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>In line with expectations, the Debt Office revised up its borrowing requirement markedly from SEK 89bn to 173bn for next year.</li><li>This was mainly attributed to the fiscal reforms announced in the budget bill with increased expenditures towards defence and military aid to Ukraine.</li><li>On the income side, lower income tax and VAT on food also impact the budget balance negatively, but is somewhat compensated by boosting domestic demand.</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 line with expectations, the Debt Office revised up its borrowing requirement markedly from SEK 89bn to 173bn for next year.This was mainly attributed to the fiscal reforms announced in the budget bill with increased expenditures towards defence and military aid to Ukraine.On the income side, lower income tax and VAT on food also impact the budget balance negatively, but is somewhat compensated by boosting domestic demand.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.

SNDO report November 2025 review: Bonds. More Bonds.

<ul><li>Swedish manufacturing industry’sproducer pricesrose in October by 0.4% over the month as well as over the year.</li><li>Energy prices rose, explaining much of the upturn on the month.</li><li>The SEK strengthened by 0.3% on the month vs the EUR but weakened by 0.6% vs the USD.</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.

Swedish manufacturing industry’sproducer pricesrose in October by 0.4% over the month as well as over the year.Energy prices rose, explaining much of the upturn on the month.The SEK strengthened by 0.3% on the month vs the EUR but weakened by 0.6% vs the USD.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: Low goods inflation

FX & Rates

<ul><li>The Norwegian and Swedish currencies are trading at historically weak levels against the euro.</li><li>We discuss the underlying drivers and highlight that interest rate differentials are often given too much weight.</li><li>We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of the world’s strongest economies. </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 Norwegian and Swedish currencies are trading at historically weak levels against the euro.We discuss the underlying drivers and highlight that interest rate differentials are often given too much weight.We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of the world’s strongest economies. 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 and Norway: Persistent currency weakness

<ul><li>The Budget Bill for 2026 presented today was in line with expectations and discretionary reforms amounts to a total cost of SEK 78.9bn, or 1.2% of GDP.</li><li>Most proposals had been presented in advance, more than SEK 70bn, thus limiting the room for surprises in today’s announcement.</li><li>The remaining reforms were broadly diversified among categories, but somewhat more was allocated to energy and the environment.</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 Budget Bill for 2026 presented today was in line with expectations and discretionary reforms amounts to a total cost of SEK 78.9bn, or 1.2% of GDP.Most proposals had been presented in advance, more than SEK 70bn, thus limiting the room for surprises in today’s announcement.The remaining reforms were broadly diversified among categories, but somewhat more was allocated to energy and the environment.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 expect the Riksbank to announce that the policy rate will remain unchanged at 2.0% at its meeting on 23 September.</li><li>The door will likely remain ajar for a future rate cut, but less so than at recent monetary policy meetings.</li><li>This would reinforce our view that the Riksbank is done cutting.</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 expect the Riksbank to announce that the policy rate will remain unchanged at 2.0% at its meeting on 23 September.The door will likely remain ajar for a future rate cut, but less so than at recent monetary policy meetings.This would reinforce our view that the Riksbank is done cutting.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.

Riksbank preview: Improved growth outlook

Sweden

The Swedish krona is the official currency of Sweden

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SEK (USDSEK CURNCY)

SNDO report November 2025 review: Bonds. More Bonds.

In line with expectations, the Debt Office revised up its borrowing requirement markedly from SEK 89bn to 173bn for next year.

Nordea

Swedish producer & import prices: Low goods inflation

Swedish manufacturing industry’sproducer pricesrose in October by 0.4% over the month as well as over the year. Energy prices rose, explaining much...

Nordea

Sweden and Norway: Persistent currency weakness

We expect a stable NOKSEK ahead. Introductory summary – strong economies with “weak” currencies Norway can in many respects be considered one of...

Nordea

Sweden Budget Bill Review: Booster

The Budget Bill for 2026 presented today was in line with expectations and discretionary reforms amounts to a total cost ofSEK 78.9bn, or 1.2% of GDP.

Nordea

Riksbank preview: Improved growth outlook

We expect the Riksbank to announce that the policy rate will remain unchanged at 2.0% at its meeting on 23 September. The door will likely remain...

Nordea

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