External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November.</li><li>We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere higher than expected.</li><li>Thus, energy prices do not explain the low headline reading.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CPIF inflationstood at 2.3% y/y andCPIF ex energyat 2.4% y/y in November.We saw CPIF ex energy at 2.6% and the Riksbank at 2.5%.Energy priceswere higher than expected.Thus, energy prices do not explain the low headline reading.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Swedish November flash inflation review: Below forecasts

<ul><li>The Euro-area flash inflation estimate for November remained close to the ECB’s target at 2% y/y, supporting an ECB that is on hold unless new shocks appear.</li><li>The first quarter of 2026 is likely to see too low inflation followed by gradually increasing inflation over the course of 2026 and 2027 as fiscal easing picks up, leading to ECB rate hikes in 2027 in our forecast.Table 1.</li><li>November flash inflationServices price inflation increased to 3.5% y/y and remains high and sticky, though the monthly rate of change eased slightly.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The Euro-area flash inflation estimate for November remained close to the ECB’s target at 2% y/y, supporting an ECB that is on hold unless new shocks appear.The first quarter of 2026 is likely to see too low inflation followed by gradually increasing inflation over the course of 2026 and 2027 as fiscal easing picks up, leading to ECB rate hikes in 2027 in our forecast.Table 1.November flash inflationServices price inflation increased to 3.5% y/y and remains high and sticky, though the monthly rate of change eased slightly.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Euro-area flash inflation:  In support of unchanged ECB rates

Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

<ul><li>A surprise rise in EA inflation to 2.2% in November meant October’s long-awaited dip was a false dawn for a disinflationary consensus exceeded by 0.4pp since June.</li><li>The accumulated extent and the increase in service inflation to 3.5% are concerning, but the latest news was narrowly concentrated in Greece, with other errors being minor.</li><li>Stronger underlying momentum into year-end is preventing the January base effects from driving it significantly below target. The ECB’s good place isn’t breaking dovishly.</li></ul>

A surprise rise in EA inflation to 2.2% in November meant October’s long-awaited dip was a false dawn for a disinflationary consensus exceeded by 0.4pp since June.The accumulated extent and the increase in service inflation to 3.5% are concerning, but the latest news was narrowly concentrated in Greece, with other errors being minor.Stronger underlying momentum into year-end is preventing the January base effects from driving it significantly below target. The ECB’s good place isn’t breaking dovishly.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Despite support from foreign fund inflows driven by speculation on a stronger baht, we expect most of the capital to move into the Thai bond market rather than equities, as the Thai stock market continues to face valuation challenges reflected in the low Earnings Yield Gap (EYG), which remains close to KTX’s fair level and therefore limits long-term upside potential.</li><li>High US interest rates have helped ease demand-pull inflation, while weaker economic data—especially in the labor market (Figure 1)—points to further moderation in core PCE, the Fed’s key inflation gauge (consensus: +0.2% MoM, +2.8% YoY for September).</li><li>Thailand’s inflation situation differs structurally, as headline inflation remains in negative territory (Figure 2), mainly due to easing cost-push pressures—government measures (LPG price caps, reduced Oil Fund contributions, electricity price freezes), lower energy and fresh food prices, and an influx of cheaper imported goods—rather than weak demand.</li></ul>

Despite support from foreign fund inflows driven by speculation on a stronger baht, we expect most of the capital to move into the Thai bond market rather than equities, as the Thai stock market continues to face valuation challenges reflected in the low Earnings Yield Gap (EYG), which remains close to KTX’s fair level and therefore limits long-term upside potential.High US interest rates have helped ease demand-pull inflation, while weaker economic data—especially in the labor market (Figure 1)—points to further moderation in core PCE, the Fed’s key inflation gauge (consensus: +0.2% MoM, +2.8% YoY for September).Thailand’s inflation situation differs structurally, as headline inflation remains in negative territory (Figure 2), mainly due to easing cost-push pressures—government measures (LPG price caps, reduced Oil Fund contributions, electricity price freezes), lower energy and fresh food prices, and an influx of cheaper imported goods—rather than weak demand.

KTX Ahead: US Inflation Falls On Weak Demand; Thailand’s On Cost Pressure

Covering the Mexican Economy, Actinver Research

Actinver

Covering the Mexican Economy

Actinver Research

Actinver is a mexican leading financial group, that generates well being for individuals and companies through advisory services that provides investment management to maintain and grow their wealth.

<ul>
<li>In the first fortnight of November, inflation stood at 0.47% bw, driven by the withdrawal of the electricity tariff subsidy and higher public transportation prices.</li>
<li>These pressures were partially offset by softer goods inflation associated with the Buen Fin discount program.</li>
<li>As a result, annual inflation for the first fortnight of November reached 3.61%, maintaining room for an additional rate cut by Banco de México in December.</li>
</ul>


In the first fortnight of November, inflation stood at 0.47% bw, driven by the withdrawal of the electricity tariff subsidy and higher public transportation prices.
These pressures were partially offset by softer goods inflation associated with the Buen Fin discount program.
As a result, annual inflation for the first fortnight of November reached 3.61%, maintaining room for an additional rate cut by Banco de México in December.


Actinver Research - Macro Daily: Inflation 1h – Nov: Buen Fin delivered limited price declines