Chapter 2 Financial markets

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Chapter 2 Financial markets"

Transcription

1 Chapter Financial markets Hovedstyret desember,,,,,.a Exchange rates against USD Daily figures,,,,, JPY per USD (left-hand scale),, USD per euro (right-hand scale), jan jul jan jul jan jul, Source: EcoWin Hovedstyret desember

2 .b Nominal effective exchange rates A rising value denotes an appreciating exchange rate. January = Daily figures USD EUR jan jul jan jul jan jul Sources: EcoWin, ECB and Norges Bank Hovedstyret desember Hovedstyret desember.a Three-month money market rates Nominal interest rates. Daily figures - - NOK GBP EUR USD JPY - jan jul jan jul jan jul /Troll -

3 .b Yields on -year government bonds Effective rates. Daily figures US Germany Japan October-December jan jul jan jul jan jul Sources: Norges Bank and EcoWin Hovedstyret desember. Norges Bank's interest rates and short money market rates Nominal market rates. Daily figures Overnight rate -week rate Deposit rate -month rate jan jul jan jul jan jul Hovedstyret desember

4 - -. Interest rate differentials against NOK: NOK/EUR and NOK/ Main trading partners -month nominal rates. Daily figures NOK/main trading partners NOK/EUR jan mai sep jan mai sep Hovedstyret desember. Three-month forward rates Forward rate agreements (FRA rates)... September. October December.. Sep Dec Mar Jun Sep Hovedstyret desember

5 . Three-month FRA rates January - December. Daily figures... December March June. September. Jan Mar May Jul Sep Nov. Hovedstyret desember. Norges Bank's sight deposit rate, actual -month rates and FRA rates. -month rate.. Deposit rate.. FRA rates December. Jan Jul Jan Jul Jan Jul Jan Jul Hovedstyret desember

6 .a Forward rates in Norway Implied forward Norwegian short-term interest rates... October December September... Hovedstyret desember.b Forward rates in Norway, the US and Germany December Norway Germany US Hovedstyret desember

7 .c Differential between Norwegian and German forward rates... September..... October December.. Hovedstyret desember.d Differential between Norwegian and German -year forward rates Jan Jul Jan Jul Jan Jul Hovedstyret desember

8 ,. Yields on Norwegian government bonds Effective yields. Daily figures,, -year rate,,,,,, -year rate,, jan jul jan jul jan jul Hovedstyret desember,. Yield spreads on government bonds -year maturity. Daily figures. NOK/DEM.. NOK/GBP.. NOK/USD NOK/SEK. -. Jan Jul Jan Jul Jan Jul -. Source: EcoWin Hovedstyret desember

9 Monthly figures. Exchange rates Index. Daily figures. January - December Import-weighted exchange rate, countries (=) Trade-weighted exchange rate (=) Jan Apr Jul Oct Jan Apr Jul Oct Hovedstyret desember. Nominal effective exchange rates A rising value denotes an appreciating currency January =. Monthly figures Norway * Australia New Zealand Canada * * The figure for December is the average so far in December Jan Jul Jan Jul Jan Jul Sources: Norges Bank and EcoWin Hovedstyret desember

10 . The oil price and the trade-weighted exchange rate index (TWI) Oil price (left-hand scale) TWI (right-hand scale) Hovedstyret desember. Krone exchange rate (TWI) and -month interest rate differential,,,, -month interest rate differential (left-hand scale),, TWI (right-hand scale), jan jul jan jul jan jul jan jul Hovedstyret desember

11 . Krone exchange rate (TWI) and global risk indicator (GRI) TWI (right-hand scale) GRI (left-hand scale) Hovedstyret desember. Implied volatility for NOK/EUR Annualised expected standard deviation. Per cent mth mth mth Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: EcoWin Hovedstyret desember

12 . Probability for the effective krone exchange rate Probability per. point.. Implied probability in one month.. NOK/EUR=% NOK/USD=% NOK/SEK=% NOK/GBP=%.. Hovedstyret desember. Credit indicator C (domestic sources) -month growth. Per cent - - C, adjusted - - C sep nov jan mar mai jul sep Hovedstyret desember

13 . C by borrower sector -month growth. Per cent Share of loan debt in October Households Non-fin. corp. Local governments Non-financial corporations Households Local governments - Sources: Norges Bank Hovedstyret desember -. Total credit C (Domestic and foreign sources) -month growth. Per cent C C mainland Norway Adjusted growth rates sep des mar jun sep Hovedstyret desember

