Morgenmelding Handelsbanken Danmark 12. september 2013 Vigtigste begivenheder Markederne: Blandet stemning på aktiemarkederne med overvejende små stigninger på de fleste markeder. Obligationsrenterne falder mest tydeligt i USA ovenpå succesfuld 10-årige auktion. EUR styrket overfor USD ovenpå mindre bekymring om Syrien-krisen. USA: Antal realkreditansøgninger styrtdykker. Kerry indleder to-dages møde med den russiske udenrigsminister Lavrov om situationen i Cypern. Kina: Premierminister Li Keqiang giver udtryk for, at vækstvending endnu ikke har solidt fundament og at stimulans ikke løser Kinas mere strukturelle udfordringer. Elektricitetsproduktionen stiger til rekordniveau. Japan: Skuffende maskinordrer indikerer opbremsning i investeringsaktiviteten gående ind i 3. kvartal. Korea: Bank of Korea fastholdt som ventet renten uændret på nattens rentemøde. Bedringstegn i økonomien og laveste inflation siden 1999 baner vejen for en uændret rente. Dagen i dag byder på tal for industriproduktionen i euroområdet, hvor der ventes en opbremsning i produktionsvæksten. Derudover byder USA på den ugentlige opgørelse over antal nytilmeldte ledige. Dagens vigtigste begivenheder Dagen i dag byder på en relativt tynd nøgletalskalender. Fra euroområdet modtager vi tal for industriproduktionen, der har en vis interesse idet det især ser ud til at være industrien, som især står bag den seneste bedring i BNP-væksten i 2. kvartal. Vi forventer umiddelbart, at produktionsvæksten bremser op i juli og måske bliver let negativ. Det er blevet antydet af nationale produktionsdata fra Tyskland, som viste et overraskende stort fald på 3,4% m/m (største fald siden januar 2009). Desuden har diverse industribarometre peget på en opbremsning. De samme barometre har dog antydet, at produktionen igen vil løfte sig i de efterfølgende par måneder. Senere på dagen byder USA på den sædvanlige ugentlige opgørelse over antal nytilmeldte ledige, hvor der ventes en lille stigning til 330.000 personer fra tidligere 323.000 personer. På den politiske front Højdepunkter siden sidst Gårsdagens kalender var temmelig lidt tynd med hensyn til økonomiske begivenheder, og det mest interessante var således den ugentlige opgørelse over realkreditansøgningerne i sidste uge. Ansøgningerne kom særdeles svagt ud med et fald på 13,5%, hvilket var frygtet idet renterne i sidste uge steg yderligere. De stigende realkreditrenter har den seneste tid drevet ansøgningerne ned i det laveste niveau i omkring 2½ år, men faldet var indtil gårsdagens opgørelse bremset lidt op. Det bliver interessant at følge om opbremsningssignalerne på boligmarkedet fortsætter. Blandt de mest interessante nyheder fra Kina var Premierminister Li Keqiangs udtalelser om, at den økonomiske vending ikke har et solidt fundament og samtidig advarede han mod, at stimulans ikke vil løse de mere strukturelle udfordringer som Kina står overfor. Han gentog, at Kina vil være i stand til at nå sit officielle vækstmål på 7,5% i år. Li gentog sit commitment til at gå videre med finansielle reformer og herunder påbegyndelsen af liberaliseringen af de store statsejede finansielle selskaber. På nøgletalssiden var der yderligere positivt nyt at spore idet elektricitetsproduktionen i august nåede rekordhøjt niveau. Væksten i elektricitetsproduktionen steg til 13,4% y-o-y fra 8,1% i juli. Elektricitetsproduktionen er en af de indikatorer som premierminister Li Keqiang har sagt, at han følger nøje når han skal vurdere aktiviteten i økonomien. Euroområdet med bekymrende opbremsning