The Swedish economy continues to expand at a brisk pace according to recent data, with confidence increasing in many sectors. However, there are signs that the rate of expansion could slow, as confidence indicators level off and temporary factors like inventory build-up subside. Public finances are benefiting from the economic recovery and reforms, but fiscal policy will face challenges going forward as costs from demographics grow and subsidies are phased out. Exports and government revenues are growing, but inflation is rising and unemployment remains high, making economic policy tricky.
Indian stock markets gained for the seventh consecutive week, with the Sensex rising 3.04% and Nifty up 3.75%. Foreign institutional investors contributed to the rise by investing over Rs. 10,000 crore in Indian equities during the week. Several sectors such as auto, banks, capital goods and real estate saw gains over 6%. However, inflation declined to a 2-year low of 6.55% in January, giving the RBI scope to cut interest rates. Volatility is expected in the upcoming week due to F&O contract expiry and various economic data releases.
The penultimate week of the year 2011 brought some sigh of relief for the Indian benchmark indices as they finally managed to halt the declining streak of two previous weeks and amassed around one and half a percentage points in the period. Despite settling only twice in the green zone out the five sessions trading week,the key gauges negotiated a positive finish by the end. However, the broader markets failed to match the fervor with which their larger peers traded and underperformed them, suffering losses of around one and half a percent. The week was characterized by high amount of volatility as the frontline indices traded in a broad range and even tried hard to sail beyond the 15,900 (Sensex) and 4,750 (Nifty) levels but it seemed like the bears had the last say as they stalled the resurgence of the benchmarks and took profits off the table. Market participants also rejoiced as government released weekly inflation data which showed that India's food inflation plunged to a near four-year low to 1.81% for the week ended December 10 from 4.35% in the previous week.
The key points from the document are:
1) In the past week, Indian markets gained over 2% despite consolidating in the last 3 sessions, buoyed by hopes that major central banks will enact stimulus measures.
2) The BSE Sensex surged 2.13% for the week while the Nifty gained 2.27%.
3) The RBI maintained its status quo on interest rates, dashing hopes of a stimulus, but markets recovered and moved higher later in the week on global optimism.
The Indian equity markets had a strong week, with the key indices gaining around 2-3%. The markets recovered losses from the previous week and broke past psychological resistance levels. Sector performance was mixed, with banking, capital goods and metals performing well while FMCG declined slightly. Looking ahead, the market is awaiting major corporate earnings results and economic data. The trading range for the coming week is expected to be between 4500-4860 points.
China raised interest rates for the second time in 2021 to curb inflation pressures. The one-year deposit rate was increased to 3.25% and lending rate to 6.31%. This move was expected after China also recently raised bank reserve requirements. Inflation remains high in China, with consumer prices at 4.9% in February and producer prices accelerating. The interest rate hike aims to support a soft economic landing by slowing credit growth and cooling demand.
The Indian stock markets extended their gains for a sixth straight week as the benchmark indices rose over 1%. Foreign investors have poured $3.6 billion into Indian equities so far this year, outperforming many global markets. The markets gained on positive US jobs data but slipped on India's lower-than-expected GDP growth of 6.9% for fiscal year 2012. Hopes of further aid to Greece helped the markets recover. Key factors to watch this week include India's January inflation data and various major company earnings announcements. The outlook is for a range-bound market between 5,200-5,480 points.
The document discusses a conference call to review the company's fiscal 2006 third quarter financial results. It provides details on the company's net income, earnings per share, capital expenditures, and performance by business segment for the quarter. The company reported a net loss for the quarter, driven by unrealized mark-to-market losses in natural gas marketing and warmer than normal weather across many utility divisions.
The weekly market outlook document provides a snapshot of market performance for the week ending April 20th, 2012 and an outlook for the following week:
- Indian stock markets gained over 1.5% for the week, recovering slightly from losses the prior week, aided by the RBI's 50 basis point interest rate cut.
- The auto sector rallied the most, up nearly 6%, while oil & gas declined the most.