14 . Money supply (M) -month growth. Per cent - - Sep Dec Mar Jun Sep Hovedstyret desember. Movements of sub-indices on the Oslo Stock Exchange. Daily figures,..... Indexed,.. = Norway OSEBX Energy Financials Manufac. ICT Jan May Sep Jan May Sep Source: EcoWin * The ICT index is calculated as the average of the IT and telecom indices Hovedstyret desember

15 . Movements on international stock indices Daily figures,..... Indexed,.. = Wilshire,US FTSE,UK DAX,Germany Topix,Japan Jan May Sep Jan May Sep Source: EcoWin Hovedstyret desember. Yield spreads between government bonds and corporate bonds. Percentage points UK US Euro area Jan Jul Jan Jul Jan Jul Jan Jul Source: Datastream Hovedstyret desember

16 . Yield differentials against US government bonds Percentage points USD-denominated government bonds in emerging economies High-risk US corporate bonds Sources: Datastream and EcoWin Hovedstyret desember. Implied volatility of options on the S&P index Per cent Sources: EcoWin / CBOE Hovedstyret desember

Chapter 2 Financial markets

Chapter 2 Financial markets Chapter Financial markets Executive Board May....a Exchange rates against USD Daily figures.... JPY per USD (left-hand scale) USD per euro (right-hand scale).. Executive Board May. Source: EcoWin .b Nominal

More information

Consumer prices and the money supply

Consumer prices and the money supply Consumer prices and the money supply Annual rise. Per cent. -year moving average Money supply Consumer prices - - 9 9 9 96 98 Sources: Statistics Norway and Norges Bank JB Terra Kapitalmarkedsdager, Gardermoen.

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 2012

The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 2012 The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 1 The run-up to the financial crisis 1. Sharp rise in debt and asset prices low

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

Monetary policy, inflation and the outlook for the Norwegian economy

Monetary policy, inflation and the outlook for the Norwegian economy Monetary policy, inflation and the outlook for the Norwegian economy DnB, Haugesund Svein Gjedrem, Governor of Norges Bank, April Effective exchange rates January 99= GBP NOK 9 8 NZD 9 8 7 SEK 7 99 99

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

Business cycles, monetary policy and property markets Governor Svein Gjedrem Næringseiendom 2005 26 April 2005

Business cycles, monetary policy and property markets Governor Svein Gjedrem Næringseiendom 2005 26 April 2005 Business cycles, monetary policy and property markets Governor Svein Gjedrem Næringseiendom 5 April 5 Projected consumer price inflation 5-year horizon. Annual rise. Per cent Employers organisations Employees

More information

Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 19 March 2004

Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 19 March 2004 Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 9 March SG SR-banken Stavanger, 9 March Monetary policy regulation. Monetary policy shall be aimed at stability in the

More information

Outlook for the Norwegian and global economies. Deputy Governor Jan F. Qvigstad 13 september 2012

Outlook for the Norwegian and global economies. Deputy Governor Jan F. Qvigstad 13 september 2012 Outlook for the Norwegian and global economies Deputy Governor Jan F. Qvigstad 3 september Market uncertainty still high Yields on -year government bonds. Percent 8 8 US Germany UK Spain Italy Jan- Jul-

More information

Money market portfolio

Money market portfolio 1 Money market portfolio April 11 Management of Norges Bank s money market portfolio Report for the fourth quarter 1 Contents 1 Key figures Market value and return 3 3 Market risk and management guidelines

More information

The economic outlook and monetary policy

The economic outlook and monetary policy The economic outlook and monetary policy Governor Svein Gjedrem SR-Bank, Stavanger March 5 Interest rates and inflation Per cent Market rate Real interest rate Neutral real interest rate Inflation SR-Bank

More information

Outlook for the Norwegian economy. Foreign Press Association in Norway International Press Centre, Oslo 21 February 2012

Outlook for the Norwegian economy. Foreign Press Association in Norway International Press Centre, Oslo 21 February 2012 Outlook for the Norwegian economy Foreign Press Association in Norway International Press Centre, Oslo February What now Europe? Continued high level of market uncertainty Austerity measures in many countries

More information

The economic outlook for Norway. Governor Øystein Olsen Sparebanken Hedmark 7 September 2011

The economic outlook for Norway. Governor Øystein Olsen Sparebanken Hedmark 7 September 2011 The economic outlook for Norway Governor Øystein Olsen Sparebanken Hedmark 7 September GDP Index, = Euro area US Brazil India China Sources: IMF and Norges Bank GDP Index, = Euro area US Brazil India China

