Morgonmöte 21 oktober 2013

Trading Strategy Morgonmöte 21 oktober 2013 Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se

Nyheter Fed Evans gillar QE, risk relaterat till finansiell instabilitet ingen anledning till minskning (Bloomberg) ECB ville senarelägga införandet av bail-in av banklån (FT, Reuters) ECB önskade senareläggning till dess att en fullskalig bankunion är på plats Bail-in-regler som dessa utgör sannolikt en maskin för finansiell instabilitet Grönt ljus för regeringsbildning mellan CDU och SPD (Reuters) Minimilön, infrastruktursatsningar, Tobinskatt utgör delar av SPD:s krav Ny regering kan vara klar till jul BOJ Kuroda upprepade stimulanslöfte (Reuters) Nytt jobbskatteavdrag inte aktuellt enligt Borg, noterar dock att intresse finns för att bygga ny kärnkraft (DN/DI) 2

Tyskland förra veckan: ZEW expectations något högre Current situation 29.7 (väntat 31.3) i okt (30.6) Expectations 52.8 (väntat 49.6) i okt (49.6) 3

Sverige förra veckan: arbetslösheten enligt förväntningarna Utfall: 8,0%/7,5%(sa, nsa) Konsensus: 8,0%/7,5% Augusti: 8,0/7,3% 4

Det hände förra veckan Data (vs förväntningar) USA Bättre: Philly Fed Sämre/Lägre: NY Fed, NAHB, Initial Jobless Calims, MBA mortgage applications EMU Bättre: ZEW, Industrial production I linje: CPI, Trade Balance Sverige I linje: Arbetslöshet, HOX huspriser Norge Sämre/Lägre: Existing homes, Trade balance Kina I linje: M2, GDP, industrial production Japan Sämre: Industrial production Centralbanker mm USA: staten rullar vidare t om jan 15, skuldtaket höjt tom februari 7 Klarar sig åtminstone till mars med budgettrixande Åtstramning 2014 om inte långsiktig budget är klar till december 13 Fed Beige Book: ungefär oförändrad tillväxt Sverige FI och bankföreningen eniga om ökade amorteringskrav Ändrad ränteskillnadsersättningsmodell och begränsning av kreditgivarens rätt att få betalt i förtid Borg: måste strama upp banksystemet höjda riskvikter för bolån se över nivån på den cykliska bufferten 5

Marknaden Förra veckan 6 Börser: rejält högre Räntor: 6-7 bp lägre, flackning FX: svagare dollar Råvarupriser: högre guldpris Sedan fredag 16:15 Börser: positiva tongångar Räntor: små rörelser FX: små rörelser Råvarupriser: högre vetepris Marknadsinformation Latest % vs 16:15, (18-okt) % vs 16:15, (11-okt) % vs 1 month ago EUR/USD 1.3674-0.04 0.91 1.34 USD/JPY 97.99 0.17-0.38-0.87 GBP/USD 1.616-0.14 1.34 0.74 EUR/GBP 0.8462 0.09-0.42 0.60 EUR/CHF 1.23479-0.01 0.11 0.46 EUR/NOK 8.0771-0.17-0.62 1.21 USD/NOK 5.9069-0.13-1.52-0.14 EUR/SEK 8.7925 0.03 0.24 2.03 USD/SEK 6.43 0.07-0.66 0.68 AUD/USD 0.9674 0.07 2.26 2.58 USD/CAD 1.0293 0.08-0.97 0.09 NZD/USD 0.8494 0.04 2.01 1.43 S&P500 future 1739.3 0.30 2.87 2.16 Oil prices (Brent) 110.0 0.48-0.97 0.67 Gold spot 1319.3 0.21 4.27-0.99 Copper (LME) 7230.0-0.35 1.34-0.69 Wheat 710.3 2.12 3.35 9.90 bp vs 16:15, bp vs 16:15, bp vs 1 Latest (18-okt) (11-okt) month ago US 2y 0.31 0-3 -2 US 5y 1.33 0-7 -14 US 10y 2.59 0-7 -15 US 30y 3.65 0-6 -11 German 2y 0.17 0-6 German 10y 1.83-3 -17 Sw eden 2y 1.05-1 -16 Sw eden 10y 2.45-3 -22 Itraxx Senior Financials 120-4 -10-8