- In the coming week, markets will watch the April F&O contracts expiration on the 26th as well as Reliance Industries' earnings. Global economic data from the US will also be monitored.
- Technical indicators show some sectors like auto, metal and healthcare have positive
Indian stock markets gained for the seventh consecutive week, with the Sensex rising 3.04% and Nifty up 3.75%. Foreign institutional investors contributed to the rise by investing over Rs. 10,000 crore in Indian equities during the week. Several sectors such as auto, banks, capital goods and real estate saw gains over 6%. However, inflation declined to a 2-year low of 6.55% in January, giving the RBI scope to cut interest rates. Volatility is expected in the upcoming week due to F&O contract expiry and various economic data releases.
The penultimate week of the year 2011 brought some sigh of relief for the Indian benchmark indices as they finally managed to halt the declining streak of two previous weeks and amassed around one and half a percentage points in the period. Despite settling only twice in the green zone out the five sessions trading week,the key gauges negotiated a positive finish by the end. However, the broader markets failed to match the fervor with which their larger peers traded and underperformed them, suffering losses of around one and half a percent. The week was characterized by high amount of volatility as the frontline indices traded in a broad range and even tried hard to sail beyond the 15,900 (Sensex) and 4,750 (Nifty) levels but it seemed like the bears had the last say as they stalled the resurgence of the benchmarks and took profits off the table. Market participants also rejoiced as government released weekly inflation data which showed that India's food inflation plunged to a near four-year low to 1.81% for the week ended December 10 from 4.35% in the previous week.
The key points from the document are:
1) In the past week, Indian markets gained over 2% despite consolidating in the last 3 sessions, buoyed by hopes that major central banks will enact stimulus measures.
2) The BSE Sensex surged 2.13% for the week while the Nifty gained 2.27%.
3) The RBI maintained its status quo on interest rates, dashing hopes of a stimulus, but markets recovered and moved higher later in the week on global optimism.
The Indian equity markets had a strong week, with the key indices gaining around 2-3%. The markets recovered losses from the previous week and broke past psychological resistance levels. Sector performance was mixed, with banking, capital goods and metals performing well while FMCG declined slightly. Looking ahead, the market is awaiting major corporate earnings results and economic data. The trading range for the coming week is expected to be between 4500-4860 points.
China raised interest rates for the second time in 2021 to curb inflation pressures. The one-year deposit rate was increased to 3.25% and lending rate to 6.31%. This move was expected after China also recently raised bank reserve requirements. Inflation remains high in China, with consumer prices at 4.9% in February and producer prices accelerating. The interest rate hike aims to support a soft economic landing by slowing credit growth and cooling demand.
The Indian stock markets extended their gains for a sixth straight week as the benchmark indices rose over 1%. Foreign investors have poured $3.6 billion into Indian equities so far this year, outperforming many global markets. The markets gained on positive US jobs data but slipped on India's lower-than-expected GDP growth of 6.9% for fiscal year 2012. Hopes of further aid to Greece helped the markets recover. Key factors to watch this week include India's January inflation data and various major company earnings announcements. The outlook is for a range-bound market between 5,200-5,480 points.
The document discusses a conference call to review the company's fiscal 2006 third quarter financial results. It provides details on the company's net income, earnings per share, capital expenditures, and performance by business segment for the quarter. The company reported a net loss for the quarter, driven by unrealized mark-to-market losses in natural gas marketing and warmer than normal weather across many utility divisions.
The weekly market outlook document provides a snapshot of market performance for the week ending April 20th, 2012 and an outlook for the following week:
- Indian stock markets gained over 1.5% for the week, recovering slightly from losses the prior week, aided by the RBI's 50 basis point interest rate cut.
- The auto sector rallied the most, up nearly 6%, while oil & gas declined the most.
- In the coming week, markets will watch the April F&O contracts expiration on the 26th as well as Reliance Industries' earnings. Global economic data from the US will also be monitored.
