Morgenrapport, Fredag, 9. april 2010

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1 Morgenrapport, Fredag, 9. april 2010 Fitch ber EU og IMF stille opp med likvider for Hellas, mens Trichet hevder at mislighold ikke er aktuelt New York Times tror kinesisk revaluering nært forestående KPI og lønnsoppgjør viktige input for Norges Bank Internasjonalt Britisk industriproduksjon overrasket positivt i februar, mens den tyske uventet ble stående uendret fra nedrevidert januarnivå. I Europa var imidlertid oppmerksomheten rettet langt mer mot sentralbankene og situasjonen i Hellas. Fra Bank of England kom det ikke noe nytt. Heller ikke ESB kom med nye signaler, men Trichet fikk som ventet flere spørsmål om Hellas. Det mest positive svaret var vel hans insistering på at mislighold ikke er aktuelt. Det skulle egentlig bare mangle ut fra den avtalen om backup-funding fra EU og IMF som allerede er på plass. Markedene ble ikke desto mindre en smule beroliget. Spreaden i avkastning mellom greske og tyske 10-årsobligasjoner snevret seg litt inn igjen etter å ha utvidet seg faretruende til omkring 440 bp tidligere på dagen. Euroen stabiliserte seg også, spesielt i Asia i natt. Imidlertid var Trichet også svært vag om det spesifikke. Han unnlot å svare på spørsmål om ikke tida nå er inne for EU og IMF å trå til med likvide midler, slik en representant for Fitch hadde hevdet tidligere på dagen. Det eneste svaret han gav på disse spørsmålene, var at Hellas må leve opp til sine forpliktelser. Det er som å si at et menneske som holder på å drukne, må se til å lære seg å svømme. Selv har vi betydelig sympati for den holdningen Fitch gir uttrykk for. Tross Trichets forsiktringer er markedsstemningen nå så sur at ytterligere sommel med bistand blir til rene gavepakker til gribbene i obligasjonsmarkedet. Også for Portugal utvidet spreaden seg i går. Basert på kontakt med påstått velinformerte kilder hevder New York Times at Kina nå står nær ved å annonsere en endring i landets valutapolitikk, bestående av en mindre revaluering etterfulgt av gradvis videre appresiering. I motsetning til i skal den nye politikken imidlertid åpne for større daglige svingninger i begge retninger for å holde spekulanter ute. Ingen slik forandring ble annonsert i natt. Og etter at mange medieoppslag i det siste har varslet om nært forestående endringer, er vi tilbakeholdende med å ta også denne rapporten på ordet. Ikke desto mindre virker det tydelig at noe er på gjære og at ett eller annet trolig vil bli annonsert før sommeren er over. Geithners uannonserte besøk i Beijing understreker jo også at begge parter anstrenger seg for å holde kommunikasjonen åpen. Men vi vil gjerne føye til at daglige svingninger neppe er nok til å holde spekulanter borte. For spekulanter i kinesisk valuta setter neppe pengene i bankkonti, men heller i eiendomsmarkedet. Da betyr daglige svingninger lite. På Wall Street snudde aksjemarkedet fra fall til oppgang i går kveld etter oppmuntrende rapporter fra detaljistkjedene. Det er naturligvis positivt at publikum har fått motet tilbake for å bruke penger. Men vi er noe engstelige for at videre fall i spareraten skal gjøre dem sårbare igjen. Viktigste data utenfor Norge i dag venter vi fra Sverige i form av industriproduksjon og industriordre i mars. For fullstendig ansvarsberetning henvises det til siste side

2 Norge Kronestyrkelsen fortsatte i går, fortsatt uten hjelp fra oljepriser eller svenske kroner. I dag får vi konsumprisindeks for mars. Etter at en basisvirkning senket kjerneinflasjonen til 1,9% i februar, venter vi nå at innenlands prisstigning skal oppveie dempende virkninger av den sterke krona på importvareprisene. Vi venter derfor en oppgang i kjerneinflasjonen til 2,0%. Konsensus går ut på uendret prisstigning på 1,9%. Samtidig får vi også tall for industriproduksjonen i februar, der vi venter utflating etter fall på 0,4% i januar. Endelig skal vi ta med oss utviklinga i lønnsoppgjøret. Frontfagene har nå frist til søndag morgen for å komme fram til en løsning under tvungen mekling. Mens partene er enige om generell lønnsmoderasjon, har LOforbundene problemer med senkning av minstelønn og utvidelse av normalarbeidsdagen. Dagens makrodata og lønnsoppgjøret føyer seg selvfølgelig inn i rekka av informasjon som blir viktig for Norges Banks rentebeslutning 5. mai. Om vi får rett i at store oppsideoverraskelser uteblir, tror vi Norges Bank vil utsette neste renteheving til juni. Analytikere Knut Anton Mork, , knmo01@handelsbanken.no Shakeb Syed, , shhu02@handelsbanken.no Indikative Nibor-renter Indikative valutakurser 1 UKE 1 MND 3 MND 6 MND 12 MND EUR/NOK 7,9582 EUR/USD 1,3348 2,21 2,01 2,36 2,66 2,88 USD/NOK 5,9596 USD/JPY 93,53 SEK/NOK 0,8236 EUR/JPY 124,86 Indikative swap-renter DKK/NOK 1,0686 EUR/GBP 0, ÅR 3 ÅR 5 ÅR 7 ÅR 10 ÅR GBP/NOK 9,1074 GBP/USD 1,5280 3,21 3,51 3,90 4,17 4,54 CHF/NOK 5,5523 EUR/CHF 1,4331 JPY/NOK 6,3719 EUR/SEK 9,6700 Våre prognoser < 3MND < 6MND < 12MND AUD/NOK 5,5304 EUR/DKK 7,4443 Foliorente 2,00 2,25 2,50 SGD/NOK 4,2787 USD/KRW 1118,6 EUR/NOK 8,00 7,90 8,00 CAD/NOK 5,9550 USD/RUB 29,4320 For fullstendig ansvarsberetning henvises det til siste side

3 Gårdagens viktigste nøkkeltall/begivenheter Periode Enhet Forrige Konsensus Faktisk 10:30 Storbritannia Industriproduksjon Februar Prosent m/m -0,4 +0,5 +1,0 12:00 Tyskland Industriproduksjon Februar Prosent m/m +0,1 +0,6 0,0 Dagens viktigste nøkkeltall/begivenheter Periode Enhet Forrige Konsensus Vår forv. 09:30 Sverige Industriproduksjon Februar Prosent m/m 1,6 -- 1,0 09:30 Sverige Industriordre Februar Prosent år/år 4, :00 Norge KPI Mars Prosent år/år 1,9 1,9 2,0 10:00 Norge KPI-JAE Mars Prosent år/år 3,0 3,3 3,5 9. april

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