European Freight Forwarding Index

Size: px
Start display at page:

Download "European Freight Forwarding Index"

Transcription

1 European Freight Forwarding Index 14 November 12 Erik Bergöö Søren Toft Important disclosures and certifications are contained from page 12 of this report.

2 Main conclusion from survey Our proprietary European Freight Forwarding Index for October indicates that current volumes are unchanged compared with two months ago and the trend of falling volumes is thus broken (index value of 51). Participants expectations suggest flat volumes in the coming two months Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 2

3 Volumes stabilizes in October. The freight forwarding index value for current volumes in October increased to 51 compared with 41 in September. Forward index values are now at 49 for November and 5 for December, which indicates expectations of flat volumes. volumes for Road (index 49) indicate that the current volume handled is flat compared with two months ago. The index for September was 39. Expectations for Road (index 48) increased and indicate flat volumes over the next two months. Airfreight (index 58) indicates growing volume development. The index improved from September s reading of 46. Expectations for Airfreight (index 53 ) were unchanged and indicate a small increase in volumes over the next two months. The Seafreight (index 57) index value indicates somewhat higher volumes compared with two months ago. The index for September was 23. Expectations for Seafreight (index 44) increased but still indicate lower volumes in the coming two-month period. 3

4 Segment breakdown of survey Road Seafreight mar-1 okt-1 maj-11 dec-11 jul mar-1 okt-1 maj-11 dec-11 jul-12 Airfreight mar-1 okt-1 maj-11 dec-11 jul-12 4

5 Country breakdown of survey Benelux 1 Denmark 1 mar-1 okt-1 maj-11 dec-11 jul mar-1 okt-1 maj-11 dec-11 jul-12 Eastern Europe 1 Finland 1 mar-1 okt-1 maj-11 dec-11 jul mar-1 okt-1 maj-11 dec-11 jul

6 Country breakdown of survey Germany 1 UK mar-1 okt-1 maj-11 dec-11 jul-12 5 mar-1 okt-1 maj-11 dec-11 jul Norway Sweden 1 1 mar-1 okt-1 maj-11 dec-11 jul mar-1 okt-1 maj-11 dec-11 jul

7 Country breakdown of survey Switzerland 1 Other 1 mar-1 okt-1 maj-11 dec-11 jul mar-1 okt-1 maj-11 dec-11 jul Series1 Series2 7

8 How the survey is conducted Our respondents have answered these two questions: What volume of goods does your company handle today compared with two months ago (adjusted for normal seasonality in the business)? Lower volume. Unchanged volume. Higher volume. How do you expect volumes of goods to develop over the next two months (adjusted for normal seasonality in the business)? Lower volume. Unchanged volume. Higher volume. Their answers have been translated into an index value that can vary between and 1, with values above 5 indicating expansion among participating companies. 8

9 Segment breakdown for participants Other 18% Airfreight 12% Road % Seafreight 3% 9

10 Country breakdown for participants Other 8% Benelux 6% UK 12% Denmark % Switzerland 5% Sweden 1% Eastern Europe 13% Norway 7% Germany 1% Finland 9% 1

11 Number of participants 19 Number of Participants jan-9 apr-9 jul-9 okt-9 jan-1 apr-1 jul-1 okt-1 jan-11 apr-11 jul-11 okt-11 jan-12 apr-12 jul-12 okt-12 11

12 Disclosure This presentation has been prepared by Danske Bank Markets, a division of Danske Bank A/S ( Danske Bank ). Analyst certification Each research analyst responsible for the content of this presentation certifies that the views expressed in the presentation accurately reflect the research analyst s personal view about the financial instruments and issuers covered by the research report. Each responsible research analyst further certifies that no part of the compensation of the research analyst was, is or will be, directly or indirectly, related to the specific recommendations expressed in the presentation. Regulation Danske Bank is authorised and subject to regulation by the Danish Financial Supervisory Authority and is subject to the rules and regulation of the relevant regulators in all other jurisdictions where it conducts business. Danske Bank is subject to limited regulation by the Financial Services Authority (UK). Details on the extent of the regulation by the Financial Services Authority are available from Danske Bank upon request. The research of Danske Bank is prepared in accordance with the Danish Society of Financial Analysts rules of ethics and the recommendations of the Danish Securities Dealers Association. Conflicts of interest Danske Bank has established procedures to prevent conflicts of interest and to ensure the provision of high-quality research based on research objectivity and independence. These procedures are documented in the research policies of Danske Bank. Employees within Danske Bank s Research Departments have been instructed that any request that might impair the objectivity and independence of research shall be referred to Research Management and the Compliance Department. Danske Bank s Research Departments are organised independently from and do not report to other business areas within Danske Bank. Research analysts are remunerated in part based on the overall profitability of Danske Bank, which includes investment banking revenues, but do not receive bonuses or other remuneration linked to specific corporate finance or debt capital transactions. Financial models and/or methodology used in this research report Calculations and presentations in this research report are based on standard econometric tools and methodology as well as publicly available statistics for each individual security, issuer and/or country. Documentation can be obtained from the authors upon request. Risk warning Major risks connected with recommendations or opinions in this presentation, including a sensitivity analysis of relevant assumptions, are stated throughout the text. Date of first publication See the front page of this presentation for the date of first publication. Price-related data is calculated using the closing price from the day before publication. 12