USA 10y: sidledes 7

S&P500-terminen: ATH fredag kväll 8

EUR/SEK: sidledes förra veckan 9

USD/SEK Fibonaccistudsade 10

EUR/USD och Europeiska banker 11

EUR/USD: Handelsviktad euro starkast sedan H1, 2011 12

Det händer i veckan USA Existing home sales 16:00 Nonfarm payrolls, unemployment rate (tisdag) Richmond Fed, Chicago Fed (tisdag) Markit PMI flash, new home sales (torsdag) Durable goods orders, Michigan confidence (fredag) Factory orders, Retail sales, Housing starts, IP (veckan) Ett uppdaterat schema på mycket data finner ni här EMU Consumer confidence (onsdag) PMI (torsdag) IFO, M3 (fredag) Sverige PPI (torsdag) KI-barometern, belåningstakt (fredag) Kina HSBC/Markit PMI manufacturing (torsdag) ECB Coeure, Linde, Nowotny (09, 10,11:30) ECB publicerar banköversynsdetaljer (onsdag, 10:00) BoE-protokoll BoC räntebeslut + konferens Riksbanken räntebesked (onsdag) (onsdag) (torsdag) Riksgälden upplåningsprognos (onsdag) Norges Bank räntebesked EU-toppmöte (torsdag) (torsdag - fredag) Emissioner USA säljer växlar 3M och 6M 17:30 USA säljer 7 mdr 30 åringar TIPS (onsdag) Sverige säljer 10 mdr 82-dagars växlar (onsdag) Tyskland säljer 2 mdr 2044 (onsdag) 13

USA (16:00): Existing home sales spås falla Existing home sales väntas på 5.32mn för sep från 5.48mn 14

Bodataöverraskningsindex negativt sedan 23:e augusti 15

USA (tisdag): Septemberpayrolls Konsensus spår total sysselsättning på +180k i sep (+169k i aug) Arbetslösheten förväntas oförändrad på 7,3% i september 16

USA (tisdag, 14:58): Markit PMI väntas dala något Markit PMI väntas på 52.3 för okt från 52.8 17

EMU (torsdag): PMI komposit väntas stiga något PMI komposit spås på 52.4 i oktober från 52.4 i september 18

Sverige (fredag, 09:15): Förbättrat stämningsläge väntas 19 Economic tendency survey spås på 98.7 för okt från 98.1 (SHB: 98.4) Business confidence väntas på 95.58 från 94.2 (SHB: 95.3) Consumer confidence väntas på 98.72 från 98 i sep (SHB: 98.6)

Riksbanken (torsdag, 09:30): klipp & klistra på september Reporäntan väntas ligga kvar på 1.0% av 17/17 ekonomer Oförändrad bana väntas Önskelista Alternativscenario där belåningstakten stiger Alternativt där FI lanserar riskviktsgolv på 35% Förtydligande: är det ett problem att bostads-priserna stiger om skuldsättningen är oförändrad? Talar för ett mjukt besked Q2-BNP lägre, lägre inflation Talar för ett litet hökigare besked Mjuka indikatorer bättre, minskade svansrisker 20

Riksbanken vs marknaden 21 Möte Marknad Marknad (02-sep) Riksbanken (sep) Marknad vs. Riksbanken okt-13 1.00 1.00 0.96 0.04 dec-13 1.00 1.00 0.96 0.04 feb-14 1.00 1.14 0.96 0.04 apr-14 1.01 1.19 0.96 0.05 jul-14 1.08 1.30 0.96 0.12 sep-14 1.15 1.39 1.13 0.02 okt-14 1.21 1.46 1.27-0.06 dec-14 1.28 1.55 1.41-0.13 feb-15 1.37 1.66 1.60-0.23 apr-15 1.49 1.78 1.80-0.31 jul-15 1.60 1.89 1.98-0.38 sep-15 1.69 1.99 2.13-0.43 okt-15 1.78 2.10 2.25-0.47 dec-15 1.90 2.26 2.41-0.51 Källor: Bloomberg, Handelsbanken Capital Markets

Norge (torsdag, 10:00): Ett icke-event för marknaden Oförändrad ränta på 1,5% - i linje med Norges Bank Följande talar dock för sänkt reporäntebana vid decembermötet: svagare prognos för realekonomin snabbare ökning i arbetslösheten än väntat svagare husmarknad indikation om minskad kredittillväxt inflationen lägre än prognosen Å andra sidan: svagare NOK än förväntningarna indikationer på att lånemarginalerna inte gått isär enligt tidigare förväntat 22

Trading Strategy Morgonmöte 21 oktober 2013 Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se

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