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Results: listing 1 - 6 of 22 for “Financials”

Fast Comment US — Employment disappoints

  1. Payrolls rise by 103,000 people in March; weaker than expected
  2. Unempoyment rate unchanged at 4.1%; wage growth picks up to 2.7% (2.6%)
  3. Weak report does not alter our outlook for three more Fed hikes this year

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Global Comment — Fears of trade war intensifying

  1. Trump has announced plans to impose tariffs of up to USD 60bn on Chinese imports
  2. Markets reacted with broad-based significant risk aversion
  3. Chinese retaliation might be on the cards

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Fast Comment US — Fed Chairman Powell strikes a bullish tone on the economy

  1. Powell says rates can continue to rise gradually
  2. Outlook for growth remains strong, aided by fiscal policy and firmer global demand
  3. March rate increase appears to be 'a done deal'; risk of four increases this year is increasing

Jes Asmussen, Chief Economist Denmark | jeas01@handelsbanken.dk

Macro comment — Macron wins, clearing all fears of Frexit

  1. France will stay in the EU
  2. Difficult task awaits Macron
  3. Only a mild positive market reaction expected

Lars Henriksson, Strategist | lahe06@handelsbanken.se

Macro Comment — Macron wins, clearing all fears of Frexit

• France will stay in the EU
• Difficult task awaits Macron
• Only a mild positive market reaction expected


France will stay in the EU
Emmanuel Macron scored a landslide victory against Marine Le Pen in the French presidential election on Sunday, May 5, in line with expectations. The important message to the rest of the EU and the eurozone is that there is no risk of France exiting either of the two over the nearest five years, in our view. Macron is a strong EU advocate and wants a tighter union.

Difficult task awaits Macron
Macron is going from an easy victory to something much more challenging, approaching the first round of the parliamentary vote on June 11. The latest opinion poll shows that Macron’s party, En Marche!, will become the largest party in the National Assembly but will not enjoy an absolute majority. However, it is important to treat a poll released so early with caution: parliamentary campaigns are only just beginning, and the result of the presidential race is also likely to have an impact. Macron has promised much-needed reforms in the labour market and cuts in public sector spending. Many French politicians have tried to do this before him but have failed due to a powerful public sector, labour unions and parliamentary opposition.

Only a mild positive reaction expected
Financial markets priced out almost all of the probability of a Le Pen victory following the first round of elections in April. Consequently, we expect only a mild positive reaction as markets reopen.

Lars Henriksson, Strategist | lahe06@handelsbanken.se

FI Comment — Swedbank Hypotek will introduce a new SEK covered bond

  1. Swedbank Hypotek will introduce 191, with a maturity of 5.5 years
  2. Coupon of 1.00%; maturity on June 15, 2022; ISIN SE0007525654
  3. Indicative pricing at 46.5bp over swap, matched maturity