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>We hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK &amp; NOK XCCY basis curves have all flattened driven by higher front levels and to some extent lower levels further out the curve with the tipping point around the 5y area.</li><li>The largest cross boarder issuers are ahead of plans, closing in on YTD funding targets.</li><li>Thus, unless we see changes to funding targets we expect less demand for paying EURUSD XCCY basis towards year-end. </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 hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK &amp; NOK XCCY basis curves have all flattened driven by higher front levels and to some extent lower levels further out the curve with the tipping point around the 5y area.The largest cross boarder issuers are ahead of plans, closing in on YTD funding targets.Thus, unless we see changes to funding targets we expect less demand for paying EURUSD XCCY basis towards year-end. 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>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>The government announced measures of SEK 11.5bn in the Spring budget bill for 2025, as expected, and is prepared to take action if the economic situation worsens.</li><li>The budget contains discretionary reforms totalling SEK 11.5bn for 2025.</li><li>The Spring bill consists of measures aiming to support households, the labour market and defence.</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 government announced measures of SEK 11.5bn in the Spring budget bill for 2025, as expected, and is prepared to take action if the economic situation worsens.The budget contains discretionary reforms totalling SEK 11.5bn for 2025.The Spring bill consists of measures aiming to support households, the labour market and defence.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 Spring Bill 2025 review: Slightly expansionary

<ul><li>The Minister of Finance has announced that the spring bill will contain reforms of SEK 11.5bn – thus reinforcing the expansionary stance.</li><li>The government will present its Spring budget bill for 2025 on Tuesday 15 April at 08.00 CET.</li><li>The government has so far announced detailed proposals amounting to SEK 7.9bn to be included in the Spring Bill. </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 Minister of Finance has announced that the spring bill will contain reforms of SEK 11.5bn – thus reinforcing the expansionary stance.The government will present its Spring budget bill for 2025 on Tuesday 15 April at 08.00 CET.The government has so far announced detailed proposals amounting to SEK 7.9bn to be included in the Spring Bill. 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 Riksbank lowered the policy rate by 25bp to 2.50% as widely expected.</li><li>According to the bank, “if the outlook for inflation and economic activity remains unchanged, the policy rate may be cut once again during the first half of 2025”.</li><li>First impression: Hawkish Policy rate: Cut to 2.50% Rate path: The rate path indicates a possibility of one more rate cut next year. The end-point at 2.25% in Q4 2027 (previous 2.25% in Q3 2027)</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 lowered the policy rate by 25bp to 2.50% as widely expected.According to the bank, “if the outlook for inflation and economic activity remains unchanged, the policy rate may be cut once again during the first half of 2025”.First impression: Hawkish Policy rate: Cut to 2.50% Rate path: The rate path indicates a possibility of one more rate cut next year. The end-point at 2.25% in Q4 2027 (previous 2.25% in Q3 2027)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 (USDSEK CURNCY)

Nordea XCCY Publication: Q3-2025

We hope everyone has enjoyed the summer! Since our last publication, the EUR, SEK & NOK XCCY basis curves have all flattened driven by higher front...

Nordea

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

Sweden Spring Bill 2025 review: Slightly expansionary

The government announced measures of SEK 11.5bn in the Spring budget bill for 2025, as expected, and is prepared to take action if the economic...

Nordea

Sweden Spring Bill 2025 preview: Support

The Minister of Finance has announced that the spring bill will contain reforms of SEK 11.5bn – thus reinforcing the expansionary stance.

Nordea

Riksbank flash-comment: Hawkish cut

According to the bank, “if the outlook for inflation and economic activity remains unchanged, the policy rate may be cut once again during the...

Nordea

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