- Technical indicators show some sectors like auto, metal and healthcare have positive
K bank fx & rates strategies views on thailand’s bond market in q3KBank Fx Dealing Room
- The document summarizes views on Thailand's bond market in Q3, expecting about THB100 billion in government bond issuance, excluding THB40 billion in inflation-linked bonds. Fiscal conditions remain strong with revenue exceeding forecasts.
- It discusses details of the bond issuance schedule, and notes the introduction of Thailand's first inflation-linked bonds in July. Savings bonds will be issued in September.
- Monetary Policy Committee minutes reaffirmed inflation as a near-term concern over slowing global growth, though risks remain including energy prices and interest rate normalization. The policy rate forecast of 3.50% by year-end remains intact.
The Indian stock markets continued their upward momentum in the past week, with the Sensex gaining 2.96% to close at 17,234 and the Nifty gaining 3.09% to close at 5,205. Key highlights of the week were the RBI's monetary policy decision to keep interest rates unchanged but cut CRR, and overall bullish sentiment continuing to drive the markets higher. In the coming week, investors will watch out for recommendations on sugar sector deregulation and quarterly earnings results from various companies.
The Bank of Thailand held its policy rate unchanged at 3.50% due to the impacts of flooding in Thailand and global economic uncertainties. While inflation remains a concern, reconstruction efforts are expected to boost domestic demand and the flooding will negatively impact production capabilities and consumer spending. One MPC member voted for a rate cut but the committee decided to keep the rate on hold until at least the end of 2012 given weak global economic growth prospects.
Enel reported its financial results for the first quarter of 2012. Revenues increased 8.5% to €21.2 billion compared to the first quarter of 2011, while EBITDA declined slightly by 2.2% to €4.3 billion due to lower generation margins in Italy and Spain. Net income was also down slightly at €1.2 billion. Electricity demand was lower than budgeted in Italy and Spain but higher than expected in Russia and Latin America. Overall, the results showed stable financial performance despite challenging market conditions in southern Europe.
Economic indicators - Economic Monthly Overvies November 2012SappiHouston
The document summarizes recent economic indicators from Europe, the US, Japan, and Germany. It reports that GDP growth forecasts for the EU and Japan were revised downward for 2012 and 2013, while forecasts improved slightly for the US. The German economy remains resilient despite the euro crisis, while the outlook for the EU deteriorates. Unemployment in the EU continues to edge higher.
The document provides housing market statistics for the Greater Toronto Area in February 2012. Some key points:
- Housing sales were up 16% and new listings up 11% compared to February 2011. The average selling price rose 11% to $502,508.
- Detached home sales rose 12% with the average price up 13% to $818,815. Condo apartment sales rose 7% with the average price up 4% to $371,334.
- The market remains tight with slightly more than two months of inventory on average. Strong price growth is expected to continue until more listings enter the market.
1) The US growth outlook has brightened, with GDP growth now expected to be 2.7% in 2011 and 3.6% in 2012, above consensus estimates.
2) Unemployment is expected to gradually decline to around 8.5% by the end of 2012.
3) Core inflation is expected to remain low at around 1.5% through 2012 due to economic slack.
This document provides an overview of Sweden's strong economy and SEB Bank. Sweden has a AAA credit rating, low unemployment, and a large budget surplus. SEB is one of the strongest banks in Northern Europe with over 5 million customers globally. It has a diversified income mix and strong capital ratios. SEB issues covered bonds using high quality residential mortgage collateral in Sweden and Germany to access stable long-term funding.
Taiwan's economic situation and outlook , june 2012tuagu79
The document summarizes Taiwan's economic situation and outlook in June 2012. It finds that Taiwan's real GDP grew at an annualized rate of just 0.39% in Q1 2012 due to contracting exports and weak domestic demand. While the global economy is expected to modestly grow in 2012, Taiwan's export and GDP growth will likely be muted at around 3% due to uncertainties from Europe and China. Taiwan ran a trade surplus in April 2012 as exports declined 6.4% and imports rose 2.1% year-on-year. China remains Taiwan's largest export market while Japan is still its biggest import source.
