External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Macroeconomics

<ul><li>Domestic supply prices for consumption goods were largely unchanged in April, while we had expected prices to decline.</li><li>Swedish manufacturing industry’s producer prices continued down in April and fell by 1.6% m/m and by 2.4% year-on-year.</li><li>The SEK strengthened by a full 3.7% vs the USD, 1.9% vs the GBP and by 2.4% vs the NOK during the period that SCB measures prices in April, but was largely unchanged vs the EUR.</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.

Domestic supply prices for consumption goods were largely unchanged in April, while we had expected prices to decline.Swedish manufacturing industry’s producer prices continued down in April and fell by 1.6% m/m and by 2.4% year-on-year.The SEK strengthened by a full 3.7% vs the USD, 1.9% vs the GBP and by 2.4% vs the NOK during the period that SCB measures prices in April, but was largely unchanged vs the EUR.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 producer & import prices: Consumer goods sideways in April

<ul><li>We at Nordea Markets expect that Norges Bank will keep the key policy rate steady in March and our view is that there will be no more rate cuts from Norges Bank this year or the next.</li><li>After the high inflation figures for February, the market has gone from fully pricing a rate cut in March to now pricing a 30% probability.</li><li>Therefore, if Norges Bank remains on hold next week, the NOK could strengthen somewhat further. </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 at Nordea Markets expect that Norges Bank will keep the key policy rate steady in March and our view is that there will be no more rate cuts from Norges Bank this year or the next.After the high inflation figures for February, the market has gone from fully pricing a rate cut in March to now pricing a 30% probability.Therefore, if Norges Bank remains on hold next week, the NOK could strengthen somewhat further. 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>“The time to ease monetary policy is approaching” has been the mantra since the September report.</li><li>Today Norges Bank indicated clearly that the first cut will arrive in March next year:</li><li>“Based on the Committee’s current assessment of the outlook, the policy rate will most likely be reduced in March 2025”At the same time, Norges Bank also acknowledged that the need for rate cuts ahead has diminished somewhat on the back of stronger than expected growth so far but also due to a significantly more stimulative fiscal policy next 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 time to ease monetary policy is approaching” has been the mantra since the September report.Today Norges Bank indicated clearly that the first cut will arrive in March next year:“Based on the Committee’s current assessment of the outlook, the policy rate will most likely be reduced in March 2025”At the same time, Norges Bank also acknowledged that the need for rate cuts ahead has diminished somewhat on the back of stronger than expected growth so far but also due to a significantly more stimulative fiscal policy next 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.

FX & Rates

<ul><li>November has been a good month for the NOK, which has strengthened 2,5 percent against EUR and 2 percent against SEK.</li><li>However, we now believe that the NOK appreciation is over in the short term, and we see a risk of a somewhat weaker NOK in the coming month.So why has NOK been so strong through November?</li><li>It is probably a combination of several factors.1) The cumulative total return of a buy-and-hold carry trade position has increased through October and November, due to the increasing interest rate differential between high and low interest rate countries.</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.

November has been a good month for the NOK, which has strengthened 2,5 percent against EUR and 2 percent against SEK.However, we now believe that the NOK appreciation is over in the short term, and we see a risk of a somewhat weaker NOK in the coming month.So why has NOK been so strong through November?It is probably a combination of several factors.1) The cumulative total return of a buy-and-hold carry trade position has increased through October and November, due to the increasing interest rate differential between high and low interest rate countries.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.

NOK Update: We see a risk of a somewhat weaker NOK in the coming month

<ul><li>The outcome of the US election has lead us to change our NOK forecast.</li><li>With Trump as president, we expect a further rise in US rates, which will in turn strengthen the dollar somewhat further over the next six months.</li><li>We wrote aNOK Updateone week ago about the upside risk to our NOK forecast with Trump as president.</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 outcome of the US election has lead us to change our NOK forecast.With Trump as president, we expect a further rise in US rates, which will in turn strengthen the dollar somewhat further over the next six months.We wrote aNOK Updateone week ago about the upside risk to our NOK forecast with Trump as president.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.

Norway

The Norwegian krone is the official currency of the Kingdom of Norway.  The US dollar is the official currency of the United States of America.

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Swedish producer & import prices: Consumer goods sideways in April

The SEK strengthened by a full 3.7% vs the USD, 1.9% vs the GBP and by 2.4% vs the NOK during the period that SCB measures prices in April, but was...

Nordea

Lower EURNOK before the trend reverses

We at Nordea Markets expect that Norges Bank will keep the key policy rate steady in March and our view is that there will be no more rate cuts...

Nordea

Norges Bank Review: Higher Rate Path

The time to ease monetary policy is approaching” has been the mantra since the September report.Today Norges Bank indicated clearly that the first...

Nordea

NOK Update: We see a risk of a somewhat weaker NOK in the coming month

November has been a good month for the NOK, which has strengthened 2,5 percent against EUR and 2 percent against SEK. However, we now believe that...

Nordea

NOK Update: Weak NOK for a longer time

With Trump as president, we expect a further rise in US rates, which will in turn strengthen the dollar somewhat further over the next six months.

Nordea

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