Publikationstyp  Date - Macro Research

Transcription

Publikationstyp  Date - Macro Research
Macro Research
9. januar 2015
Morgenmelding Handelsbanken
Dagens fokus
 Dagens altoverskyggende begivenhed bliver nok arbejdsmarkedsrapporten for december fra USA, som tegner til at blive endnu en god en af slagsen, men dog ikke ligeså god som i november, hvor beskæftigelsen steg
med hele 321.000. Underindekset for beskæftigelsen i de to ISM-indeks er
begge kun faldet en smule i forhold til november, og de ugentlige antal nytilmeldte ledige har udviklet sig ganske fornuftigt. ADP-indikatoren for den
private den af beskæftigelsen gik frem i forhold til november, men ADP
havde på den anden side slet ikke forudset den store fremgang i den faktiske beskæftigelse i november (se figur). Vi og konsensus venter en beskæftigelsesfremgang på henholdsvis 250.000 og 240.000. Ledighedsgraden er nok faldet endnu en måned til 5,7%, og nok så interessant bliver
det, om timelønnen kan fastholde den højere vækstrate (0,4% m/m), vi så
i november.
 Fra Tyskland kommer industriproduktionen for november, hvor der
ventes endnu en beskeden fremgang, hvilket er i overensstemmelse med
den seneste stabilisering i PMI-fremstillingsindekset. Risikoen er på nedsiden efter gårsdagens svage fabriksordreindgang.
 Danmarks Statistik kommer også med industriproduktionstal. Industrisektoren har siden foråret oplevet et massivt negativ omslag, indikeret af
industriens konjunkturbarometer, der er faldet til niveauer ikke set siden
krisen i 2008/2009. En fortsat lidt skuffende indenlandsk efterspørgsel
kombineret med afmatningen i især euroområdet ser således ud til at veje
på produktionen herhjemme. Virksomhederne vurderer at deres lagre er
for store, som i kombination med en meget negativ udvikling i ordrebøgerne ikke er en god cocktail for industriproduktionen. Vi venter på den baggrund et fald i industriproduktionen i omegnen af 3,0% m/m i november.
Baseret på de ledende indikatorer ventes produktionen at have pilen yderligere nedad de kommende måneder, og vil derfor fortsat trække ned i den
samlede økonomiske aktivitet. Herudover får vi også tal for udenrigshandlen, hvor vi venter et fald i eksporten i november i omegnen af 1,5%.
Det er dog primært brændselskomponenten der ventes at trække ned efter
en kraftig stigning måneden før. Overordnet ser vi imidlertid ikke grobund
for at vente et stærkere eksportopsving, idet væksten på flere af vores
eksportmarkeder stadig er noget haltende. Modsat ventes importen at være steget lidt. Det vil medvirke til et fald i overskuddet på handelsbalancen
fra 7,1 mia. kr. til ca. 6 mia. kr. i november. Overskuddet på betalingsbalancen ventes også at være faldet lidt fra 13,2 mia. kr. til 11,9 mia. kr. i november.
 Også Sverige og Storbritannien offentliggør industriproduktionstal i
dag, og Norge offentliggør inflationstal.
USA: ADP forudså ikke stærk beskæftigelsesfremgang i sidste måned
Kilde: Macrobond
Højdepunkter siden sidst
 Markederne: Aktiemarkederne rettede sig markant i går efter store fald





først på ugen. Brent-olieprisen er kravlet tilbage op over 50 USD pr. tønde.
Renterne er steget. EUR/USD nogenlunde fladt men JPY stærkere over
for USD her til morgen.
Kina: Inflationen steg til 1,5% y/y i december fra 1,4% i november. Det var
på linje med konsensusestimatet. Udsving i det kinesiske forbrugerprisindeks er især drevet af fødevarepriserne og i mindre grad energipriserne,
og det forklarer, hvorfor inflationen steg lidt trods de globale olieprisfald.
USA: Antallet af nytilmedlte ledige for sidste uge faldt lidt til 294.000. Det
påvirker ikke morgendagens arbejdsmarkedsrapport, som jo vedrører december måned.