i industrien % m/m 3 2 1 0-1 -2-3 -4-5 -6 07 08 09 10 11 12 13 Industriproduktion, vægtet Tyskland og Frankrig Industriproduktion, euroområdet Source: Reuters EcoWin indleder USA og Rusland et to-dages møde mellem John Kerry og den russiske udenrigsminister Sergei Lavrov om situationen i Cypern. USA ønsker at teste troværdigheden af det russiske forslag om at få Syrien til at skaffe sig af med sine kemiske våben. Senest erkendte Syrien for første gang at de har kemiske våben og at de er villige til at afhænde dem. Hjemlig modstand mod en militæraktion har fået præsident Obama til at søge en mere diplomatisk vej, men kritiske stemmer udtrykker pessimisme om det russiske forslag med tanke på, at Putin igennem flere år har været en støtte til den syriske regering anført af Præsident Bashar al-assad. Ellers byder dagen på taler fra centralbankmedlemmer fra den Europæiske Centralbank, Bank of England og Bank of England. Her til morgen har vi modtaget opgørelsen over maskinordrer i Japan i juli. Opgørelsen skuffede betydeligt med en nul-vækst m-o-m langt under forventningerne om en stigning på 2,4% - hvilket dog trak årsvæksten op i 6,5% fra 4,9%. Der var ventet en fremgang i årsvæksten til 7,7%. Den svage opgørelse kommer efter en endnu svagere opgørelse i juni. Det er dog værd at bemærke, at maskinordrerne er temmelig volatile og det er derfor ikke hensigtsmæssigt at tildele enkeltobservationer for stor vægt. Der har dog stadig været tale om bedring i investeringsaktiviteten i 2. kvartal til trods for de seneste måneders skuffende opgørelser for maskinordrerne. Samlet set var ordrerne i 2. kvartal stærkere end i 1. kvartal. Bank of Korea fastholdt som ventet renten uændret (2,5%) på nattens rentemøde. Det er 4. måned i træk med en uændret rente efter banken senest i maj satte renten ned med 0,25%-point. Økonomien viser bedringstegn og inflationsudsigterne tyder ser fornuftige ud. Den aktuelle inflation er på det laveste niveau siden 1999 og tegn på stabilisering i Kina bidrager til at løfte de økonomiske udsigter. I modsætning til de fleste andre emerging markets så nyder Korea godt af fortsat tillid fra internationale investorer i form af stabil indstrømning af kapital. 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 CAP (-0,10% / indeks 624,05) endte dagen med et lille fald på en dag hvor det var sparsomt med nyheder som kunne rykke på markedsstemningen. I toppen af indekset endte Tryg (+0,33% / kurs 493,00) og Danske Bank (+0,34% / kurs 119,70) med beskedne stigninger. Pandora (+0,05% / kurs 222,40) havde endnu en god dag efter perioden for, hvornår kapitalfonden Prometheus, som fortsat ejer 40% af aktierne, udløb i mandags. Pandora-aktien er i denne uge steget med omkring 9%. GN Store Nord (+0,17% / kurs 119,40) havde ligeledes en god dag efter et amerikansk finanshus startede dækning på aktien med anbefalingen køb. I modsatte ende af indekset endte Vestas (-1,29% / kurs 141,60) uden at der dog var nogen selskabsspecifikke nyheder. Renter Obligationsrenterne trak nedad i går på en dag uden nævneværdige økonomiske begivenheder. Faldet var mest tydeligt i USA efter en 21 mia. USD stor auktion over 10-årige statspapirer tiltrak den største efterspørgsel siden marts i år. Der var som nævnt ikke væsentlige økonomiske nøgletal eller begivenheder til derudover at sætte nævneværdig retning på obligationsmarkedet. Blandt de mest interessante var antal realkreditansøgninger fra USA, der efter en vis stabilisering faldt kraftigt tilbage i foregående uge. Stigende realkreditrenter