13 General disclaimer This presentation has been prepared by Danske Bank Markets (a division of Danske Bank A/S). It is provided for informational purposes only and should be viewed solely in conjunction with the oral presentation provided by Danske Bank Markets and/or Danske Markets Inc. It does not constitute or form part of, and shall under no circumstances be considered as, an offer to sell or a solicitation of an offer to purchase or sell any relevant financial instruments (i.e. financial instruments mentioned herein or other financial instruments of any issuer mentioned herein and/or options, warrants, rights or other interests with respect to any such financial instruments) ( Relevant Financial Instruments ). The presentation has been prepared independently and solely on the basis of publicly available information that Danske Bank considers to be reliable. While reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and Danske Bank, its affiliates and subsidiaries accept no liability whatsoever for any direct or consequential loss, including without limitation any loss of profits, arising from reliance on this presentation. The opinions expressed herein are the opinions of the research analysts responsible for the presentation and reflect their judgement as of the date hereof. These opinions are subject to change and Danske Bank does not undertake to notify any recipient of this presentation of any such change nor of any other changes related to the information provided in the presentation. Danske Bank, its affiliates, subsidiaries and staff may perform services for or solicit business from any issuer mentioned herein and may hold long or short positions in, or otherwise be interested in, the financial instruments mentioned herein. The Equity and Corporate Bonds analysts of Danske Bank and undertakings with which the Equity and Corporate Bonds analysts have close links are, however, not permitted to invest in financial instruments that are covered by the relevant Equity or Corporate Bonds analyst or the research sector to which the analyst is linked. Danske Bank is authorised and subject to regulation by the Danish Financial Supervisory Authority and is subject to the rules and regulation of the relevant regulators in all other jurisdictions where it conducts business. Danske Bank is subject to limited regulation by the Financial Services Authority (UK). Details on the extent of the regulation by the Financial Services Authority are available from Danske Bank upon request. This presentation is not intended for retail customers in the United Kingdom or the United States. This presentation is protected by copyright and is intended solely for the designated addressee. It may not be reproduced or distributed, in whole or in part, by any recipient for any purpose without Danske Bank s prior written consent. Disclaimer related to presentations to US customers In the United States this presentation is presented by Danske Bank and/or Danske Markets Inc., a US-registered broker-dealer and subsidiary of Danske Bank. In the United States the presentation is intended solely for US institutional investors" as defined in SEC Rule 15a-6. Danske Bank is not subject to US rules with regard to the preparation of research reports and the independence of research analysts. In addition, the research analysts of Danske Bank who have prepared this presentation are not registered or qualified as research analysts with the NYSE or FINRA but satisfy the applicable requirements of a non-us jurisdiction. Any US investor recipient of this presentation who wishes to purchase or sell any Relevant Financial Instrument may do so only by contacting Danske Markets Inc. directly and should be aware that investing in non-us financial instruments may entail certain risks. Financial instruments of non-us issuers may not be registered with the US Securities and Exchange Commission and may not be subject to the reporting and auditing standards of the US Securities and Exchange Commission. 13

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index 14 January 13 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Søren Toft stof@danskebank.dk +45 45 12 53 Important disclosures and certifications are contained from page 12

More information

European Freight Forwarding Index

European Freight Forwarding Index European Freight Forwarding Index Volume development in January 14 Erik Bergöö erbe@danskebank.dk +45 45 12 36 Philip Levin phle@danskebank.dk +45 26 19 26 17 Important disclosures and certifications are

More information

Research Commodities El Niño returns grains and soft commodities at risk

Research Commodities El Niño returns grains and soft commodities at risk Investment Research General Market Conditions 20 May 2015 Research Commodities El Niño returns grains and soft commodities at risk Meteorologists now agree that El Niño has arrived and project that it

More information

FOMC preview Fed set to keep door open for a June hike

FOMC preview Fed set to keep door open for a June hike Investment Research General Market Conditions 14 March 2016 FOMC preview Fed set to keep door open for a June hike We expect the Fed to keep the Fed funds target rate unchanged at 0.25-0.50% at this week

More information

Africa in context. Source: GDP and Population: Global Insight, September 2009, Area: World Bank 2008 GDP. Share ($Bn) (% of Total)

Africa in context. Source: GDP and Population: Global Insight, September 2009, Area: World Bank 2008 GDP. Share ($Bn) (% of Total) The Untold Story of the African Growth Miracle Lars Christensen Chief Analyst, Head of Emerging Markets Research +45 45 12 85 30 (direct) + 45 40 74 49 51 (mobile) larch@danskebank.dk March 2012 Africa

More information

Russia: Where to find new growth drivers?

Russia: Where to find new growth drivers? Russia: Where to find new growth drivers? Sanna Kurronen Economist +38 4 68 369 sanna.kurronen@danskebank.com 14 February 213 Important disclosures and certifications are contained from page of this report.

