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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Lundin Mining Corp (PK) | USOTC:LUNMF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 0.49% | 8.25 | 8.12 | 8.43 | 8.435 | 8.25 | 8.385 | 298,096 | 21:00:10 |
By Gustav Sandstrom
TODAY'S CALENDAR - All times GMT Nordic Macro 0800 Norges Bank FX purchases 0800 Norway May unemployment 1420 Swedish bond terms Other Macro 0900 Eurozone June unemployment 0900 Eurozone July flash estimate CPI 1215 US July ADP employment report 1230 US 2Q advance estimate GDP 1345 US July ISM Chicago PMI 1800 US Fed interest rate announcement Nordic Equities 0600 Outotec 2Q n/a Pohjola Bank 2Q Other Equities n/a Anheuser-Busch InBev 2Q n/a Alcatel-Lucent 2Q n/a BNP Paribas 2Q n/a Volkswagen 2Q IN FOCUS:
Nordic investors will look forward Wednesday to a busy agenda with both macroeconomic news and earnings reports locally and abroad.
A highlight in early trading will be euro-zone inflation data for July, SEB Private Banking equity strategist Mattias Gredmark said.
Inflation in the region is quite likely to decline, and this could give some scope for the European Central Bank to potentially cut policy rates, Mr. Gredmark said. The fact that the ECB's next interest rate announcement is due Thursday makes Wednesday's reading all the more interesting, he added.
After lunch time, the U.S. ADP employment report will be closely eyed ahead of Friday's non-farm payrolls data, as always a highlight of the week.
Recent job figures from the U.S. have been pretty solid, and the ADP report is likely to confirm the firm trend, Mr. Gredmark said.
Meanwhile, the U.S. Federal Reserve will give its interest rate announcement after Nordic stock markets close Wednesday.
In terms of earnings reports, local investors will look forward to second-quarter figures from Finnish industrial company Outotec Oyj (OTE1V.HE) and lender Pohjola Bank Oyj (POH1S.HE).
Swedish-Canadian mining group Lundin Mining Corp. (LUN.T) will probably be in focus in early trading on the Stockholm exchange, Mr. Gredmark said. The company overnight reported net earnings of $16.6 million, or $0.03 a share, for the quarter ended June 30.
FOREX: EUR/NOK Latest 0350 GMT 7.8632-746 Previous 2150 GMT 7.8708-77 %Chg -0.07 EUR/SEK Latest 0350 GMT 8.6867-910 Previous 2150 GMT 8.6907-93 %Chg -0.07 USD/NOK Latest 0350 GMT 5.9328-412 Previous 2150 GMT 5.9349-92 %Chg 0.00 USD/SEK Latest 0350 GMT 6.5541-72 Previous 2150 GMT 6.5532-88 %Chg -0.01 NORDIC CURRENCIES:
The SEK weakened against the EUR and the USD Tuesday after data showed Swedish GDP growth missed expectations. Ole Andre Kjennerud, macro economist at DNB, said while the figure came in lower than expected, the Swedish GDP flash estimate has in the past been significantly revised once more data has become available, so he expects the Riksbank to stay on hold for the time being.
Wednesday looks to be another busy day this week; locally investors will be eyeing Norwegian unemployment data, with the consensus forecast for an unchanged rate of 3.5%. DNB holds a slightly more pessimistic view, expecting the unemployment rate to rise to 3.6%. Mr. Kjennerud said if the number comes in high, it could cause the NOK to weaken. DNB expects Norges Bank to cut its rate in September by 25 basis points to 1.25%.
More employment data is due Wednesday, both in Europe and the U.S. Regarding euro-zone figures, Mr. Kjennerud noted the general view is that employment is, and will remain, weak, so the numbers are unlikely to change the ECB's rate policy and the ECB has already signaled it wants to keep rates down.
On the other side of the Atlantic, ADP employment data are due for release and will help guide investors ahead of the non-farm payrolls report Friday, Mr. Kjennerud said.
Other important data to look out for Wednesday include U.S. GDP data and the Chicago ISM index, followed by the FOMC statement at the conclusion of its two-day meeting, after the Nordic market close. Nordea said it expects the Fed to "incorporate details on its asset purchase intentions into the statement, including its plan to taper," and noted that the market will look for hints "regarding the timing of tapering."
STOCK INDEXES: OMXN40 1,159.28 -1.62 -0.1% OMXS30 1,236.86 +9.88 +0.8% OBX 454.91 -1.04 -0.2% OMXC20 547.16 +2.07 +0.4% OMXH25 2,333.44 +4.96 +0.2% Brent $106.83 -$0.08 -0.1% NORDIC MARKETS:
Nordic stocks moved roughly sideways Tuesday, continuing the consolidating trend of the past few sessions.
Trading on the Nordic exchanges is rather thin at the moment, but the underlying trend still seems quite optimistic, thanks to the decent set of recent second-quarter earnings reports, SEB Private Banking's Gredmark said.
Nordic stocks currently look technically overbought, and that gives some downside risks in the near term, he said. Still, the broader trend remains fairly positive, Mr. Gredmark added.
ENERGY:
Crude prices are trading in a tight range in Asia Wednesday.
"The Fed continues to hold investors' attention," Kelly Teoh, market strategist at IG Markets Singapore said in a note.
Over the longer term, however, Ms. Teoh said oil prices are expected to trend lower after oil slipped below support at $104 as slower global growth dents demand.
"The underlying support for energy prices has been from geopolitical tensions in the Middle East, renewed optimism on global demand and low inventories," she said. "These factors look short lived and waning."
September Nymex crude is at $103.36 a barrel, up 28 cents, while September Brent crude is at $106.83/bbl, down 8 cents.
NEWS ROUNDUP:
SWEDEN: Sweden's gross domestic product growth was weaker than analysts had expected in the second quarter, as declining exports weighed on the economy, official data showed Tuesday.
SWEDEN: Oil and gas company Lundin Petroleum AB (LUPE.SK) Tuesday said that its Lundin Sareba BV unit has made a production sharing contract amendment with SKKMigas to substitute existing Sareba Block acreage with new acreage, named Cendrawasih VII, or CVII, offshore north east Indonesia.
DENMARK: Jewellery company Pandora A/S (PNDORA.KO) Tuesday raised its full-year earnings guidance, citing continued strong sales of newly launched products across all regions.
DENMARK: Transport company DSV A/S (DSV.KO) Tuesday posted a slight drop in second-quarter net profit, as lower margins weighed, and said it is launching a new share buyback program.
FINLAND: Pharmaceutical company Orion Oyj (ORNBV.HE) Tuesday said its second-quarter net profit dipped compared to last year as generic competition for its Parkinson's drug intensified, but said its full-year guidance remains intact.
NORWAY: Norway's government received 26.8% less revenue from its oil and gas fields in the second quarter of this year compared with a year ago, mainly due to lower energy prices, the company that manages the resources said Tuesday.
Write to Gustav Sandstrom at gustav.sandstrom@dowjones.com
(Johannes Ledel in Stockholm contributed to this report.)
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