har lagt en dæmper på realkreditansøgningerne og det afgørende punkt bliver i hvilket omfang dette kommer til at vise sig på boligmarkedsaktiviteten. EUR endte dagen styrket overfor USD på en dag uden nævneværdige økonomiske nøgletal eller begivenheder i øvrigt. Svækkelsen fulgte i kølvandet på aftagende bekymringer om situationen i Syrien, hvor USA og Rusland i dag indleder et 2- dages møde. Det russiske forslag om en kemisk afvæbning af Syrien er på bordet og USA ønsker at vurdere validiteten af dette forslag før Obama bestemmer sig for om han skal forsøge at gå videre med sine militærplaner til Senatet og Kongressen. Obama har derfor opfordret Kongressen til at vente med en afstemning om hans forslag til efter mødet med den russiske udenrigsminister Lavrov. Kritiske stemmer understreger, at det russiske forslag ikke er særligt troværdigt eftersom Putin i de seneste år har støttet den syriske regering anført af Præsident Bashar al-assad. Dagens finansielle nøgletal Handelsbankens finansielle forventninger Aktier Aktuelt %-Æ ndring Aktuelt Ændring OMXC20CAP 624.1-0.08 USD/JPY 99.5-1.00 Stoxx600 310.9 0.35 EUR/USD 1.332 0.006 FTSE 6588.4 0.07 EUR/DKK 7.458 0.000 S&P500 1689.1 0.31 USD/DKK 5.601-0.026 Nasdaq 3725.0-0.11 SEK/DKK 0.858-0.001 Brasil. 53570.5-0.76 NOK/DKK 0.947-0.003 Hang Seng 22993.0 0.24 CHF/DKK 6.024 0.015 Nikkei 14393.2-0.22 GBP/DKK 8.86 0.02 10-årige renter Råvarer Aktuelt Æ ndring Aktuelt Ændring USA 2.89-0.08 CRB 290.7 1.64 EUR 2.05-0.03 Brent oil (1Mf) 111.7 0.11 DKK 2.20-0.03 Gold (spot) 1359.1-0.52 Pengemarkedsrenter EURIBOR3M 0.22 CHF3M 0.02 CIBOR3M 0.27 EURIBOR6M 0.34 CHF6M 0.08 CIBOR6M 0.53 Alle tal er opgjort kl. 7:30 i dag med ændringer fra foregående handelsdag kl. 7:30 Svag vækst fremadrettet kombineret med en gældskrise, der stadig har potentialet til at blusse op, betyder, at vi fortsat forventer nye lempelsestiltag fra ECB. Vi forventer, at Nationalbanken forventes at ville følge ECB med ned på renten, men ikke i samme omfang. Federal Reserve ventes at påbegynde udfasning af kvantiative lempelser inden længe, derudover forventer vi ikke at banken vil vente til 2015 som Fed pt. skitserer med en første renteforhøjelse. EUR ses at komme 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 svagere EUR over for USD over de kommende 12 måneder, da USA ventes at påbegynde en nedtrapning af den lempelige pengepoltik. Vi vurderer, at der fremadrettet kan blive tale om en stærkere NOK og SEK. Herunder er mulige renteforhøjelser fra landendes centralbanker så småt ved at dukke op i horisonten. Officielle renter 10-årig statsobligationer 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 0.250 2.89 2.80 2.80 3.00 EUR/USD 1.332 1.28 1.23 1.10 Euroland 0.50 0.25 0.25 0.25 2.05 1.80 1.65 1.65 USD/JPY 99.5 102.0 103.0 105.0 UK 0.50 0.50 0.50 0.50 3.00 2.70 2.90 3.00 USD/DKK 5.601 5.83 6.06 6.77 Danmark 0.20 0.10 0.10 0.10 2.20 2.00 1.85 1.85 EUR/DKK 7.458 7.46 7.45 7.45 Sverige 1.00 1.00 1.00 1.25 2.73 2.50 2.40 2.60 SEK/DKK 0.8585 0.878 0.887 0.898 Norge 1.50 1.50 1.50 1.50 3.23 2.80 2.60 2.60 NOK/DKK 0.9469 0.950 0.949 0.968 12. september 2013 2