More information

US Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016

US Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016 Investment Research General Market Conditions 02 August 2016 US Labour Market Monitor July report set to attract much attention as both employment and growth have slowed in 2016 Jobs report preview We

More information

FOMC review Less confident Fed likely to stay on hold in March as well

FOMC review Less confident Fed likely to stay on hold in March as well Investment Research General Market Conditions 27 January 2016 FOMC review Less confident Fed likely to stay on hold in March as well As expected, the Fed funds target rate was unchanged at 0.25%-0.50%.

More information

Research US Fed on hold: uncertainty set to keep Fed sidelined

Research US Fed on hold: uncertainty set to keep Fed sidelined Investment Research General Market Conditions 11 February 2016 Research US Fed on hold: uncertainty set to keep Fed sidelined In our view, the uncertainty in financial markets and rising risk of a systemic

More information

Research Commodities Four key factors to drive the aluminium market

Research Commodities Four key factors to drive the aluminium market Investment Research 22 May 2014 Research Commodities Four key factors to drive the aluminium market Aluminium price to edge higher in the second half of the year The aluminium price seems to have landed

More information

Heimstaden Q1 16: Stable quarter with continued transactions

Heimstaden Q1 16: Stable quarter with continued transactions Investment Research 29 April 2016 Heimstaden 16: Stable quarter with continued transactions Heimstaden showed a stable operating performance in despite continued intense transaction activity. Leverage

More information

Jernhusen Q1 16: Continued strong development

Jernhusen Q1 16: Continued strong development Investment Research 28 April 2016 Jernhusen Q1 16: Continued strong development In Q1 16, Jernhusen continued to demonstrate stable operating performance, with good growth in rental income and strong cost

More information

Heimstaden Q3 15: steady performance with moderate leverage

Heimstaden Q3 15: steady performance with moderate leverage Investment Research 13 November 2015 Heimstaden Q3 15: steady performance with moderate leverage Heimstaden delivered a stable performance in Q3, with continued good growth thanks to earlier made acquisitions

More information

Interest Only Expiry. July 2013

Interest Only Expiry. July 2013 Interest Only Expiry July 213 Regulation on Interest Only Regulation requires residential borrowers to amortise within 3 years even if the loan to value ratio is below the regulatory maximum of 8 percent

More information

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value

BUY Target: 215p. Strategic impact: cross-selling. Financial impact: good value UK Daily Letter 1 K3 Business Technology Group KBT : AIM : 144p BUY Target: 215p Bob Liao, CFA 44.20.7050.6654 bliao@canaccordgenuity.com COMPANY STATISTICS: 52-week Range: 0.82-1.50 Avg. Daily Vol. (000s):

More information

Morgonmötet 16 augusti 2016

Morgonmötet 16 augusti 2016 Trading Strategy Morgonmötet 16 augusti 2016 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Andreas Skogelid, +46 (0)8-701 56 80,

More information

Trading Strategy. 5 March, 2012. Eurosystem 101. Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se

Trading Strategy. 5 March, 2012. Eurosystem 101. Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se Trading Strategy 5 March, 2012 Eurosystem 101 Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se Repos automatically boosts bank s deposits at the ECB 2 1) Normal times Before LTRO (interbank lending

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

Weekly Credit Update

Weekly Credit Update Investment Research General Market Conditions 24 July 2009 Weekly Credit Update Summary Another week of significant spread tightening Moody s set to downgrade a large number of Nordic banks Headlines from

More information

Strategy German engine in headwind

Strategy German engine in headwind Investment Research General Market Conditions 9 October 2015 Strategy German engine in headwind German economic data have started to show weakness and, in our view, more softness is looming. This is because

More information

Petrel Energy Ltd. This report is intended for CCMInternalDistribution@clarksons.com. Unauthorized redistribution of this report is prohibited.

Petrel Energy Ltd. This report is intended for CCMInternalDistribution@clarksons.com. Unauthorized redistribution of this report is prohibited. Exploration and Production Equity Research July 30, 2013 Crikey! Aussie Microcap Exploring Unconventional Resources on 3 Continents The smallest of our coverage companies, with exploration assets in Uruguay,

More information

TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL

TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL DATE 19/01/2012 TRADING GERMAN POWER BY USING A CLIMATE SPREAD SIGNAL Research Seminar THE BEHAVIOR OF CARBON PRICES HEC Energy & Finance Chair and CDC Climat Paris, 27 January 2012 Carine Hemery (33)

More information

Morgonmötet 20 mars 2015

Morgonmötet 20 mars 2015 Trading Strategy Morgonmötet 20 mars 2015 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Nyheter Grekland: Kommer att redovisa reformlista

More information

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY

The Merchant Securities FTSE 100. Hindsight II Note PRIVATE CLIENT ADVISORY The Merchant Securities FTSE 100 Hindsight II Note Our first FTSE-100 Hindsight Note is now fully subscribed; however, as a result of exceptional investor demand we are launching the FTSE- 100 Hindsight