More information

Tables. Standard symbols:. Category not applicable.. Data not available... Data not yet available Nil 0 Less than half the 0.0 final digit shown

Tables. Standard symbols:. Category not applicable.. Data not available... Data not yet available Nil 0 Less than half the 0.0 final digit shown Tables 1. Norges Bank. Balance sheet. In millions of NOK 2. Norges Bank. Investments for Government Pension Fund - Global. In millions of NOK 3. Banks. Balance sheet. In millions of NOK 4. Banks. Loans

More information

Business cycles and monetary policy

Business cycles and monetary policy Business cycles and monetary policy Deputy Governor Jarle Bergo Handelsbanken and the Centre for Economic Research at NTNU April Interest rates and inflation Per cent Market rate Real interest rate Neutral

More information

DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK. Niels Lynggård Hansen, Director, Danmarks Nationalbank

DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK. Niels Lynggård Hansen, Director, Danmarks Nationalbank DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK Niels Lynggård Hansen, Director, Danmarks Nationalbank 2 GDP growth Per cent, year-on-year 3 2 1 0-1 2011 2012 2013 20 2015 2016 2017

More information

Interest rates, the exchange rate and the outlook for the Norwegian economy

Interest rates, the exchange rate and the outlook for the Norwegian economy Interest rates, the exchange rate and the outlook for the Norwegian economy Governor Svein Gjedrem Mid-Norway Chamber of Commerce and Industry November Inflation Moving year-average and variation in CPI.

More information

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8

Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138. Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 1 of 138 Exhibit 8 Case 2:08-cv-02463-ABC-E Document 1-4 Filed 04/15/2008 Page 2 of 138 Domain Name: CELLULARVERISON.COM Updated Date: 12-dec-2007

More information

Sailing Option 1. Day Trip Timetable: Poole to Guernsey. Colour Key Time XX:XX = Fast Ferry. Time XX:XX = Commodore Clipper.

Sailing Option 1. Day Trip Timetable: Poole to Guernsey. Colour Key Time XX:XX = Fast Ferry. Time XX:XX = Commodore Clipper. Day Trip Timetable: Poole to Guernsey Sailing Option 1 Departure Return Sailing Date Depart Arrive Depart Arrive December 2016 Mon 19-Dec 08:00 11:00 15:10 18:10 20-Dec Wed 21-Dec 09:15 12:15 16:25 19:25

More information

Monetary Policy in Denmark. Niels Lynggaard Hansen Danmarks Nationalbank May 2010

Monetary Policy in Denmark. Niels Lynggaard Hansen Danmarks Nationalbank May 2010 Monetary Policy in Denmark Niels Lynggaard Hansen Danmarks Nationalbank May 2010 Agenda Background to Denmark s fixedexchange-rate policy Monetary policy in practice The financial crisis and unconventional

More information

Analysis One Code Desc. Transaction Amount. Fiscal Period

Analysis One Code Desc. Transaction Amount. Fiscal Period Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00

More information

ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL

ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL ANNEXURE 1 STATUS OF 518 DEMAT REQUESTS PENDING WITH NSDL Sr. No. Demat Request No.(DRN) DP ID Client ID Date of Demat Request Received Quantity Requested Date of Demat Request Processed No. of days of

More information

Eurozone Economic dashboard

Eurozone Economic dashboard Eurozone Economic dashboard Our Economic Dashboard is designed to help investors understand the true state of the eurozone economy. It is not meant to serve as a direct prediction regarding the future

More information

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017

Enhanced Vessel Traffic Management System Booking Slots Available and Vessels Booked per Day From 12-JAN-2016 To 30-JUN-2017 From -JAN- To -JUN- -JAN- VIRP Page Period Period Period -JAN- 8 -JAN- 8 9 -JAN- 8 8 -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- -JAN- 8-JAN- 9-JAN- -JAN- -JAN- -FEB- : days

More information

THE OUTLOOK FOR THE NORWEGIAN ECONOMY DEPUTY GOVERNOR JON NICOLAISEN, 12 MAY 2015

THE OUTLOOK FOR THE NORWEGIAN ECONOMY DEPUTY GOVERNOR JON NICOLAISEN, 12 MAY 2015 THE OUTLOOK FOR THE NORWEGIAN ECONOMY DEPUTY GOVERNOR JON NICOLAISEN, MAY 5 The role of monetary policy in economic restructuring Flexible inflation targeting Low and stable inflation.5% Stable developments