Kommende begivenheder Aktiekalender, vigtige danske regnskaber Dato Selskab Regnskab Ingen væsentlige Økonomisk kalender Dato Tid Land Indikator Periode Survey SHB Forrige Faktisk 09/09/13 01:50 Japan GDP Annualized SA QoQ 2Q F 3.9% -- 2.6% 3.8% 09/09/13 03:30 Kina CPI YoY Aug 2.6% -- 2.7% 2.6% 09/09/13 07:00 Japan Consumer Confidence Index Aug 44.0 -- 43.6 43.0 09/09/13 07:45 Schweiz Unemployment Rate SA Aug -- 3.2% 3.2% 3.2% 09/09/13 08:30 Frankrig Bank of France Bus. Sentiment Aug 97 -- 95 97 09/09/13 09:00 Danmark Trade Balance ex Ships Jul 8.0B 8.0B 7.2B 6.9B 09/09/13 09:00 Danmark Current Account Balance Jul 12.5B 12.5B 15.2B 13.0B 09/09/13 10:30 EMU Sentix Investor Confidence Sep -4.0-4.0-4.9 6.5 09/09/13 17:00 USA Fed's Williams to Speak 09/09/13 21:00 USA Consumer Credit Jul $12.700B -- $11.925B $10.437B 10/09/13 01:01 UK RICS House Price Balance Aug 36% -- 37%(r) 40% 10/09/13 07:30 Kina Industrial Production YoY Aug 9.9% -- 9.7% 10.4% 10/09/13 07:30 Kina Retail Sales YoY Aug 13.3% -- 13.2% 13.4% 10/09/13 08:45 Frankrig Industrial Production (MoM/YoY) Jul 0.5%/-0.5% -- -1.4%/-0.2% -0.6%/-1.8% 10/09/13 09:00 Danmark CPI EU Harmonized (MoM/YoY) Aug -- 0.5%/0.6% -0.3%/0.4% 0.1%/0.1% 10/09/13 09:00 Danmark CPI (MoM/YoY) Aug -- 0.4%/0.7% -0.3%/0.6% 0.1%/0.4% 10/09/13 09:30 Sverige Industrial Production (MoM/YoY) Jul 0.5%/-3.6% 1.9%/-1.7% 3.0%/-4.0% -0.4%/-5.2% 10/09/13 10:00 Norge CPI (MoM/YoY) Aug -0.4%/3.0% /2.9% 0.4%/3.0% -0.1%/3.2% 10/09/13 10:00 Norge CPI Underlying (MoM/YoY) Aug -0.6%/1.9% 0.4%/1.8% -0.1%/2.5% 10/09/13 13:30 USA NFIB Small Business Optimism Aug 95 -- 94.1 94.0 10.-15. 5 SEP Kina New Yuan Loans Aug 730.0B -- 699.9B 711.3B 10.-15. 5 SEP Kina Aggregate Financing RMB Aug 950.0B -- 808.8B 1570.0B 11/09/13 08:00 Tyskland CPI (MoM/YoY) Aug F 0.0%/1.5% -- 0.0%/1.5% 0.0%/1.5% 11/09/13 09:00 EMU EU's Barroso Gives State-of-Union Speech 11/09/13 10:30 UK ILO Unemployment Rate 3Mths Jul 7.8% -- 7.8% 7.7% 11/09/13 13:00 USA MBA Mortgage Applications 06. Sep -- -- 1.3% -13.5 12/09/13 01:50 Japan Machine Orders (MoM/YoY) Jul 2.4%/7.8% -- -2.7%/4.9% 0.0%/6.5 12/09/13 09:30 Sverige CPI (MoM/YoY) Aug 0.1%/0.1% 0.1%/0.1% -0.1%/0.1% 12/09/13 09:30 Sverige CPI CPIF (MoM/YoY) Aug 0.1%/1.1% 0.1%/1.2% -0.1%/1.2% 12/09/13 09:30 Sverige Unemployment Rate SA Aug 7.9% 8.0% 7.8% 12/09/13 11:00 EMU Industrial Production (MoM/YoY) Jul 0.3%/-0.1 0.3%/ 0.7%/0.3% 12/09/13 14:30 USA Initial Jobless Claims 07. Sep 330K -- 323K 12/09/13 14:30 USA Import Price Index (MoM/YoY) Aug 0.5% -- 0.2%/1.0% 12/09/13 15:45 USA Bloomberg Consumer Comfort 08. Sep -- -- -32.3 12/09/13 20:00 USA Monthly Budget Statement Aug -$155.0B -- -- 13/09/13 14:30 USA PPI (MoM/YoY) Aug 0.2%/1.3% -- 0.0%/2.1% 13/09/13 14:30 USA PPI Ex Food and Energy (MoM/YoY) Aug 0.1%/1.3% -- 0.1%/1.2% 13/09/13 14:30 USA Retail Sales Advance MoM Aug 0.4% 0.5% 0.2% 13/09/13 14:30 USA Retail Sales Control Group Aug 0.3% 0.3% 0.5% 13/09/13 15:00 EMU Euro-Area Finance Ministers Meet 13/09/13 15:55 USA Univ. of Michigan Confidence Sep P 82.4 82.0 82.1 13/09/13 16:00 USA Business Inventories Jul 0.3% -- 0.0% 12. september 2013 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 Equities UK and US +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 Thomas Grandin Head of Fixed Income Sales +46 8 701 45 83 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 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 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 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 Nils Kristian Knudsen Senior Strategist FX/FI +47 22 82 30 10 Kari Due-Andresen Norwegian economy +47 22 39 70 07 Marius Nyborg Hov Norwegian economy +47 22 39 7340 Regional Sales Copenhagen Kristian Nielsen +45 46 79 12 69 Gothenburg Karl-Johan Svensson +46 31 743 31 09 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 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 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