External broker reports, Nordea

Nordea

External broker reports

External broker reports(aggregated public sources)

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Macroeconomics

<ul><li>CPIFstood at 2.3% y/y andCPIF ex energyat 2.4 % y/y in November.</li><li>Thus, the year-on-year figures according to the flash published a week ago were confirmed.</li><li>The outcome was lower than expected ahead of the flash.Seasonally adjusted, the monthly change in inflation excluding energy and foreign travel dropped somewhat below the 2% target.</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.

CPIFstood at 2.3% y/y andCPIF ex energyat 2.4 % y/y in November.Thus, the year-on-year figures according to the flash published a week ago were confirmed.The outcome was lower than expected ahead of the flash.Seasonally adjusted, the monthly change in inflation excluding energy and foreign travel dropped somewhat below the 2% target.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 final inflation review: Food prices down

<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

<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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Swedish November final inflation review: Food prices down

CPIFstood at 2.3% y/y andCPIF ex energyat 2.4 % y/y in November.Thus, the year-on-year figures according to the flash published a week ago were...

Nordea

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 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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