The weekly market outlook document provided a summary of market performance for the week ending June 22, 2012. Some key points:
- Indian stock markets ended the week flat after gaining over 6% in the previous two weeks. Frontline indices saw marginal gains but extended their gaining streak to three weeks.
- Sentiment was dampened after the RBI maintained interest rates, defying expectations of a cut. Inflation also rose slightly to 10.36% in May.
- Technical support and resistance levels were provided for 30 Sensex stocks and 50 Nifty Midcap stocks to gauge the market outlook and inclination for the upcoming week.
Mārtiņš Bitāns. Lessons from the Latvian austerity programEesti Pank
The document examines Latvia's fiscal austerity program following the 2008 financial crisis which saw large cuts to government spending and wages that helped reduce high budget deficits and current account imbalances. Through internal devaluation, fiscal austerity restored Latvia's competitiveness and export-led growth, avoiding a deep and prolonged recession despite an initial sharp GDP decline. The success of Latvia's fiscal austerity program demonstrates that expansionary fiscal contraction can work under certain economic conditions.
Economic indicators December 2012 - part 1SappiHouston
The document summarizes recent economic indicators from Europe, the US, Japan, and Germany. It reports that the GDP growth forecast for Europe in 2013 decreased slightly to 0.1%, while forecasts improved for the US and Japan. The German business climate index rose in December as companies were less pessimistic about the future despite viewing their current situation as somewhat worse. Unemployment in the EU remained high at 10.7% in January 2013.
Expeditors International of Washington, 2nd06qerfinance39
- Expeditors International announced a 53% increase in net earnings for Q2 2006 compared to Q2 2005, rising to $56.3 million from $36.7 million.
- Total revenues increased 22% to $1.13 billion for Q2 2006, while operating income rose 51% to $88.8 million.
- For the first six months of 2006, net earnings increased 60% to $108.7 million and operating income rose 60% to $174.2 million, on total revenue growth of 23% compared to the same period in 2005.
The RBI increased key rates by 25 basis points each, which was in line with expectations. Indian stock markets gained slightly for the week despite sessions of high volatility. The BSE Bankex index outperformed others, rising 4.9% led by gains in SBI and Axis Bank. Axis Bank reported strong profit growth ahead of estimates driven by lower loan loss provisions.
The Ministry of Finance plans to issue a total of 103.5 billion baht in government bonds in the third quarter of fiscal year 2011, which is close to the initial estimate. Key differences include the planned issuance of 30-40 billion baht in inflation-linked bonds. Demand for government bonds is expected to remain high due to high liquidity among savers, though foreign investor inflows into the bond market have slowed in recent months.
The document provides a weekly market review for the period ending September 9, 2010. It notes that the BSE Sensex and Nifty indices hit 31-month highs and gained over 3% and 2.9% respectively for the week. The metal sector index gained the most at 5.1% led by Tata Steel rising 9.7%. Foreign institutional investors were net buyers during the week. It also provides updates on mutual fund activity and global market performance. The article re-initiates coverage on Phillips Carbon Black with a buy rating and target price of Rs 270, noting it is well positioned to benefit from rising tyre demand. It also provides an event update on the favorable verdict for Sun Pharma in its T
Thompson Creek Metals provided an update on its Mt. Milligan copper-gold project in British Columbia. Construction is 54% complete overall and 72% of engineering, procurement and construction management is finished. Key milestones have been achieved, including water storage and concrete foundations. Assembly of grinding equipment is underway and the on-site power system is operational. The project remains on schedule for start-up in Q3 2013 and commercial production in Q4 2013. Thompson Creek has taken steps to de-risk the project through extensive engineering, procurement commitments, and use of lump-sum contracts.
