Sep 1.0 -- 2.0 15/09/16 14:30 USA PPI Final Demand MoM/YoY Aug 0.1%/0.1% -- -0.4%/-0.2% 15/09/16 14:30 USA PPI Ex Food and Energy MoM/YoY Aug 0.1%/1.0% -- -0.3%/0.7% 15/09/16 14:30 USA Empire Manufacturing Sep -1.00 -- -4.21 15/09/16 15:15 USA Industrial Production MoM Aug -0.2% -- 0.7% 15/09/16 15:15 USA Manufacturing (SIC) Production MoM Aug -0.3% -- 0.5% 16/09/16 14:30 USA CPI MoM/YoY Aug 0.1%/1.0% -- 0.0%/0.8% 16/09/16 14:30 USA CPI Ex Food and Energy MoM/YoY Aug 0.2%/2.2% -- 0.1%/2.2% 16/09/16 14:30 USA Real Avg Weekly Earnings YoY Aug -- -- 1.2% 16/09/16 16:00 USA U. of Mich. Sentiment Sep P 90.6 -- 89.8 16/09/16 EMU EU-27 Leaders Hold Summit to Discuss Brexit in Bratislava 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 Authority 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. 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. 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 and click through to 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. 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)(3). 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 Debt Capital Markets Tony Lindlöf Head of Debt Capital Markets +46 8 701 25 10 Per Eldestrand Head of Debt Capital Markets Sweden +46 8 701 22 03 Måns Niklasson Head of Corporate Loans and +46 8 701 52 84 Acquisition Finance Ulf Stejmar Head of Corporate Bonds +46 8 463 45 79 Trading Strategy Claes Måhlén Head, Chief Strategist +46 8 463 45 35 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 Lars Henriksson Foreign Exchange Strategist +46 8 463 45 18 Macro Research Ann Öberg Chief Economist +46 8 701 28 37 Jimmy Boumediene Head of Forecasting +46 8 701 30 68 Sweden Petter Lundvik USA, Special Analysis +46 8 701 33 97 Gunnar Tersman E. Europe, Emerging Markets, Japan +46 8 701 20 53 Anders Brunstedt Sweden +46 8 701 54 32 Eva Dorenius Web Editor +46 8 701 50 54 Finland Tiina Helenius Head, Macro Research +358 10 444 2404 Janne Ronkanen Senior Analyst +358 10 444 2403 Denmark Jes Asmussen Head, Macro Research +45 467 91203 Rasmus Gudum-Sessingø Denmark +45 467 91619 Bjarke Roed-Frederiksen China and Latin America +45 467 91229 Norway Kari Due-Andresen Head, Macro Research, Norway; UK +47 22 39 70 07 Nils Kristian Knudsen Senior Strategist FX/FI +47 22 82 30 10 Marius Gonsholt Hov Senior Economist, Norway +47 22 39 73 40 Regional Sales Copenhagen Kristian Nielsen +45 46 79 12 69 Gothenburg Jaan Kivilo +46 31 774 83 39 Gävle Petter Holm +46 26 172 103 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 Snorre Tysland +352 274 868 251 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. +46 8 701 10 00 Tel. +45 46 79 12 00 Fax. +46 8 611 11 80 Fax. +45 46 79 15 52 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 39 70 00 Fax. +47 22 39 71 60 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