More information

Morgonmötet 19 mars 2013

Morgonmötet 19 mars 2013 Trading Strategy Morgonmötet 19 mars 2013 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Nyheter Cypern: Svårt att finna stöd för avgift på konton

More information

CEWE Stiftung & Co. KGaA

CEWE Stiftung & Co. KGaA CEWE Stiftung & Co. KGaA Solid development - on track to reaching targets 12/05/2015 Hold 60.00 EUR Close (11/05/2015) 57.81 EUR Bloomberg: CWC WKN: 540390 Sector Share price performance Consumer 52 week

More information

Norges Bank Dilemma Too early to rule out monetary policy easing

Norges Bank Dilemma Too early to rule out monetary policy easing Investment Research General Market Conditions 11 August 2016 Norges Bank Dilemma Too early to rule out monetary policy easing Inflation has returned as a key factor for Norges Bank s rate setting which

More information

Introduction to the Nordic Non-Investment Grade Corporate Bond Market

Introduction to the Nordic Non-Investment Grade Corporate Bond Market Introduction to the Nordic Non-Investment Grade Corporate Bond Market Paul Gregory Head of Corporate Origination, Debt Capital Markets, Danske Bank 21 October 213 Credit Market Backdrop Still Attractive

More information

2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04

2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04 2018-04 SEK ING Sprinter Sverige ING Bank NV (NL) 20 Units Outperformance Bonus Certificates linked to OMX due 2018-04 Product Description This 5YR SEK Outperformance Bonus Certificate is linked to the

More information

Investment Research General Market Conditions 15 September 2015

Investment Research General Market Conditions 15 September 2015 Investment Research General Market Conditions 15 September 2015 Danske Daily Market Movers US retail sales is the main market mover today. We expect another solid increase in the core retail sales measure

More information

Trends and Technology A Capital Markets Perspective

Trends and Technology A Capital Markets Perspective EQUITY I RESEARCH Trends and Technology A Capital Markets Perspective RBC Capital Markets, LLC Jonathan Atkin (Analyst) (415) 633-8589 jonathan.atkin@rbccm.com January 2013 All values in U.S. dollars unless

More information

Bank of America Merrill Lynch Policies for Managing Conflicts of Interest in Connection with the Production of Research

Bank of America Merrill Lynch Policies for Managing Conflicts of Interest in Connection with the Production of Research Bank of America Merrill Lynch Policies for Managing Conflicts of Interest in Connection with the Production of Research 1 Introduction This document, which is made available in compliance with the requirements

More information

Palangana expansion fully permitted; Burke Hollow receives disposal well permit. Associate: Michael Wichterle, MBA,

Palangana expansion fully permitted; Burke Hollow receives disposal well permit. Associate: Michael Wichterle, MBA, Equity Research Price (C$) Volume (M) May 27, 2015 Research Update URANIUM ENERGY CORP. Palangana expansion fully permitted; Burke Hollow receives disposal well permit EVENT Uranium Energy Corp. announced

More information

For Required Non-U.S. Analyst and Conflicts Disclosures, please see page 8. Exhibit 1: Average 3mo/6mo/1yr returns following a federal election

For Required Non-U.S. Analyst and Conflicts Disclosures, please see page 8. Exhibit 1: Average 3mo/6mo/1yr returns following a federal election RBC Dominion Securities Inc. Javed Mirza, CFA, CMT (Analyst) (416) 842-8744 javed.mirza@rbccm.com October 19, 2015 Elections and Equity Markets A Canadian Perspective Summary The latest advance polls tracking

More information

Bond markets vote for global recovery

Bond markets vote for global recovery Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global

More information

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014

2014 FIRST QUARTER RESULTS CONFERENCE CALL. May 15th, 2014 2014 FIRST QUARTER RESULTS CONFERENCE CALL May 15th, 2014 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

How to land a relevant student job

How to land a relevant student job How to land a relevant student job DJØF Annemette Kokholm, Consultant ANK@djoef.dk Why are you here today? 15. september 2015 Klik og skriv titel på præsentation og evt. navn 2 Before we begin Who am I?

More information

INVESTMENT CASE FULLY INTACT

INVESTMENT CASE FULLY INTACT Leifheit AG Q2 results due out on 12/08/2015 07/08/2015 INVESTMENT CASE FULLY INTACT Buy 60.00 EUR Close (06/08/2015) 47.68 EUR Bloomberg: LEI WKN: 646450 Sector Share price performance Consumer 52 week

More information

Gjensidige Insurance Group

Gjensidige Insurance Group Gjensidige Insurance Group Helge Leiro Baastad, CEO 10 January 2012 Agenda I. Unique history II. Performance record III. Outlook 2 200 years of proactive transformation and reinvention 1816-1920 1922 1980s

More information

And we are BUYING a Stairway to Heaven

And we are BUYING a Stairway to Heaven And we are BUYING a Stairway to Heaven BRIDGE 4Q12 UPDATE Recommendation: BUY Target: NOK 18 (16) 01.03.2013 Analyst: Morten E Lindbæck, tel: +4723113068 This report was prepared by an analyst employed

