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Morgenmelding Danmark —

Bjarke Roed-Frederiksen, Economist | bjro03@handelsbanken.dk

Fast Comment Norway — Manufacturing output has contracted by 3.2 percent over the past three months

  1. Manufacturing output rose by 0.2 percent in October, somewhat weaker than expected
  2. Output has contracted by 3.2 percent over the past three months
  3. We expect a downtrend ahead due to a further decline in petroleum investments

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Morgenrapport Norge —

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Morgenmelding Danmark —

Rasmus Gudum-Sessingø, Economist | ragu02@handelsbanken.dk

Macro Comment Norway — Norges Bank to lower its key policy rate path

Since September, several factors pull in the direction of a lower interest rate path from Norges Bank: eco-nomic growth appears to be both slower and more fragile than expected by Norges Bank, wage and price growth seem weaker, the NOK is stronger and money market premiums have stayed higher. On the other hand, international interest rate expectations have increased somewhat and the housing market has once again surprised on the upside. We believe Norges Bank will keep its policy rate on hold at the upcoming meeting, but lower the path for the key policy rate, signalling an increased likelihood of a rate cut in H1 2017.

Marius Gonsholt Hov, Economist | maho60@handelsbanken.no

Fast Comment Norway — Regional Network: Little change to growth expectations

  1. Q4 Regional Network survey shows moderate but increasing growth ahead
  2. Wage growth expectations for 2017 much lower than Norges Bank's estimate
  3. Growth expectations slightly below Norge Bank's projections

Halfdan Grangård, Economist | hagr11@handelsbanken.no