The document discusses rising inflation in Latvia in January 2011, which was largely due to tax increases. It may continue rising in July if additional tax hikes are implemented. Inflation is hitting poorer households hardest as it is increasing prices for necessities like food, housing, and transportation. The government faces a challenge of curbing inflation through measures like improving competition and supporting job creation, while also reducing the budget deficit to meet EU criteria for adopting the euro in 2014. Global commodity price increases and further planned tax rises could push average inflation for 2011 higher than current forecasts of 3%.
Purchasing Managers´Index Report, August 2011Swedbank
The Purchasing Managers' Index (PMI) dropped to 48.7 in August 2011, falling out of the growth zone for the first time since May 2009 and indicating a slowdown in Sweden's industrial economy. Three of the PMI's five component indices also fell out of the growth zone, with new orders, production, and delivery times declining. Additionally, the index for supplier commodity prices dropped to its lowest level since summer 2009, reflecting weaker global commodity prices and economic cooling. Overall, the data suggests Sweden's industrial recovery has stalled as the economy slows.
K bank fx & rates strategies views on thailand’s bond market in q3KBank Fx Dealing Room
- The document summarizes views on Thailand's bond market in Q3, expecting about THB100 billion in government bond issuance, excluding THB40 billion in inflation-linked bonds. Fiscal conditions remain strong with revenue exceeding forecasts.
- It discusses details of the bond issuance schedule, and notes the introduction of Thailand's first inflation-linked bonds in July. Savings bonds will be issued in September.
- Monetary Policy Committee minutes reaffirmed inflation as a near-term concern over slowing global growth, though risks remain including energy prices and interest rate normalization. The policy rate forecast of 3.50% by year-end remains intact.
The Indian stock markets continued their upward momentum in the past week, with the Sensex gaining 2.96% to close at 17,234 and the Nifty gaining 3.09% to close at 5,205. Key highlights of the week were the RBI's monetary policy decision to keep interest rates unchanged but cut CRR, and overall bullish sentiment continuing to drive the markets higher. In the coming week, investors will watch out for recommendations on sugar sector deregulation and quarterly earnings results from various companies.
The Bank of Thailand held its policy rate unchanged at 3.50% due to the impacts of flooding in Thailand and global economic uncertainties. While inflation remains a concern, reconstruction efforts are expected to boost domestic demand and the flooding will negatively impact production capabilities and consumer spending. One MPC member voted for a rate cut but the committee decided to keep the rate on hold until at least the end of 2012 given weak global economic growth prospects.
Enel reported its financial results for the first quarter of 2012. Revenues increased 8.5% to €21.2 billion compared to the first quarter of 2011, while EBITDA declined slightly by 2.2% to €4.3 billion due to lower generation margins in Italy and Spain. Net income was also down slightly at €1.2 billion. Electricity demand was lower than budgeted in Italy and Spain but higher than expected in Russia and Latin America. Overall, the results showed stable financial performance despite challenging market conditions in southern Europe.
Economic indicators - Economic Monthly Overvies November 2012SappiHouston
The document summarizes recent economic indicators from Europe, the US, Japan, and Germany. It reports that GDP growth forecasts for the EU and Japan were revised downward for 2012 and 2013, while forecasts improved slightly for the US. The German economy remains resilient despite the euro crisis, while the outlook for the EU deteriorates. Unemployment in the EU continues to edge higher.
The document provides housing market statistics for the Greater Toronto Area in February 2012. Some key points:
- Housing sales were up 16% and new listings up 11% compared to February 2011. The average selling price rose 11% to $502,508.
- Detached home sales rose 12% with the average price up 13% to $818,815. Condo apartment sales rose 7% with the average price up 4% to $371,334.
- The market remains tight with slightly more than two months of inventory on average. Strong price growth is expected to continue until more listings enter the market.
1) The US growth outlook has brightened, with GDP growth now expected to be 2.7% in 2011 and 3.6% in 2012, above consensus estimates.
2) Unemployment is expected to gradually decline to around 8.5% by the end of 2012.
3) Core inflation is expected to remain low at around 1.5% through 2012 due to economic slack.