More information

euromicron AG Corrections to financial statements Hold 14.00 EUR

euromicron AG Corrections to financial statements Hold 14.00 EUR euromicron AG Corrections to financial statements 24/03/2015 Hold 14.00 EUR Close (23/03/2015) Bloomberg: EUCA Sector Share price performance 14.15 EUR WKN: A1K030 Technology 52 week high 14.18 52 week

More information

Update following the publication of the Bank of England Stress Test. 16 December 2014

Update following the publication of the Bank of England Stress Test. 16 December 2014 Update following the publication of the Bank of England Stress Test 16 December 2014 Background Top 8 Banks Resilience Stress Tested by PRA following FPC recommendation in March 2013 Guidance for stress

More information

NewWave GBP Currency ETN

NewWave GBP Currency ETN Price Corporate and Investment Banking NewWave GBP Currency ETN Valuation Date 31 December 2015 NewWave Exchange Traded Notes (ETNs) constitute unconditional, unsecured and unsubordinated obligations of

More information

Collateral consistent derivatives pricing

Collateral consistent derivatives pricing Collateral consistent derivatives pricing FRIC Practitioner Seminar, CBS Martin D. Linderstrøm, marlin@danskebank.dk Counterparty Credit & Funding Risk Agenda The intuition behind collateral consistent

More information

CROWDFUNDING WHAT IS CROWDFUNDING?

CROWDFUNDING WHAT IS CROWDFUNDING? CROWDFUNDING PBI Business Lawyers Institute 5 November 2015 G. Philip Rutledge, Partner Bybel Rutledge LLP, Lemoyne, PA 17043 rutledge@bybelrutledge.com WHAT IS CROWDFUNDING? Much over used term to describe

More information

Trading Strategy 9 May, 2012

Trading Strategy 9 May, 2012 Trading Strategy 9 May, 2012 9 May, 2012 Morgonrapporten 9 maj 2012 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Nyheter: Grekland: Syriza söker regeringspartners och kräver att alla partier

More information

SFF Issuer Profile. Facts

SFF Issuer Profile. Facts Investment Research 5 June 2013 SFF Issuer Profile Svensk FastighetsFinansiering AB (SFF) is a finance company that is 100% owned by holding company Nyckel, which in turn (via different holding companies)

More information

FX Forecast Update 15 July 2015

FX Forecast Update 15 July 2015 FX Forecast Update 15 July 2015 Calm after the storm Thomas Harr Global Head of FICC Research Stefan Mellin Jens Nærvig Pedersen Kristoffer Lomholt Senior Analyst Senior Analyst Analyst Morten Helt Christin

More information

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class?

Commodities. Precious metals as an asset class. April 2011. What qualifies as an asset class? What makes commodities an asset class? Commodities Precious metals as an asset class April 2011 What qualifies as an asset class? Broadly speaking, an asset class is simply a grouping of assets that possess similar characteristics. Defining

More information

FX & MIFID ECB FX Contact Group

FX & MIFID ECB FX Contact Group FX & MIFID ECB FX Contact Group Richard Haynes Fixed Income Sales & Trading Compliance Department Citigroup 21 November 2007 FX & MIFID Introduction MiFID Overview What FX instruments are within scope

More information

INVESTOR CALL RESULTS OF THE FISCAL YEAR 2014/15

INVESTOR CALL RESULTS OF THE FISCAL YEAR 2014/15 INVESTOR CALL RESULTS OF THE FISCAL AR 2014/15 Mannheim, 13 May 2015 Oliver Windholz CEO Helmut Fischer CFO Disclaimer 2015 PHOENIX Pharmahandel GmbH & Co KG This document has been prepared by PHOENIX

More information

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold

Cinda International. Hold (Initiation) Target price: HK$1.55. Facing intense competition from Chinese brokers in HK; initiate at Hold Equity Research Financials Cinda (111 HK) Hold (Initiation) Target price: HK$1.55 Facing intense competition from Chinese brokers in HK; initiate at Hold China Cinda s international business platform Cinda

More information

Central Securities Depository Regulation

Central Securities Depository Regulation Central Securities Depository Regulation Alignment of T+2 Settlement Period Central Securities Depository Regulation Alignment of T+2 Settlement Period The European Commission has proposed new legislation

More information

Quant Picks United Breweries

Quant Picks United Breweries October 6, 2015 Quant Picks United Breweries Research Analyst Amit Gupta amit.gup@icicisecurities.com Raj Deepak Singh rajdeepak.singh@icicisecurities.com Azeem Ahmad azeem.ahmad@icicisecurities.com i

More information

Green Bonds presentation From Challenge to implementation. Christopher Flensborg January 2015

Green Bonds presentation From Challenge to implementation. Christopher Flensborg January 2015 Green Bonds presentation From Challenge to implementation Christopher Flensborg January 2015 Contents 1 The Why s When it comes to value creation 2 The considerations when integrating 3 Who are active

