Reading the Markets Sweden - Danske Analyse - Danske Bank

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Reading the Markets SwedenCalendar week beginning 11 November 2013Monday, 11 November, 2013Period Danske Bank Konsensus Previous00:00 JAP Eco Watchers Survey Outlook (Current) Index Oct 54.2(52.8)00:50 JAP Bank lending y/y Oct 2.0%09:00 DEN CPI m/m|y/y Oct 0.0%|0.6% 0.3%|0.5%10:00 weco3 Industrial production m/m|y/y Sep -0.3%|-4.6%10:00 NOR Consumer prices m/m|y/y Oct 0.5%|2.8%10:00 NOR Core inflation (CPI-ATE) m/m|y/y Oct 0.4%|1.7%Tuesday, 12 November, 2013 Period Danske Bank Konsensus Previous00:50 JAP Tertiary industry index m/m Sep 0.2% 0.7%06:00 JAP Consumer confidence Oct 45.408:00 GER HICP, final m/m|y/y Oct -0.2%|1.3%09:30 SWE CPI m/m|y/y Oct 0.0%|0.1% 0.4%|0.1%09:30 SWE Underlying inflation CPIF m/m|y/y Oct 0.0%|0.8% 0.4%|0.9%10:00 ITA HICP, final y/y Oct 0.7%10:30 UK PPI - Output m/m|y/y Oct -0.1%|1.2%10:30 UK CPI/HICP Inflation m/m|y/y Oct 0.4%|2.7%13:30 US NFIB small business optimism Index Oct 93.9Wednesday, 13 November, 2013Period Danske Bank Konsensus Previous00:50 JAP Machine orders m/m|y/y Sep -2.3%|14.2% 5.4%|10.3%00:50 JAP Domestic CGPI m/m|y/y Oct -0.2%|2.6% 0.3%|2.3%10:30 UK Average Earnings 3Ms/YoY Sep 0.7%10:30 UK ILO Unemployment rate % Sep 7.711:00 EMU Industrial production m/m|y/y Sep 0.0%|0.4% 1.0%|-2.1%11:30 UK BoE Inflation report20:00 US Budget statement USD bn Oct22:45 NZ Retail sales q/q Q3 1.7%Thursday, 14 November, 2013Period Danske Bank Konsensus Previous00:50 JAP GDP, preliminary q/q|ann. Q3 0.4%|1.6% 0.9%|3.8%05:30 JAP Industrial production, final m/m|y/y Sep 1.5%|5.4%07:30 FRA GDP, preliminary q/q|y/y Q3 0.5%|0.4%08:00 GER GDP, preliminary q/q|y/y Q3 0.3%|0.6% 0.7%|0.5%08:45 FRA HICP m/m|y/y Oct -0.2%|1.0%09:30 SWE Unemployment % Oct 7.4 7.5%09:30 SWE Unemployment s.a. % Oct 8 8.0%10:00 EMU ECB monthly report Nov10:00 ITA GDP, preliminary q/q|y/y Q3 -0.3%|-2.1%10:30 UK Retail Sales m/m|y/y Oct 0.6%|2.2%11:00 EMU GDP, preliminary q/q|y/y Q3 0.1%|-0.3% 0.3%|-0.5%14:30 US Unit labour cost, preliminary q/q Q3 1.5% 0.0%14:30 US Trade balance USD bn Sep -39.0 -38.815:00 EMU Eurogroup meetingFriday, 15 November, 2013Period Danske Bank Konsensus Previous09:00 EMU ECOFIN meeting09:30 SWE Capacity utilization, industry % Q3 86.2%10:00 NOR Trade balance NOK bn Oct -21.711:00 EMU HICP m/m|y/y Oct -0.1%|0.7% 0.5%|1.1%11:00 EMU HICP core, final y/y Oct 0.8%14:30 US Import prices m/m|y/y Oct -0.6%| 0.2%|-1.0%14:30 US Empire manufacturing PMI m/m Nov 4.00 1.5215:15 US Industrial production m/m Oct 0.2% 0.6%15:15 US Capacity utilization % Oct 78.3% 78.3%15:30 EMU EU-US brief press on trade talksSource: Compiled from various sources by Danske Bank Markets8 | 7 November 2013www.danskeresearch.com
Reading the Markets SwedenDisclosuresThis research report has been prepared by Danske Bank Markets, a division of Danske Bank A/S (‘DanskeBank’). The authors of this research report are Michael Grahn, Macro/Strategy Analyst, and Marcus Söderberg,Quant/Strategy Analyst.Analyst certificationEach research analyst responsible for the content of this research report certifies that the views expressed in theresearch report accurately reflect the research analyst’s personal view about the financial instruments and issuerscovered by the research report. Each responsible research analyst further certifies that no part of the compensationof the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressedin the research report.RegulationDanske Bank is authorised and subject to regulation by the Danish Financial Supervisory Authority and is subjectto the rules and regulation of the relevant regulators in all other jurisdictions where it conducts business. DanskeBank is subject to limited regulation by the Financial Conduct Authority and the Prudential Regulation Authority(UK). Details on the extent of the regulation by the Financial Conduct Authority and the Prudential RegulationAuthority are available from Danske Bank on request.The research reports of Danske Bank are prepared in accordance with the Danish Society of Financial Analysts’rules of ethics and the recommendations of the Danish Securities Dealers Association.Conflicts of interestDanske Bank has established procedures to prevent conflicts of interest and to ensure the provision of highqualityresearch based on research objectivity and independence. These procedures are documented in DanskeBank’s research policies. Employees within Danske Bank’s Research Departments have been instructed that anyrequest that might impair the objectivity and independence of research shall be referred to Research Managementand the Compliance Department. Danske Bank’s Research Departments are organised independently from and donot report to other business areas within Danske Bank.Research analysts are remunerated in part based on the overall profitability of Danske Bank, which includesinvestment banking revenues, but do not receive bonuses or other remuneration linked to specific corporatefinance or debt capital transactions.Financial models and/or methodology used in this research reportCalculations and presentations in this research report are based on standard econometric tools and methodologyas well as publicly available statistics for each individual security, issuer and/or country. Documentation can beobtained from the authors upon request.Risk warningMajor risks connected with recommendations or opinions in this research report, including a sensitivity analysisof relevant assumptions, are stated throughout the text.Date of first publicationSee the front page of this research report for the date of first publication.General disclaimerThis research has been prepared by Danske Bank Markets (a division of Danske Bank A/S). It is provided forinformational purposes only. It does not constitute or form part of, and shall under no circumstances beconsidered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments(i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/oroptions, warrants, rights or other interests with respect to any such financial instruments) (‘Relevant FinancialInstruments’).The research report has been prepared independently and solely on the basis of publicly available information thatDanske Bank considers to be reliable. While reasonable care has been taken to ensure that its contents are notuntrue or misleading, no representation is made as to its accuracy or completeness and Danske Bank, its affiliatesand subsidiaries accept no liability whatsoever for any direct or consequential loss, including without limitationany loss of profits, arising from reliance on this research report.The opinions expressed herein are the opinions of the research analysts responsible for the research report andreflect their judgement as of the date hereof. These opinions are subject to change, and Danske Bank does notundertake to notify any recipient of this research report of any such change nor of any other changes related to theinformation provided in this research report.This research report is not intended for retail customers in the United Kingdom or the United States.9 | 7 November 2013www.danskeresearch.com
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