This document provides an overview of Sweden's strong economy and SEB Bank. Sweden has a AAA credit rating, low unemployment, and a large budget surplus. SEB is one of the strongest banks in Northern Europe with over 5 million customers globally. It has a diversified income mix and strong capital ratios. SEB issues covered bonds using high quality residential mortgage collateral in Sweden and Germany to access stable long-term funding.
Taiwan's economic situation and outlook , june 2012tuagu79
The document summarizes Taiwan's economic situation and outlook in June 2012. It finds that Taiwan's real GDP grew at an annualized rate of just 0.39% in Q1 2012 due to contracting exports and weak domestic demand. While the global economy is expected to modestly grow in 2012, Taiwan's export and GDP growth will likely be muted at around 3% due to uncertainties from Europe and China. Taiwan ran a trade surplus in April 2012 as exports declined 6.4% and imports rose 2.1% year-on-year. China remains Taiwan's largest export market while Japan is still its biggest import source.
The weekly market outlook document provided a summary of market performance for the week ending June 22, 2012. Some key points:
- Indian stock markets ended the week flat after gaining over 6% in the previous two weeks. Frontline indices saw marginal gains but extended their gaining streak to three weeks.
- Sentiment was dampened after the RBI maintained interest rates, defying expectations of a cut. Inflation also rose slightly to 10.36% in May.
- Technical support and resistance levels were provided for 30 Sensex stocks and 50 Nifty Midcap stocks to gauge the market outlook and inclination for the upcoming week.
Mārtiņš Bitāns. Lessons from the Latvian austerity programEesti Pank
The document examines Latvia's fiscal austerity program following the 2008 financial crisis which saw large cuts to government spending and wages that helped reduce high budget deficits and current account imbalances. Through internal devaluation, fiscal austerity restored Latvia's competitiveness and export-led growth, avoiding a deep and prolonged recession despite an initial sharp GDP decline. The success of Latvia's fiscal austerity program demonstrates that expansionary fiscal contraction can work under certain economic conditions.
Economic indicators December 2012 - part 1SappiHouston
The document summarizes recent economic indicators from Europe, the US, Japan, and Germany. It reports that the GDP growth forecast for Europe in 2013 decreased slightly to 0.1%, while forecasts improved for the US and Japan. The German business climate index rose in December as companies were less pessimistic about the future despite viewing their current situation as somewhat worse. Unemployment in the EU remained high at 10.7% in January 2013.
Expeditors International of Washington, 2nd06qerfinance39
- Expeditors International announced a 53% increase in net earnings for Q2 2006 compared to Q2 2005, rising to $56.3 million from $36.7 million.
- Total revenues increased 22% to $1.13 billion for Q2 2006, while operating income rose 51% to $88.8 million.
- For the first six months of 2006, net earnings increased 60% to $108.7 million and operating income rose 60% to $174.2 million, on total revenue growth of 23% compared to the same period in 2005.
The RBI increased key rates by 25 basis points each, which was in line with expectations. Indian stock markets gained slightly for the week despite sessions of high volatility. The BSE Bankex index outperformed others, rising 4.9% led by gains in SBI and Axis Bank. Axis Bank reported strong profit growth ahead of estimates driven by lower loan loss provisions.
The Ministry of Finance plans to issue a total of 103.5 billion baht in government bonds in the third quarter of fiscal year 2011, which is close to the initial estimate. Key differences include the planned issuance of 30-40 billion baht in inflation-linked bonds. Demand for government bonds is expected to remain high due to high liquidity among savers, though foreign investor inflows into the bond market have slowed in recent months.