More information

F. van Lanschot Bankiers N.V. (incorporated in the Netherlands with its statutory seat in 's-hertogenbosch)

F. van Lanschot Bankiers N.V. (incorporated in the Netherlands with its statutory seat in 's-hertogenbosch) 20 December 2012 FIFTH SUPPLEMENT TO THE BASE PROSPECTUS IN RESPECT OF THE EURO 5,000,000,000 DEBT ISSUANCE PROGRAMME F. van Lanschot Bankiers N.V. (incorporated in the Netherlands with its statutory seat

More information

Casinos starting to ban phone betting

Casinos starting to ban phone betting Consumer Discretionary / Macau Macau Gaming Sector Positive Neutral (unchanged) Negative Casinos starting to ban phone betting Jamie Soo (852) 2773 8529 jamie.soo@hk.daiwacm.com Adrian Chan (852) 2848

More information

2015 FIRST HALF RESULTS CONFERENCE CALL. August 31st, 2015

2015 FIRST HALF RESULTS CONFERENCE CALL. August 31st, 2015 2015 FIRST HALF RESULTS CONFERENCE CALL August 31st, 2015 DISCLAIMER This presentation has been prepared by Eurotech S.p.A.(or Eurotech ) and has to be read in conjunction with its oral presentation. The

More information

Global Markets Research COMMONWEALTH PROGRAMS. BUSINESS AS USUAL SCENARIO (% of GDP) UNDERLYING BUDGET BALANCE (% of GDP)

Global Markets Research COMMONWEALTH PROGRAMS. BUSINESS AS USUAL SCENARIO (% of GDP) UNDERLYING BUDGET BALANCE (% of GDP) Global Markets Research COMMONWEALTH PROGRAMS 6. Average annual growth to 223/24 (pa) Source: National Commission of Audit 4. 2. NDIS Childcare & Paid Parental Leave Schools Hospitals Job Seeker Income

More information

Market Making for Exchange Traded Funds. Corporates & Markets

Market Making for Exchange Traded Funds. Corporates & Markets Market Making for Exchange Traded Funds Corporates & Markets Commerzbank your trusted partner in the ETF market Since the start of the new millennium, exchange traded funds (ETFs) have experienced phenomenal

More information

Geoff Miller CEO. GLI Finance. February 2014

Geoff Miller CEO. GLI Finance. February 2014 Geoff Miller CEO GLI Finance February 2014 1 Disclaimer IMPORTANT NOTICE These presentation materials (the "Presentation Materials") are being solely issued to and directed at persons who are qualified

More information

Time to reap synergies

Time to reap synergies Time to reap synergies Fondsfinans Research Sparebank 1 Østfold-Akershus - 4Q14 Update Recommendation: BUY Target NOK 180 16 February 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23

More information

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates

BDI BioEnergy Intern. 20.0 Neutral. Activity level in Q3 might not support FY estimates 8/11/1 8/1/11 8/3/11 8/5/11 8/7/11 8/9/11 8/11/11 8/1/12 8/3/12 8/5/12 8/7/12 8/9/12 MATELAN Research Preview Note Price as of 9/11/12: 8.69 12 November 212 Company / Sector Fair Value Recommendation BDI

More information

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK

In line performance. Results update 4Q2015. Banks UAE 28 January 2016 DUBAI ISLAMIC BANK 28 Jan 15 28 Apr 15 28 Jul 15 28 Oct 15 DUBAI ISLAMIC BANK In line performance Results update 4Q2015 Banks UAE 28 January 2016 Dubai Islamic Bank s (DIB) reported net profit of AED865mn, in-line with our

More information

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors

COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors COMMODITY STRUCTURED NOTES Introducing The World s Oldest Asset Class... For Today s Investors Who can benefit from Commodity Structured Notes? Corporate or commercial clients looking to hedge commodity

More information

Terms of Use & Privacy Policy

Terms of Use & Privacy Policy Terms of Use & Privacy Policy These terms and conditions apply to your access and use of the Registration website and the Live Streaming website to UOB Privilege Conversations Live Webcast(collectively

More information

Analysts and Investors conference call Q1 2014 results 15 May 2014

Analysts and Investors conference call Q1 2014 results 15 May 2014 Analysts and Investors conference call Q1 2014 results 15 May 2014 DISCLAIMER This presentation has been prepared by Air Berlin PLC. No representation, warranty or undertaking, express or implied, is made

More information

Market Making and Liquidity Provision in Modern Markets

Market Making and Liquidity Provision in Modern Markets Canada STA 2015 Market Making and Liquidity Provision in Modern Markets Phil Mackintosh 2 What am I going to talk about? Why are Modern Markets Important? Trading is now physics at the speed of light Jan

More information

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research

Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research Maximising income through bonds Elizabeth Moran Director of Education and Fixed Income Research What is your portfolio allocation? Do you have enough defensive assets? Key considerations Income, given

More information

T H E O P P O R T U N I T Y O N L I N E F A S H I O N I N E U R O P E

T H E O P P O R T U N I T Y O N L I N E F A S H I O N I N E U R O P E CAPITAL MARKETS DAY 2016 MARTIN ROST 22-03-2016 T H E O P P O R T U N I T Y O N L I N E F A S H I O N I N E U R O P E T O T A L O N L I N E F A S H I O N M A R K E T ~ 4 6 B N ~+1 0 % S H O P P I N G C

