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.

FX & Rates

<ul><li>Issuance volumes in November were in line with their historical average.</li><li>A total of SEK 28.3bn was issued, bringing the YTD aggregate to SEK 388.4bn.</li><li>The original 2025 estimate of SEK 462bn will not be met, and the YoY growth in housing loans currently stands at 2.7%.</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.

Issuance volumes in November were in line with their historical average.A total of SEK 28.3bn was issued, bringing the YTD aggregate to SEK 388.4bn.The original 2025 estimate of SEK 462bn will not be met, and the YoY growth in housing loans currently stands at 2.7%.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>Following the rebound in September, issuance volumes for October were in line with the historical average.</li><li>A total of SEK 29.5bn was issued, bringing the YTD aggregate to SEK 360.1bn.</li><li>There is SEK 100bn left to be issued in order to meet the FY estimate of SEK 460bn, which is unlikely given the current housing loan growth of 2.6% YoY.</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.

Following the rebound in September, issuance volumes for October were in line with the historical average.A total of SEK 29.5bn was issued, bringing the YTD aggregate to SEK 360.1bn.There is SEK 100bn left to be issued in order to meet the FY estimate of SEK 460bn, which is unlikely given the current housing loan growth of 2.6% YoY.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.

Macroeconomics

<ul><li>The headline ESI stood at104.7in July,upfrom102.1 in June and above normal for the third consecutive month.</li><li>The ESI is well in line with our GDP forecast. In the business sector, all sectors contributed to the increase except private services, which remained unchanged. Trade(retailers and wholesalers)rose to112.9, the highest level since March 2022.</li><li>The manufacturing industry also increased strongly for the second month in a row, reaching a healthy 107.9. Trade and manufacturing were the main drivers of the upturn in the business sector.</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 at104.7in July,upfrom102.1 in June and above normal for the third consecutive month.The ESI is well in line with our GDP forecast. In the business sector, all sectors contributed to the increase except private services, which remained unchanged. Trade(retailers and wholesalers)rose to112.9, the highest level since March 2022.The manufacturing industry also increased strongly for the second month in a row, reaching a healthy 107.9. Trade and manufacturing were the main drivers of the upturn in the business sector.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 July Tendency Survey: Rising optimism

<ul><li>We see July CPIF at 0.6% and CPIF ex energy at 0.5% year-on-year.</li><li>Our call for CPIF ex energy is above the Riksbank’s view, while our forecast converges with the bank’s during the autumn.The focal point in July is services.</li><li>There are several seasonal price cuts.</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 see July CPIF at 0.6% and CPIF ex energy at 0.5% year-on-year.Our call for CPIF ex energy is above the Riksbank’s view, while our forecast converges with the bank’s during the autumn.The focal point in July is services.There are several seasonal price cuts.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 July inflation preview: Bad Bunny

<ul><li>The Riksbank announced that the policy rate was kept steady at 1.75% after its monetary policy meeting 29 January.</li><li>In the press release and in the Monetary Update, the Riksbank reiterated the message from the previous meetings, i.e. signalling an unchanged policy rate for most of 2026.</li><li>The Executive Board was unanimous in its decisions.Inflation was lower than expected in December.</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 Riksbank announced that the policy rate was kept steady at 1.75% after its monetary policy meeting 29 January.In the press release and in the Monetary Update, the Riksbank reiterated the message from the previous meetings, i.e. signalling an unchanged policy rate for most of 2026.The Executive Board was unanimous in its decisions.Inflation was lower than expected in December.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.

Sweden

The Swedish krona is the official currency of Sweden

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SEK Covered Monthly: November 2025

Issuance volumes in November were in line with their historical average. A total of SEK 28.3bn was issued, bringing the YTD aggregate to SEK 388.4bn.

Nordea

SEK Covered Monthly: October 2025

There is SEK 100bn left to be issued in order to meet the FY estimate of SEK 460bn, which is unlikely given the current housing loan growth of 2.6%...

Nordea

Swedish July Tendency Survey: Rising optimism

The Economic Sentiment Indicator (ESI) rose further in July, boosted by improved sentiment in both trade and manufacturing.

Nordea

Swedish July inflation preview: Bad Bunny

We see July CPIF at 0.6% and CPIF ex energy at 0.5% year-on-year. Our call for CPIF ex energy is above the Riksbank’s view, while our forecast...

Nordea

Riksbank minutes: Soft

In the press release and in the Monetary Update, the Riksbank reiterated the message from the previous meetings, i.e. signalling an unchanged...

Nordea

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