Euroområdet: EU-Kommissionens konjunkturbarometer, ESI, var 100,7 i
december, uændret i forhold til det nedreviderede novembertal. Der var
ventet en stigning i ESI, og det er da også lidt skuffende at tilliden ikke
stieg trods lavere oliepris og svagere EUR. Til gengæld var der gode nyheder fra detailomsætningen, som med 0,6% m/m steg mere end ventet i
november (konsensus 0,4 % m/m) og mere end i oktober (0,2% m/m).
Tyskland: Fabriksordreindgangen faldt med 2,4% m/m i november, hvilket
var et større fald end ventet. Oktobers i forvejen store stigning blev dog
oprevideret. Novemberfaldet er dårligt nyt forud for dagens industriproduktionstal (se figur).
Storbritannien: Rentemødet i Bank of England bød som ventet ikke på
nyheder. Både renten og størrelsen på opkøbsprogrammet var uændret.
For full disclaimer and definitions, please refer to the end of this report.
Tyskland: Svage industriordrer i november
Kilde: Macrobond
Morgenmelding Handelsbanken, 9. januar 2015
Markedskommentarer
Aktier
Renter
Valuta
OMXC20 CAP (+1,32% / indeks 804,75)
endte gårsdagens handel i positivt territorium
på linje med de øvrige europæiske aktieindeks. Den positive stemning var især drevet
af investorernes forventning om at den europæiske centralbank snart vil lempe pengepolitikken på grund af den lave inflation i eurozonen. I bunden af indekset endte Pandora (4,20% / kurs 472,50) efter smykkekæden
Signet, som er Pandoras største forhandler i
USA, gav en salgsopdatering for julesalget.
Signet meddelte at julesalget af charms,
hvorfra Pandora henter størstedelen af omsætningen, har været til den svage side. I den
anden ende af indekset endte blandt andet
William Demant (+2,36% / kurs 472,50) efter
Citigroup satte aktien på sin anbefalingsliste
Key Buy Europe. Dagens kursmæssige vinder
blev A.P. Møller-Mærsk (+3,75% / kurs
12.450,00) dog uden selskabsspecifikke
nyheder. Uden for det ledende danske C20
indeks var Matas (-1,44% / kurs 137,00) i
fokus efter selskabet gav en salgsopdatering
for 3. kvartal der ikke bød på meget overraskende nyt. Matas meddelte dog at julehandlen har været mere træg end ventet.
Obligationsrenterne steg for en gangs skyld i
går i takt med at aktiemarkedet bød på stigninger efter store flad først på ugen.
EUR svækkedes lidt i går over for USD, men
er styrket marginalt her til morgen. Styrkelsen
over for USD her til morgen kan muligvis
hænge sammen med, at Fed’s Kocherlakota i
en tale i nat dansk tid advarede mod at Fed
hæver renten for tidligt.
Fra euroområdet var nøgletallene blandede.
EU-Kommissionens ESI konjunkturbaramoter
for december skuffede ved at være uændret i
forhold til november måned selvom euroområdets økonomi burde få støtte fra den svagere EUR og den lavere oliepris. Til gengæld
steg detailomsætningen i november mere end
ventet.
De amerikanske statsrenter blev nok også
primært drevet op af fremgang på aktiemarkederne og måske på forventning om en
relativ stærk arbejdsmarkedsrapport i dag.
JPY svækkedes i går over for USD, men er
styrket her til morgen i den asiatiske handel.
NOK havde for en gangs skyld en god dag i
går og styrkedes over for EUR. Det hang nok
sammen med, at olieprisen stabiliseredes og
endda steg lidt.
Den finansielle uro i Grækenland frem mod
parlamentsvalget fortsætter. Renten på den
10-årige græske statsobligation steg over
10% i forgårs, men faldt dog tilbage igen til
lige under 10% i går.
.
