External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>The headline ESI stood at 103.7 in December, thus above the 100-mark for the third consecutive month and up from 101.5 in November.</li><li>The rise in the ESI was mainly driven by a further improvement of the sentiment in business sector, which is now indicating strong growth.</li><li>The upturn was broad based. The only exception was a downturn in the construction sector, but the confidence indicator is nevertheless above the 100-mark.</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 headline ESI stood at 103.7 in December, thus above the 100-mark for the third consecutive month and up from 101.5 in November.The rise in the ESI was mainly driven by a further improvement of the sentiment in business sector, which is now indicating strong growth.The upturn was broad based. The only exception was a downturn in the construction sector, but the confidence indicator is nevertheless above the 100-mark.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.

External broker reports(aggregated public sources), CardinalStone

CardinalStone

CardinalStone is an independent, multi-asset investment management firm offering an assortment of financial services to a diverse institutional, high net worth and retail clientele base. The company began operations in June 2008 and its business is conducted across six divisions – Investment Banking, Asset Management, Securities Trading, Trust Services, Registrar Services and Financing. Headquartered in Lagos with offices in Abuja, Nigeria, the firm and its licensed subsidiaries diligently works with its clients to create bespoke solutions for their needs.

<ul><li>The global fundamentals are in favour of a more constructive oil palm market through 2026.</li><li>The United States Department of Agriculture (USDA) in its most recent estimates expect global production of palm oil to increase by 2.42% to 80.8 million metric tonnes (MMt) in the 2025/26 season, largely due to expected improved yields in Indonesia (+1.82% YoY to 3.35 Mt/ha) and Malaysia (+0.58% YoY to 3.48 Mt/ha), with both countries contributing about 82.9% of global production.</li><li>Improved labour availability, more favourable weather conditions, particularly in Malaysia, and improved processing throughput are expected to provide an additional layer of support to production in the coming year.</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 global fundamentals are in favour of a more constructive oil palm market through 2026.The United States Department of Agriculture (USDA) in its most recent estimates expect global production of palm oil to increase by 2.42% to 80.8 million metric tonnes (MMt) in the 2025/26 season, largely due to expected improved yields in Indonesia (+1.82% YoY to 3.35 Mt/ha) and Malaysia (+0.58% YoY to 3.48 Mt/ha), with both countries contributing about 82.9% of global production.Improved labour availability, more favourable weather conditions, particularly in Malaysia, and improved processing throughput are expected to provide an additional layer of support to production in the coming year.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.

Oil Palm - Policy Tailwinds and Expansion Drive Support Sector Outlook

<ul><li>In the press release, the Riksbank states that “the rate is expected to remain at this level for some time to come”, as expected.</li><li>Compared with the rate path in the September report, the path is unchanged for 2026, signalling a policy rate steady at 1.75% during most of the year.</li><li>The rate path was raised for 2027 and 2028, but by a mere 0.01-0.02% point for 2027 and by 0.03-0.04% point for 2028, probably reflecting the improved growth outlook.</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.

In the press release, the Riksbank states that “the rate is expected to remain at this level for some time to come”, as expected.Compared with the rate path in the September report, the path is unchanged for 2026, signalling a policy rate steady at 1.75% during most of the year.The rate path was raised for 2027 and 2028, but by a mere 0.01-0.02% point for 2027 and by 0.03-0.04% point for 2028, probably reflecting the improved growth outlook.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.

<ul><li>We expected a small, small downward adjustment of the new rate path and Norges Bank did as expected,see here for the preview.</li><li>But there were no downward adjustment in the first two quarters of next year.</li><li>Norges Bank did therefore not open up for a small probability of a rate cut already in March.</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.

We expected a small, small downward adjustment of the new rate path and Norges Bank did as expected,see here for the preview.But there were no downward adjustment in the first two quarters of next year.Norges Bank did therefore not open up for a small probability of a rate cut already in March.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.

Norges Bank Review: Slightly on the hawkish side

<ul><li>The ECB kept rates unchanged at 2% at the December meeting,and the new staff forecasts further strengthen the picture of a central bank firmly on hold.</li><li>Services inflation has proved stickier than expected, leading to higher expected inflation next year, while growth forecasts have been revised higher.</li><li>With both core and headline inflation seen at 2% in 2028, the ECB can be happy with the current monetary policy setup.In the Q&amp;A, Lagarde repeated that monetary policy remains in a good place, but all optionality should be maintained.</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 ECB kept rates unchanged at 2% at the December meeting,and the new staff forecasts further strengthen the picture of a central bank firmly on hold.Services inflation has proved stickier than expected, leading to higher expected inflation next year, while growth forecasts have been revised higher.With both core and headline inflation seen at 2% in 2028, the ECB can be happy with the current monetary policy setup.In the Q&amp;A, Lagarde repeated that monetary policy remains in a good place, but all optionality should be maintained.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.