More information

CAFIS REPORT 2015.10

CAFIS REPORT 2015.10 CAFIS REPORT 2015.10 INDEX Message CAFIS Inbound 03-06 07-08 CAFIS Arch 09-10 CAFIS Brain 11-12 CAFIS Global 13-14 What We Do 15-16 About CAFIS 17-18 Services for Member Stores 19-34 Services for Card

More information

Dividend History Luxembourg investment funds

Dividend History Luxembourg investment funds Dividend History Luxembourg investment funds As per 1 January 2014 For Dutch investment funds, go to www.robeco.com/riam Version January 2017 Robeco Product Development 12-jan-17 13-jan-17 20-jan-17 Robeco

More information

COE BIDDING RESULTS 2009 Category B Cars >1600 cc

COE BIDDING RESULTS 2009 Category B Cars >1600 cc Quota System A COE BIDDING RESULTS 2009 B Jan-2009 Quota 1,839 1,839 1,100 1,099 274 268 409 411 767 758 Successful bids 1,784 1,832 1,100 1,097 274 260 401 386 763 748 Bids received 2,541 2,109 1,332

More information

Outlook for the Norwegian business sector and the role of Norges Bank

Outlook for the Norwegian business sector and the role of Norges Bank Outlook for the Norwegian business sector and the role of Norges Bank Central Bank Governor Svein Gjedrem Kongsvinger, March Effective exchange rates 199=1 1 1 11 NOK 11 1 GBP 1 9 8 NZD 9 8 7 SEK 7 199

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

More information

FINANCIAL RESULTS Q1 2016

FINANCIAL RESULTS Q1 2016 FINANCIAL RESULTS Q1 2016 CFO Hallvard Granheim 28 th April 2016 Highlights Q1 Increase in underlying results (EBITDA) - Nordic prices are down 15% Q-on-Q - High production from Nordic hydropower assets

More information

UPDATE ON CURRENT MACRO ENVIRONMENT

UPDATE ON CURRENT MACRO ENVIRONMENT 1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1

More information

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit

More information

The ECB s operations amid the financial turmoil: experience and policy lessons

The ECB s operations amid the financial turmoil: experience and policy lessons The ECB s operations amid the financial turmoil: experience and policy lessons Francisco Ramon-Ballester Advisor, European Central Bank Office at the International Monetary Fund Mexico DF, 24 April 2008

More information

ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN REGIONAL NETWORK, REGION EAST, 18 DECEMBER 2015

ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN REGIONAL NETWORK, REGION EAST, 18 DECEMBER 2015 ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN REGIONAL NETWORK, REGION EAST, 8 DECEMBER GDP growth for trading partners Export weights. Annual change. Percent. 8 8 - - - 8 7 Sources: Thomson Reuters and Norges

More information

Read Through The Letters of Paul in 2016

Read Through The Letters of Paul in 2016 Read Through The Letters of Paul in 2016 JANUARY Jan 1: Romans 1:1-6 Jan 2: Romans 1:7-11 Jan 3: Romans 1:12-17 Jan 4: Romans 1:18-22 Jan 5: Romans 1:23-28 Jan 6: Romans 1:29-32 Jan 7: Romans 2:1-7 Jan

More information

Chapter 3 Demand and production

Chapter 3 Demand and production Chapter 3 Demand and production 3.1 Goods consumption index 1995=1. Seasonally adjusted volume 4 2 22 4 2 21 118 2 118 11 11 114 114 1 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Source: Statistics

More information

Suffolk County Market Updates

Suffolk County Market Updates Suffolk County Market Updates November 2016 Closed Median Sale Price........ 2 Pending Median Sale Price........ 3 Number of Closed ly Transactions........ 4 Number of Pending ly Transaction........ 5

More information

The outlook for the Norwegian economy. Deputy Governor Jan F. Qvigstad Regional network, Sandnes Sparebank 31 May 2011

The outlook for the Norwegian economy. Deputy Governor Jan F. Qvigstad Regional network, Sandnes Sparebank 31 May 2011 The outlook for the Norwegian economy Deputy Governor Jan F. Qvigstad Regional network, Sandnes Sparebank 1 May 11 Growth projections 11 and 1, IMF World Economic Outlook April 11. Per cent 1 9 8 7 1 11

More information

An Overview of Offshore RMB Market. Nov 2013

An Overview of Offshore RMB Market. Nov 2013 An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international

More information

DANMARKS NATIONALBANK MONETARY POLICY IN DENMARK. Morten Spange, Monetary policy and analysis division, Danmarks Nationalbank