Dagens finansielle nøgletal
Aktier
Aktuelt
Valuta
%-Ændring
10-årige renter
Aktuelt
Ændring
Aktuelt
Råvarer
Ændring
Aktuelt
OMXC20CAP
804,8
1,32
USD/JPY
119,4
-0,490
USA
2,01
0,03
CRB
Stoxx600
342,4
2,75
EUR/USD
1,181
-0,001
Euroområdet
0,51
0,03
Brent oil (1M fut)
FTSE
6570,0
2,34
USD/DKK
6,301
0,006
Danmark
0,54
0,06
Gold (spot)
S&P500
2062,1
1,79
CHF/DKK
6,194
0,000
Nasdaq
4736,2
1,84
GBP/DKK
9,510
0,013
Hang Seng
24081,8
1,03
SEK/DKK
0,786
-0,003
Nikkei
17191,3
0,14
NOK/DKK
0,827
0,009
%-Ændring
225,9
0,37
51,2
-0,56
1211,2
0,15
Alle tal er opgjort ca. kl. 7:30 i dag med ændringer fra foregående handelsdag ca. kl. 7:30
Handelsbankens finansielle forventninger
Officielle renter
Aktuelt
+3 mdr.
+6 mdr.
USA
Euroland
UK
Danmark
Sverige
Norge
0,125
0,05
0,50
0,20
0,00
1,25
0,125
0,05
0,50
0,20
0,00
1,25
0,500
0,05
0,75
0,20
0,00
1,25
+12 mdr.
1,250
0,05
1,00
0,20
0,25
1,25
Aktuelt
10-årig statsobligationer
+3 mdr.
+6 mdr. +12 mdr.
2,01
0,51
1,65
0,76
0,86
1,46
2,40
0,80
2,25
0,80
1,20
2,00
2,40
0,90
2,50
1,00
1,40
2,25
2,50
1,00
3,00
1,10
1,60
2,50
Aktuelt
EUR/USD
USD/JPY
USD/DKK
EUR/DKK
SEK/DKK
NOK/DKK
1,181
119,4
6,301
7,440
0,7858
0,8272
Valuta
+3 mdr.
1,22
117,0
6,11
7,45
0,797
0,876
+6 mdr.
1,16
130,0
6,42
7,45
0,828
0,876
+12 mdr.
1,10
140,0
6,77
7,45
0,856
0,876
2
Morgenmelding Handelsbanken, 9. januar 2015
Kommende begivenheder
Aktiekalender, vigtige danske regnskaber
D ato
Selskab
R egnskab
Ingen væsentlige regnskaber
Økonomisk kalender
Dato
05-01-15
05-01-15
05-01-15
05-01-15
05-01-15
05-01-15
05-01-15
06-01-15
06-01-15
06-01-15
06-01-15
06-01-15
06-01-15
06-01-15
06-01-15
06-01-15
07-01-15
07-01-15
07-01-15
07-01-15
07-01-15
07-01-15
07-01-15
07-01-15
07-01-15
08-01-15
08-01-15
08-01-15
08-01-15
08-01-15
08-01-15
08-01-15
08-01-15
08-01-15
08-01-15
08-01-15
09-01-15
09-01-15
09-01-15
09-01-15
09-01-15
09-01-15
09-01-15
09-01-15
09-01-15
09-01-15
09-01-15
09-01-15
Tid
02:35
10:30
14:00
15:45
16:00
16:00
02:45
09:00
09:00
09:00
10:00
10:30
15:45
16:00
16:00
08:00
09:00
11:00
11:00
11:00
13:00
14:15
14:30
20:00
00:30
08:00
11:00
11:00
11:00
13:00
13:00
13:30
14:30
14:30
15:45
02:00
08:00
09:00
09:00
09:00
09:15
09:30
10:00
10:30
14:30
14:30
14:30
Land
Japan
EMU
Tyskland
USA
Danmark
Danmark
USA
Kina
Norge
Danmark
Danmark
EMU
UK
USA
USA
USA
Tyskland
Schweiz
EMU
EMU
EMU
USA
USA
USA
USA
USA
Tyskland
EMU
EMU
EMU
UK
UK
USA
USA
USA
USA
USA
Tyskland
Danmark
Danmark
Danmark
Schweiz
Sverige
Norge
UK
USA
USA
USA
Indikator
Periode
Markit/JMMA Japan Manufacturing PMI
Dec F
Sentix Investor Confidence
Jan
CPI MoM/YoY
Dec P
ISM New York
Dec
Foreign Reserves
Dec
Change in Currency Reserves
Dec
Domestic vehicle sales
