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Name | Symbol | Market | Type |
---|---|---|---|
FLSmidth and Co AS (PK) | USOTC:FLIDY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.88 | 4.87 | 5.67 | 0.00 | 21:07:17 |
By Charles Duxbury
TODAY'S CALENDAR - All times GMT Nordic Macro 0700 Denmark Consumer Confidence N/A Sweden Pre-budget Meeting 1300 Sweden Fin Min Briefs on Economic Outlook, Budget Plans Other Macro 0600 Germany 2Q GDP final 0830 UK 2Q GDP 1400 EMU Consumer Confidence 1400 US New Home Sales N/A US Jackson Hole Summit Nordic Equities 0600 FLSmidth 2Q N/A Bjorn Borg 2Q N/A Eitzen Chemical 2Q IN FOCUS:
Important locally Friday will be a statement from Sweden's finance minister on the outlook for his country's economy. Along with the outlook, Anders Borg is expected to give guidance on some of the policies his election-year budget will contain. The budget, discussed by governing lawmakers this week, is set to go before parliament next month. Swedes go to the polls in a general election next September.
Further income tax cuts look a strong possibility for inclusion in the 2014 budget as does some extra spending on infrastructure and education.
Focus also on earnings reports from the likes of Danish FLSmidth (FLS.KO).
Eyes will be also be on euro zone consumer confidence and U.S new home sales as possible market movers.
FOREX: EUR/NOK Latest 0150 GMT 8.1468-568 Previous 2150 GMT 8.1512-620 %Chg -0.06 EUR/SEK Latest 0150 GMT 8.6822-68 Previous 2150 GMT 8.7029-128 %Chg -0.27 USD/NOK Latest 0150 GMT 6.1036-102 Previous 2150 GMT 6.1033-107 %Chg 0.00 USD/SEK Latest 0150 GMT 6.5047-72 Previous 2150 GMT 6.5164-230 %Chg -0.21 NORDIC CURRENCIES:
Nordea analysts Mikael Sarwe and Henrik Unell say the time has come to buy SEK. Trends for the main economic indicators the Swedish central bank looks at are starting to point towards higher interest rates, the analysts say.
GDP and credit growth are rising, inflation has passed the bottom and unemployment has fallen, they note. They believe the Riksbank will be among the first central banks to hike. "Our forecast has for some time been that the first rate hike will come in April 2014," Sarwe and Unell say. EUR/SEK will reach 8.20 by mid 2014, they say.
STOCK INDEXES: OMXN40 1173.33 +16.59 +1.4% OMXS30 1237.14 +11.09 +0.9% OBX 462.27 +3.66 +0.8% OMXC20 566.51 +1.17 +0.2% OMXH25 2442.97 +31.07 +1.3% Brent $110.22 +0.32 +0.3% NORDIC MARKETS:
Second-quarter earnings from Danish engineering group FLSmidth (FLS.KO) will round off a week of reports from Danish heavyweights that has seen the likes of Carlsberg and Vestas publish figures.
Klaus Kehl, senior equity analyst at Nykredit Markets, said one of the major things to look out for in the report will be how order intake has been affected during the quarter.
He noted that some of FLSmidth's peers have reported poor order intake and that many mining companies, which FLSmidth supplies, have been lowering their CAPEX.
On the macro side investors will also keep an eye out for news coming from the ongoing Jackson Hole Summit in the US. Nordea noted that "any hints regarding when tapering could start will likely result in large market reactions."
ENERGY:
Crude oil prices were higher in tight ranges with expectations of prices to remain supported as upbeat data from China is expected to account for about 40% of the 900,000 barrels a day rise in global oil demand projected for this year by the International Energy Agency. "Manufacturing data is China was good and that bodes well for oil demand," said Phil Flynn, broker and analyst at Price Futures Group. October Nymex crude was at $105.16 a barrel, up 13 cents and October Brent crude was at $110.22/bbl, up 32 cents.
NEWS ROUNDUP:
SWEDEN: Hufvudstaden AB (HUFV-A.SK), the Swedish property company, Thursday posted a rise in second-quarter net profit, boosted by an unrealized change in the value of its properties compared with the year-earlier period.
SWEDEN: Kerstin af Jochnick, one of the six interest rate setters at Sweden's central bank, said economic indicators were sending conflicting messages as she considered her position ahead of a monetary policy meeting set for early next month.
DENMARK: DFDS A/S (DFDS.KO), the Danish shipping and logistics company, posted a rise in second-quarter net profit, helped by higher freight volumes in the North Sea, but said price pressure is still widespread and maintained its full-year guidance.
NORWAY: BWG HOMES ASA (BWG.OS), the Norwegian maker of pre-fabricated homes, said several indicators suggest that the previously struggling Swedish house market is improving and that home buyers are returning to the market, as it reported higher second-quarter revenue year on year.
NORWAY: Austevoll Seafood ASA (AUSS.OS), the Norwegian fishing and food processing company, said increased production and prices for salmon and trout contributed to higher revenue and profit in the second quarter.
SWEDEN: New Wave Group AB (NEWA-B.SK), the Swedish corporate gift and promotion company, said it is expecting a continued tough and difficult market in the third quarter and maybe for the rest of the year as it reported lower second-quarter revenue, albeit profits improved on the back of good cost control.
NORWAY: DOF ASA (DOF.OS), the Norwegian offshore engineer, reported higher operating income in the second quarter and said it has signed several new contracts and extension of contracts during the period, adding that it expects higher earnings for the last six months of 2013 compared to the first six months.
-Write to Charles Duxbury at charles.duxbury@wsj.com; Twitter @WSJNordics
(Johannes Ledel in Stockholm contributed to this report.)
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