DANMARKS NATIONALBANK MONETARY POLICY IN DENMARK. Morten Spange, Monetary policy and analysis division, Danmarks Nationalbank DANMARKS NATIONALBANK MONETARY POLICY IN DENMARK Morten Spange, Monetary policy and analysis division, Danmarks Nationalbank Agenda Short historical background Long Danish tradition for fixed exchange

More information

The outlook for the Norwegian economy with particular focus on the business sector in Vesterålen

The outlook for the Norwegian economy with particular focus on the business sector in Vesterålen The outlook for the Norwegian economy with particular focus on the business sector in Vesterålen Governor Svein Gjedrem Sortland, October Mainland GDP in Norway Annual growth. Per cent 99 99 99 99 99 Sources:

More information

Financial Stability 2/12. Charts

Financial Stability 2/12. Charts Financial Stability /1 Charts Chart 1.1 Vulnerabilities in the Norwegian banking sector and external sources of risk to the banking sector 1) Vulnerability in banking sector External sources of risk to

More information

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS

TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS EMBARGOED: FOR RELEASE AT 4:00 P.M. EDT, THURSDAY, MAY 9 TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS January During the first quarter, the U.S. dollar s nominal trade-weighted exchange value

More information

Presentation on Results for the 1st Quarter FY 2014. Idemitsu Kosan Co.,Ltd. August 5, 2014

Presentation on Results for the 1st Quarter FY 2014. Idemitsu Kosan Co.,Ltd. August 5, 2014 Presentation on Results for the 1st Quarter FY 2014 Idemitsu Kosan Co.,Ltd. August 5, 2014 Table of Contents 1. FY 2014 1 st Quarter Financials (1) Overview (2) Segment Information (3) Streamlining (4)

More information

Deutsche Bundesbank Interest rate statistics 01.12.2015

Deutsche Bundesbank Interest rate statistics 01.12.2015 01.12.2015 period SUD113 7 SUD114 7 SUD115 7 SUD116 7 SUD117 7 SUD118 7 SUD119 7 SUD120 7 SUD121 7 SUD122 7 2015 June 4.83 4.98 7.33 2.11 1.81 1.72 1.92 1.69 2.74 2.05 July 5.09 5.01 7.47 2.17 1.91 1.86

More information

THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN 20 AUGUST 2014

THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN 20 AUGUST 2014 THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN AUGUST 1 Global growth GDP growth in different regions for 1. Percent. IMF projections Sources: IMF and Norges Bank Russia: Lower growth prospects and sanctions

More information

Ashley Institute of Training Schedule of VET Tuition Fees 2015

Ashley Institute of Training Schedule of VET Tuition Fees 2015 Ashley Institute of Training Schedule of VET Fees Year of Study Group ID:DECE15G1 Total Course Fees $ 12,000 29-Aug- 17-Oct- 50 14-Sep- 0.167 blended various $2,000 CHC02 Best practice 24-Oct- 12-Dec-

More information

The Money Market. Juan Barragan ECP January 2009

The Money Market. Juan Barragan ECP January 2009 The Money Market Juan Barragan ECP January 2009 The Money Market Central Banks They drive the Money Market. They make funds available to commercial banks. They ensure liquidity. Funds available for a short

More information

Monetary Policy and Mortgage Interest rates

Monetary Policy and Mortgage Interest rates Monetary Policy and Mortgage Interest rates July 2014 Key Points: Monetary policy, which operates through changes in the official cash rate (OCR), is the main lever of macroeconomic management in Australia

More information

Fearnley Securities. 28 th Annual Marine Money Week. New Issuance through the Norwegian Bond Market. June 2015

Fearnley Securities. 28 th Annual Marine Money Week. New Issuance through the Norwegian Bond Market. June 2015 Fearnley Securities New Issuance through the Norwegian Bond Market 28 th Annual Marine Money Week June 215 IMPORTANT / DISCLAIMER: This presentation is prepared by Fearnley Securities, an Astrup Fearnley

More information

High interest rates have contributed to a stronger currency

High interest rates have contributed to a stronger currency Financial markets and Central Bank measures: 1 High interest rates have contributed to a stronger currency The króna has appreciated after the extension of the exchange rate band and the Central Bank s

More information

Bond Snapshot with Kathy Jones The Year of the Taper

Bond Snapshot with Kathy Jones The Year of the Taper Bond Snapshot with Kathy Jones The Year of the Taper Kathy Jones, Vice President Fixed Income Strategist Schwab Center for Financial Research February 2014 Overview of Topics Tapering Implications Where