More information

Key Points IBDs, RIAs and Advisors Need to Know

Key Points IBDs, RIAs and Advisors Need to Know Review of the Department of Labor s (DOL) Final Definition of Fiduciary Key Points IBDs, RIAs and Advisors Need to Know Contents Three Key Points... 1 The Basic Framework of the Final Rule... 3 DOL s Final

More information

GlaxoSmithKline Consumer Healthcare

GlaxoSmithKline Consumer Healthcare Strong pricing power, Attractive valuations "BUY" February 09, 2016 Amnish Aggarwal amnishaggarwal@plindia.com +91 22 66322233 Gaurav Jogani gauravjogani@plindia.com +91 22 66322238 Rating BUY Price Rs5,837

More information

Morgonmötet 23 april 2013

Morgonmötet 23 april 2013 Trading Strategy Morgonmötet 23 april 2013 Martin Enlund, +46 (0)8-46 346 33, maen12@handelsbanken.se Nyheter Kinesisk PMI sämre än väntat Dr. Koppar hade rätt (Reuters) Föll till 50.5 från 51.6 i mars

More information

Daily Close Above 1.1116 Would Signal More Protracted Retracement Phase

Daily Close Above 1.1116 Would Signal More Protracted Retracement Phase 12 June 2009 USD/CAD on Verge of Bullish Trend Reversal Global FX Strategy George Davis, CMT Chief Technical Analyst RBC Dominion Securities Inc. +1 416 842 6633 george.davis@rbccm.com Daily Close Above

More information

Investment highlights Management provided safe 2013 guidance of 33,000 boe/d, which was substantially lower than our 41,000 boe/d expectation.

Investment highlights Management provided safe 2013 guidance of 33,000 boe/d, which was substantially lower than our 41,000 boe/d expectation. Flash Update 1 Coastal Energy Company CEN : TSX : C$20.49 Buy C$25.00 Target Christopher Brown 1.403.508.3858 cjbrown@canaccordgenuity.com Kimberly Thompson 1.403.508.3854 kthompson@canaccordgenuity.com

More information

Bright Smart (1428 HK)

Bright Smart (1428 HK) Equity Research Financials Bright Smart (1428 ) Hold (initiation) Target price: $1.70 Local broker with high ROE; initiate at Hold Local broker with expansion ambition Bright Smart is a securities, commodities

More information

Financial Services Guide

Financial Services Guide Financial Services Guide Financial product research reports and analysis distributed by Standard & Poor s Information Services (Australia) Pty Limited (S&P Capital IQ Australia) in Australia 3 September

More information

Gujarat State Petronet Ltd. INR 135

Gujarat State Petronet Ltd. INR 135 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 India Equity Institutional Research Oil & Gas RESULT UPDATE Gujarat State Petronet Ltd. INR 135 Growth in volumes to propel earnings Accumulate Gujarat

More information

Clime Capital Limited (CAM)

Clime Capital Limited (CAM) Clime Capital Limited (CAM) Listed Managed Investments September 2012 Quarterly Review WHO IS IIR? Independent Investment Research Pty Ltd, IIR is an independent investment research house in Australia.

More information

Strategy Chinese FX policy confusion

Strategy Chinese FX policy confusion Investment Research General Market Conditions 8 January 2016 Strategy Chinese FX policy confusion This year kicked off with global risk-off sentiment led by Chinese equities but also in Europe and the

More information

Presentation to Dockwise. 24 April 2012

Presentation to Dockwise. 24 April 2012 Presentation to Dockwise 24 April 2012 Disclaimer This presentation has been prepared by Fairstar Heavy Transport NV ( FHT or the company ). This presentation is for information purposes only. This presentation

More information

Gjensidige Insurance Group Q4 2008 and preliminary 2008

Gjensidige Insurance Group Q4 2008 and preliminary 2008 Gjensidige Insurance Group Q4 2008 and preliminary 2008 Disclaimer The information contained herein has been prepared by and is the sole responsibility of Gjensidige Forsikring BA ( the Company ). Such

More information

Interim report Second quarter 2015

Interim report Second quarter 2015 Interim report Second quarter 2015 Oslo, 20 August 2015 Presenters and agenda Agenda Hans-Petter Mellerud Founder and CEO Highlights for the quarter Financial performance Regional trends Nina Stemshaug

More information

S&P ESG Pan-Europe Developed Sovereign Bond Index. June 2015

S&P ESG Pan-Europe Developed Sovereign Bond Index. June 2015 S&P ESG Pan-Europe Developed Sovereign Bond Index June 2015 Content 1 Introduction 2 RobecoSAM Country Sustainability Ranking 3 S&P ESG pan-europe Developed Sovereign Bond Index 4 Conclusion 2 Introduction

More information

SK Networks (001740 KS)

SK Networks (001740 KS) Korea Research Earnings review Korea / Industrials 11 January 2013 HOLD Target price Last price (9 Jan 13) KRW9,000 KRW8,590 Upside/downside (%) 4.8 KOSPI 1997.94 Mkt. cap (KRWbn/US$bn) 2,132/2.0 52 week