Dec
HSBC China Services PMI
Dec
Manufacturing PMI
Dec
Unemployment Rate Gross Rate
Nov
Industriens konjunkturbarometer
Dec
Markit Eurozone Composite PMI
Dec F
Markit/CIPS UK Composite PMI
Dec
Markit US Composite PMI
Dec F
Factory Orders
Nov
ISM Non-Manf. Composite
Dec
Retail Sales MoM/YoY
Nov
Foreign Currency Reserves
Dec
Unemployment Rate
Nov
CPI Estimate YoY
Dec
CPI Core YoY
Dec A
MBA Mortgage Applications
ADP Employment Change
Dec
Trade Balance
Nov
Fed Releases Minutes from Its Dec. 16-17 FOMC Meeting
Fed's Evans Speaks on Monetary Policy in Chicago
Factory Orders MoM/WDA YoY
Nov
PPI MoM/YoY
Nov
Retail Sales MoM/YoY
Nov
Economic Confidence
Dec
BOE Asset Purchase Target
Jan
Bank of England Bank Rate
Challenger Job Cuts YoY
Dec
Initial Jobless Claims
Continuing Claims
Bloomberg Consumer Comfort
Fed's Kocherlakota Speaks on Monetary Policy in Minneapolis
Industrial Production SA MoM/YoY
Nov
Industrial Production MoM
Nov
Trade Balance ex Ships
Nov
Current Account Balance
Nov
CPI MoM/YoY
Dec
Industrial Production MoM/YoY
Nov
CPI-ATE MoM/YoY
Dec
Industrial Production MoM/YoY
Nov
Change in Nonfarm Payrolls
Dec
Unemployment Rate
Dec
Average Hourly Earnings MoM/YoY
Dec
Survey
--1
0.1%/0.3%
---13,7M
-50,5
5,0%
-51,7
57,4
-0,4%
58
0.2%/0.6%
472.0B
11,5%
-0,1%
0,7%
-226K
-$42.0B
SHB
-----------10
-------11,5%
0,0%
0,7%
----
Forrige
52,1
-2,5
0.00%/0.6%
62,4
445,5
2.2B
13,78M
53
51,3
5,0%
-15
51,7
57,6
53,8
-0,7%
59,3
1.9%/1.7%
462.7B(r)
11,5%
0,3%
0,7%
0,9%
227K(r)
-$42.2B(r)
Faktisk
52,0
0,9
0.0%/0.2%
70,8
446,8
1,3B
13,46M
53,4
49,8
5,0%
-19
51,4
55,2%
53,5
-0,7%
56,2
1.0%/-0.8%
495.1B
11,5%
-0,2%
0,8%
11,1%
241K
-$39.0B
-0.8%/1%
-0.2%/-1.4%
0.2%/0.2%
101,2
375B
0,5%
-290K
---
---101,5
375B
0,5%
-----
2.5%/2.4%
-0.4%/-1.3%
0.4%/1.4%
100,8
375B
0,5%
-21%
298K
2353K
42,7
-2.4%/0.4%
-0.3%/-0.6%
0.6%/1.5%
100,7
375B
0,5%
6.6%
294K
2452K
43,6
0.2%/-0.6%
----0.4%/-0.2%
0.5%/-3.7%
0.0%/2.5%
0.2%/1.7%
243K
5,7%
0.2%/2.2%
-----1.3%/-3.7%
0.1%/2.5%
-250K
5,7%
--
0.2%/0.8%
2,8%
7.1B
13.2B
0.0%/-0.1%
0.2%/0.1%
0.1%/2.4%
-0.1%/1.1%
321K
5,8%
0.4%/2.1%
Jes Asmussen ([email protected]); Rasmus Gudum-Sessingø, ([email protected]); Bjarke Roed-Frederiksen, ([email protected])
Ansvarsfraskrivelse:
Kilderne anvendt i dette materiale anses for pålidelige, men Handelsbanken påtager sig ikke ansvar for, at oplysningerne er n øjagtige 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 gæld er 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 gen gengivelse 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
Björn Linden
Head of Securities, Fixed Income,
+46 8 701 21 51
FX and Commodities International +44 7909528735