More information

Greek banks and corporate funding costs

Greek banks and corporate funding costs NATIONAL BANK OF GREECE Greek banks and corporate funding costs January 214 Paul Mylonas CRO & Chief Economist National Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT Economic Analysis Department Roadmap

More information

Quest for Growth Results for Q3, January-March 2003

Quest for Growth Results for Q3, January-March 2003 Quest for Growth Results for Q3, January-March 2003 1 Jan Keuppens joins Quest Management Investment Manager Quoted Portfolio of Quest for Growth Former technology analyst with AXA Investment Managers,

More information

Economic commentaries

Economic commentaries No. 3 2012 Economic commentaries The petroleum fund mechanism and Norges Bank s foreign exchange purchases for the GPFG Ellen Aamodt, Department for Market Operations and Analysis, Norges Bank Monetary

More information

Deutsche Bundesbank Interest rate statistics 02.06.2016

Deutsche Bundesbank Interest rate statistics 02.06.2016 02.06.2016 period SUD113 7 SUD114 7 SUD115 7 SUD116 7 SUD117 7 SUD118 7 SUD119 7 SUD120 7 SUD121 7 SUD122 7 2015 June 4.83 4.98 7.33 2.11 1.81 1.72 1.92 1.69 2.74 2.05 July 5.09 5.01 7.47 2.17 1.91 1.86

More information

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016

Recent Developments and Outlook for the Mexican Economy Credit Suisse, 2016 Macro Conference April 19, 2016 Credit Suisse, Macro Conference April 19, Outline 1 Inflation and Monetary Policy 2 Recent Developments and Outlook for the Mexican Economy 3 Final Remarks 2 In line with its constitutional mandate, the

More information

Presentation on Results for the 2nd Quarter FY 2015. Idemitsu Kosan Co.,Ltd. November 4, 2015

Presentation on Results for the 2nd Quarter FY 2015. Idemitsu Kosan Co.,Ltd. November 4, 2015 Presentation on Results for the 2nd Quarter FY 2015 Idemitsu Kosan Co.,Ltd. November 4, 2015 Table of Contents 1. 2 nd Quarter FY 2015 Financials (1) Overview (2) Segment Information (3) Streamlining 2.

More information

FINANCIAL RESULTS Q2 2015

FINANCIAL RESULTS Q2 2015 FINANCIAL RESULTS Q2 2015 CEO CHRISTIAN RYNNING-TØNNESEN CFO HALLVARD GRANHEIM 23 July 2015 Highlights Solid underlying results (EBITDA) - Lower Nordic prices offset by increased production and contribution

More information

The Norwegian economy

The Norwegian economy The Norwegian economy Slower speed ahead, but still growth Strong mechanisms support mainland economy Wriggle room to smooth business cycles Rune Bjerke CEO Just how bad is it? Slower speed ahead but still

More information

Taking stock of China s external debt: low indebtedness, but rapid growth is a concern

Taking stock of China s external debt: low indebtedness, but rapid growth is a concern 1991 1993 1995 1997 1999 21 23 25 27 29 211 213 1991 1992 1993 1994 1995 1996 1997 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 ECONOMIC ANALYSIS Taking stock of China s external debt: low indebtedness,

More information

Italy Spain. France Germany. Percent (%)

Italy Spain. France Germany. Percent (%) March Commentary from Pacific Asset Management, the subadvisor to the Pacific Funds SM Fixed-Income Funds. The Euros Are Coming The gap between U.S. and European bond yields presents an interesting value

More information

ECONOMIC COMMENTARIES. A decomposition of NIBOR NR. 3 2015 KRISTIAN TAFJORD MARKET OPERATIONS AND ANALYSIS

ECONOMIC COMMENTARIES. A decomposition of NIBOR NR. 3 2015 KRISTIAN TAFJORD MARKET OPERATIONS AND ANALYSIS A decomposition of NR. 3 2015 KRISTIAN TAFJORD MARKET OPERATIONS AND ANALYSIS The views expressed are those of the author and do not necessarily reflect those of Norges Bank This commentary discusses the

More information

OIL AND THE NORWEGIAN ECONOMY GOVERNOR ØYSTEIN OLSEN NTNU, 29 SEPTEMBER 2015

OIL AND THE NORWEGIAN ECONOMY GOVERNOR ØYSTEIN OLSEN NTNU, 29 SEPTEMBER 2015 OIL AND THE NORWEGIAN ECONOMY GOVERNOR ØYSTEIN OLSEN NTNU, 9 SEPTEMBER 15 GDP per capita relative to OECD Index. OECD = 1. Purchasing power adjusted 15 Norway Mainland Norway 15 1 1 5 197 1975 198 1985