More information

Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77

Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 New Environment for Refinancing in Russia Natalia Orlova, Chief Economist December 2004 Norlova@alfabank.ru +7 095 795 36 77 Excessive sterilization depressed liquidity Banking crisis stemmed from a decline

More information

There is 1 STOXX 600 companies with quarterly estimates expected to report Q3 2015 earnings during the week of December 10. 11/19 11/26 12/3 11/12

There is 1 STOXX 600 companies with quarterly estimates expected to report Q3 2015 earnings during the week of December 10. 11/19 11/26 12/3 11/12 PROPRIETARY RESEARCH EARNINGS AGGREGATES REPORTING ANALYST: Greg Harrison December 10, 2015 EUROPEAN AGGREGATE ESTIMATES AND REVISIONS Third quarter earnings are expected to decline 5.3% from Q3 2014.

More information

Macroeconomic Research Brazil External Sector

Macroeconomic Research Brazil External Sector Macroeconomic Research Brazil External Sector 22 September 2015 August Balance Of Payments Declining current account deficit but dwindling resources as well Bernardo Mota bernardo.mota@btgpactual.com +55

More information

When the going get tough...

When the going get tough... When the going get tough... Fondsfinans Research Sparebank 1 SR Bank 2Q15 Update Recommendation: BUY Target NOK 62 13 August 2015 Prepared by Analyst: Geir Kristiansen, Fondsfinans AS, tel: 23 11 30 11,

More information

- 2/5 - September 16, 2014. This page is intentionally left blank

- 2/5 - September 16, 2014. This page is intentionally left blank September 16, 2014 Information Analysis Evaluation Result Fair Value Analysts David Szabadvari, CIIA Dr. Roger Becker, CEFA +49 69 71 91 838-48, -46 david.szabadvari@bankm.de, roger.becker@bankm.de N.A.

More information

How To Make Money From A Fashion Brand

How To Make Money From A Fashion Brand ANNUAL GENERAL MEETING Z A L A N D O S E 2 J u n e 2015 T e m p o d r o m, B e r l i n 1 Zalando corporate video 2 WELCOME TO THE ANNUAL GENERAL MEETING 2015 T h e M a n a g e m e n t B o a r d w e l c

More information

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures

OptimizeRx OPRX. Buy. Platform Potential Continues to Grow $0.87 $4.00. Refer to the last two pages of this report for Disclosures Nov 14, 2014 Healthcare OptimizeRx Platform Potential Continues to Grow Other OTC OPRX Buy Rating Unchanged Current Price $0.87 Target Price $4.00 Market Capitalization 20.32M Shares Outstanding 23.36M

More information

Conference Call Q1-2015/2016

Conference Call Q1-2015/2016 Conference Call Q1-2015/2016 DIRK KALIEBE August 12, 2015 Highlights Q1-2015/2016 Strategic reorientation is taking effect Good order situation, improved backlog Strong revenue growth due to solid order

More information

Pohjola Non-Life Insurance Downgraded To 'A+' After Government Support Review Of Pohjola Bank; Outlook Remains Negative

Pohjola Non-Life Insurance Downgraded To 'A+' After Government Support Review Of Pohjola Bank; Outlook Remains Negative Research Update: Pohjola Non-Life Insurance Downgraded To 'A+' After Government Support Review Of Pohjola Bank; Outlook Remains Negative Primary Credit Analyst: Anna Glennmar, Stockholm (46) 8-440-5922;

More information

Full Year Report 2005. 26 January 2006

Full Year Report 2005. 26 January 2006 Full Year Report 2005 26 January 2006 Important Notice This Presentation has been produced by TradeDoubler AB (the Company ) and is furnished to you solely for your information. This document contains

More information

Morgonmötet 24 april 2015

Morgonmötet 24 april 2015 Trading Strategy Morgonmötet 24 april 2015 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Nyheter Grekland: PM Tsipras ser ljusning

More information

Floating Rate Note Issue Investor Presentation. March 2006

Floating Rate Note Issue Investor Presentation. March 2006 Floating Rate Note Issue Investor Presentation March 2006 Disclaimer Slide 2 This document is being furnished to you solely for your review and may not be reproduced or redistributed, in whole or in part,

More information

THE INTERNATIONAL PROPERTY SPECIALIST. Analyst Conference. 26 March 2007

THE INTERNATIONAL PROPERTY SPECIALIST. Analyst Conference. 26 March 2007 THE INTERNATIONAL PROPERTY SPECIALIST Analyst Conference 26 March 2007 Agenda Results and achievements 2006 6 step program 1. New business and portfolio diversification 2. Non performing loans 3. Group

More information

Morgonmötet 13 mars 2015

Morgonmötet 13 mars 2015 Trading Strategy Morgonmötet 13 mars 2015 Claes Måhlén, +46 (0)8-46 345 35, clma02@handelsbanken.se Pierre Carlsson, +46 (0)8-46 346 17, pica01@handelsbanken.se Nyheter Danmark: Trycket på DKK minskar

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