Debt Capital Markets
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
Trading Strategy
Tony Lindlöf
Head of Debt Capital Markets
+46 8 701 25 10
Claes Måhlén
Head, Chief Strategist
+46 8 463 45 35
Per Jäderberg
Head of Corporate Loans
+46 8 701 33 51
Johan Sahlström
Chief Credit Strategist
+46 8 463 45 37
Måns Niklasson
Head of Acquisition Finance
+46 8 701 52 84
Ronny Berg
Senior Credit Strategist
+47 22 82 30 36
Ulf Stejmar
Head of Corporate Bonds
+46 8 463 45 79
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
Economic Research
Jan Häggström
Head of Economic Research
+46 8 701 10 97
Denmark
Rasmus Gudum-Sessingø Danish economy
+45 467 91619
+45 467 91229
Jes Asmussen
Sweden
Petter Lundvik
USA, Special Analysis
+46 8 701 33 97
Gunnar Tersman
Eastern Europe, Emerging Markets
+46 8 701 20 53
Bjarke Roed-Frederiksen
Helena Trygg
Japan, United Kingdom
+46 8 701 12 84
Anders Brunstedt
Sweden
+46 8 701 54 32
Norway
Eva Dorenius
Web Editor
+46 8 701 50 54
Finland
Head, Economic Research
+45 467 91203
China and Latin America
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
Tiina Helenius
Head, Economic Research
+358 10 444 2404
Kari Due-Andresen
Norwegian economy
+47 22 39 70 07
Tuulia Asplund
Finnish economy
+358 10 444 2403
Marius Gonsholt Hov
Norwegian economy
+47 22 39 73 40
Regional Sales
Copenhagen
Kristian Nielsen
Luleå/Umeå
+45 46 79 12 69
Ove Larsson
Gothenburg
Per Wall
+46 31 743 31 20
Snorre Tysland
Gävle
Johan Magnusson
Helsinki
Mika Rämänen
+46 26 172 111
+358 10 444 62 20
London
Ray Spiers
+44 207 578 86 12
From Sweden to
N.Y. & Singapore
020-58 64 46
Svenska Handelsbanken AB (publ)
Blasieholmstorg 11
SE-106 70 Stockholm
Tel. +46 8 701 10 00
Fax. +46 8 701 28 50
Ulf Larsson
+46 40 24 54 04
Oslo
+46 13 28 91 10
Stockholm
+352 274 868 251
Malmö
Linköping
Fredrik Lundgren
Toll-free numbers
+46 90 154 719
Luxembourg
Copenhagen
Havneholmen 29
DK-1561 Copenhagen V
Tel. +45 46 79 12 00
Fax. +45 46 79 15 52
Petter Fjellheim
+47 22 82 30 29
Stockholm
Malin Nilén
From Norway to
N.Y. & Singapore
800 40 333
Helsinki
Aleksanterinkatu 11
FI-00100 Helsinki
Tel. +358 10 444 11
Fax. +358 10 444 2578
From Denmark to
N.Y. & Singapore
8001 72 02
Oslo
Tjuvholmen Allé 11,
Postboks 1249 Vika
NO-0110 Oslo
Tel. +47 223 97 000
Fax. +47 2233 6915
+46 8 701 27 70
From Finland to
N.Y. & Singapore
0800 91 11 00
London
3 Thomas More Square
London GB-E1W 1WY
Tel. +44 207 578 8668
Fax. +44 207 578 8090
Within the US
1-800 396-2758
New York
Handelsbanken Markets
Securities, Inc.
875 Third Avenue, 4th Floor
New York, NY 10022-7218
Tel. +1 212 326 5153
Fax. +1 212 326 2730
FINRA, SIPC

Similar documents