More information

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research

Fixed Income 2015 Update. Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research Fixed Income 2015 Update Kathy Jones, Senior Vice President Chief Fixed Income Strategist, Schwab Center for Financial Research 1 Fed: Slow and Low 2015 Fixed Income Outlook 2 Yield Curve Flattening 3

More information

1. 2015 Gross Borrowing Requirements and Funding Plan

1. 2015 Gross Borrowing Requirements and Funding Plan 1 1. 2015 Gross Borrowing Requirements and Funding Plan 1.1 Gross Borrowing requirements The Treasury expects its 2015 gross borrowing requirements to amount to EUR 39.90 billion. This represents an increase

More information

2016 Fund holidays for Vanguard Investment Series plc

2016 Fund holidays for Vanguard Investment Series plc 2016 Fund holidays for Vanguard Investment Series plc Vanguard Investment Series Plc (Irish-domiciled) Jan Feb March Apr May June Jul Aug Sept Oct Nov Dec 1 11 18 26 8 9 10 11 15 21 25 28 4 25 29 2 3 4

More information

Implications of a recession in the US. Torgeir Høien, Portfolio Manager SKAGEN Tellus

Implications of a recession in the US. Torgeir Høien, Portfolio Manager SKAGEN Tellus Implications of a recession in the US Torgeir Høien, Portfolio Manager SKAGEN Tellus What is a recession? A period of lower production and higher unemployment. Often, but not always, a period of more than

More information

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter

GE Capital. Liquidity and Funding Overview. Global issuer of long and short term debt. 2012 third quarter Liquidity and Funding Overview Global issuer of long and short term debt This document contains forward-looking statements - that is, statements related to future, not past, events. In this context, forward-looking

More information

HSBC Global Investment Funds Global High Yield Bond

HSBC Global Investment Funds Global High Yield Bond Important information: For certain classes of the Fund, the Fund may pay dividends out of capital or pay dividends gross of expenses. Investors should note that the payment of dividends out of capital

More information

ECONOMIC COMMENTARIES

ECONOMIC COMMENTARIES Negative interest rates: Central bank reserves and liquidity management NO. 5 TOM BERNHARDSEN AND KATHRINE LUND, MARKET OPERATIONS AND ANALYSIS The views expressed are those of the authors and do not necessarily

More information

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics

More information

Monthly July2016 July2016

Monthly July2016 July2016 With data up to: July 2016 Monthly July2016 July2016 Oil Price Statistics Next release: 13 September Date of publication: 11 August 2016 Monthly Oil Price Statistics TABLE OF CONTENTS Page Charts 1 IEA

More information

Factors that influence the krone exchange rate

Factors that influence the krone exchange rate Factors that influence the krone exchange rate Tom Bernhardsen and Øistein Røisland, senior economists in the Economics Department, Norges Bank 1) This article examines how the krone exchange rate is influenced

More information

International competition will change mortgage lending

International competition will change mortgage lending Pentti Hakkarainen Deputy Governor, Bank of Finland International competition will change mortgage lending Nordic Mortgage Council Helsinki, 28 August 2015 28.8.2015 Unrestricted 1 Financial stability

More information

Canadian Life Insurance Industry

Canadian Life Insurance Industry A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September

More information

Introduction to Interest Rate Trading. Andrew Wilkinson

Introduction to Interest Rate Trading. Andrew Wilkinson Introduction to Interest Rate Trading Andrew Wilkinson Risk Disclosure Futures are not suitable for all investors. The amount you may lose may be greater than your initial investment. Before trading futures,

More information

2014 Asia Securities Forum Presented by the Korea Financial Investment Association

2014 Asia Securities Forum Presented by the Korea Financial Investment Association 2014 Asia Securities Forum Presented by the K O R E A I. Korean Capital Market I. Current Status II. Prospects II. Korean Financial Investment Industry C O N T E N T S III. Capital Market Regulations 2

More information

Capital Markets Day 4 December Fokus Bank ASA. Managing Director Thomas Borgen

Capital Markets Day 4 December Fokus Bank ASA. Managing Director Thomas Borgen Capital Markets Day 4 December 2002 Fokus Bank ASA Managing Director Thomas Borgen What did we say 12 mths ago Continue to improve credit portfolio/pricing Re-positioning of Fokus Bank Private Banking

More information

HSBC Asian High Yield Bond Fund

HSBC Asian High Yield Bond Fund Important information: HSBC Asian High Yield Bond Fund (the Fund ) invests primarily in a broad range of higher yielding Asian fixed income securities and instruments. Investments of the Fund may include

More information

Robeco High Yield Bonds

Robeco High Yield Bonds Important Information 1. Robeco High Yield Bonds (the Fund aims to provide long term capital growth. The Fund invests at least two thirds of its total assets in bonds, asset backed securities and similar

More information

CENTERPOINT ENERGY TEXARKANA SERVICE AREA GAS SUPPLY RATE (GSR) JULY 2015. Small Commercial Service (SCS-1) GSR

CENTERPOINT ENERGY TEXARKANA SERVICE AREA GAS SUPPLY RATE (GSR) JULY 2015. Small Commercial Service (SCS-1) GSR JULY 2015 Area (RS-1) GSR GSR (LCS-1) Texarkana Incorporated July-15 $0.50690/Ccf $0.45450/Ccf $0.00000/Ccf $2.85090/MMBtu $17.52070/MMBtu Texarkana Unincorporated July-15 $0.56370/Ccf $0.26110/Ccf $1.66900/Ccf

More information

Chart 1.1 GDP for trading partners. Volume. Four quarter change. Percent. 2000 Q1 2015 Q2 15

Chart 1.1 GDP for trading partners. Volume. Four quarter change. Percent. 2000 Q1 2015 Q2 15 Chart. GDP for trading partners. Volume. Four quarter change. Percent. Q Q Advanced economies Emerging economies 6 9 Sources: Thomson Reuters and Norges Bank Chart. Euro area. Consumer confidence and expectations

More information

Small Business Lending *

Small Business Lending * Reserve Small Business Bank of Lending Australia Bulletin Small Business Lending * These notes were prepared in response to a request from the House of Representatives Standing Committee on Financial Institutions

More information

Debt Markets Sell Off Despite RBA Silence

Debt Markets Sell Off Despite RBA Silence FINANCIAL MARKET UPDATE Debt Markets Sell Off Despite RBA Silence RBA leaves cash rate unchanged but local debt market sells off anyway Implied yields on 2006 bill futures strip up by between 6 and 20

More information

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates:

The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: Annex A Forecast of interest rates as at September 2015 The table below shows Capita Asset Services forecast of the expected movement in medium term interest rates: NOW Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

More information

San Lorenzo Valley Water District Annual Rainfall History Graph

San Lorenzo Valley Water District Annual Rainfall History Graph San Lorenzo Valley Water District Annual Rainfall History Graph 120.00 100.00 80.00 60.00 40.00 20.00 0.00 Water Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31

More information

Macroeconomic Management With Open Capital Accounts

Macroeconomic Management With Open Capital Accounts Macroeconomic Management With Open Capital Accounts György Szapáry Central Bank of Hungary IMF-Singapore Regional Training Institute Seminar, Crisis Prevention in Emerging kets, Singapore, y 1-11, Introduction

More information

Working Capital and the Financing Decision C H A P T E R S I X

Working Capital and the Financing Decision C H A P T E R S I X Working Capital and the Financing Decision C H A P T E R S I X Limited 2000 Figure 6-1a The nature of asset growth A. Stage I: Limited or no Growth PPT 6-1 Dollars Temporary current assets Capital assets

More information

Kames Absolute Return Bond Fund

Kames Absolute Return Bond Fund Kames Absolute Return Bond Fund March 2014 Colin Finlayson Investment Manager, Fixed Income Kames Absolute Return Bond Fund Performance target: 3 month GBP LIBOR +2-3% p.a. net of fees over rolling 3 years

More information

Appendix 1 to Fish Pool Rulebook. Product Specifications and Trading schedule for Trading at Fish Pool markets

Appendix 1 to Fish Pool Rulebook. Product Specifications and Trading schedule for Trading at Fish Pool markets Appendix 1 to Fish Pool Rulebook Product Specifications and Trading schedule for Trading at Fish Pool markets Table of contents General provisions:... 2 Product Specifications Forwards and Futures:...

More information

PRESS RELEASE REFINANCING OPERATIONS

PRESS RELEASE REFINANCING OPERATIONS PRESS RELEASE ECB PUBLISHES LEGAL ACT RELATING TO TARGETED LONGER-TERM REFINANCING OPERATIONS The European Central Bank (ECB) is publishing a legal act that has been adopted today relating to the targeted

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/11 January 1 January 11 Monetary Policy and Research - Financial Markets and Statistics

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 3/11 17 March 11 Main Indicators for the Finnish Economy is produced jointly by the

More information