The document provides a weekly market review for the period ending September 9, 2010. It notes that the BSE Sensex and Nifty indices hit 31-month highs and gained over 3% and 2.9% respectively for the week. The metal sector index gained the most at 5.1% led by Tata Steel rising 9.7%. Foreign institutional investors were net buyers during the week. It also provides updates on mutual fund activity and global market performance. The article re-initiates coverage on Phillips Carbon Black with a buy rating and target price of Rs 270, noting it is well positioned to benefit from rising tyre demand. It also provides an event update on the favorable verdict for Sun Pharma in its T
Thompson Creek Metals provided an update on its Mt. Milligan copper-gold project in British Columbia. Construction is 54% complete overall and 72% of engineering, procurement and construction management is finished. Key milestones have been achieved, including water storage and concrete foundations. Assembly of grinding equipment is underway and the on-site power system is operational. The project remains on schedule for start-up in Q3 2013 and commercial production in Q4 2013. Thompson Creek has taken steps to de-risk the project through extensive engineering, procurement commitments, and use of lump-sum contracts.
The document discusses rising inflation in Latvia in January 2011, which was largely due to tax increases. It may continue rising in July if additional tax hikes are implemented. Inflation is hitting poorer households hardest as it is increasing prices for necessities like food, housing, and transportation. The government faces a challenge of curbing inflation through measures like improving competition and supporting job creation, while also reducing the budget deficit to meet EU criteria for adopting the euro in 2014. Global commodity price increases and further planned tax rises could push average inflation for 2011 higher than current forecasts of 3%.
Purchasing Managers´Index Report, August 2011Swedbank
The Purchasing Managers' Index (PMI) dropped to 48.7 in August 2011, falling out of the growth zone for the first time since May 2009 and indicating a slowdown in Sweden's industrial economy. Three of the PMI's five component indices also fell out of the growth zone, with new orders, production, and delivery times declining. Additionally, the index for supplier commodity prices dropped to its lowest level since summer 2009, reflecting weaker global commodity prices and economic cooling. Overall, the data suggests Sweden's industrial recovery has stalled as the economy slows.
The document outlines a bank's strategy and financial targets for steering its business, including a 15% return on equity, a dividend policy targeting 50% payout ratio, and maintaining a core Tier 1 capital ratio above 13% until 2013 and above 10% long-term. It also discusses improving operational efficiency, measuring actual funding costs, and internal business steering focused on returns, efficiency, balance sheet, risk, and franchise.
The Swedish Economy No.7 - October 25, 2011 Swedbank
The Swedish economy is slowing due to concerns over the European debt crisis and weaker growth in the US. The document makes three key points:
1) Sweden's economic growth forecast for 2011 has been revised downward from 4.3% to 3.9% due to slowing export demand from Europe and the US.
2) Confidence indicators among Swedish households and businesses have dropped sharply in recent months, and consumption and investment are expected to grow more slowly.
3) Swedish exports began declining in the second quarter, industrial production and order bookings have slowed significantly, and many companies plan to cut back on production and hiring in light of weakening global economic conditions.
The document summarizes the state of the global economy in January 2011. It finds that while the global recovery continues, growth prospects have dimmed slightly from 2010's strong rebound. Rising commodity prices and inflation are creating risks. Inflation is a growing threat, forcing companies to cut costs and limiting job and economic growth. Emerging economies continue to power the recovery, while developed nations struggle with debt and budget consolidation.
The Swedish Economy No.8 - November 30, 2011 Swedbank
The Swedish economy experienced strong GDP growth in the third quarter but indicators show weakening underlying growth dynamics. Exports continue to grow but are reliant on slowing global demand while domestic demand is cautious. The labor market is cooling with rising unemployment and layoffs as collective bargaining negotiations face challenges of weak wage growth and a slowing economy. Overall the Swedish economy remains stable for now but faces risks from a weakening global economy and declining confidence.
Barclays Global Financial Services Conference, Fredrik Rystedt Nordea, New Yo...Nordea Bank
- GDP growth in the Nordic region is expected to be solid in 2010, with all Nordic countries seeing positive growth rates and modest inflation. Public finances also remain relatively strong.
- Nordea saw continued strong customer business in the second quarter of 2010, with increases in both corporate and household segment income, lending volumes, and the number of gold customers.
- Net interest income was down slightly due to the low interest rate environment, but customer operations trends remained solid with lending and deposit volumes up. Net fee and commission income increased due to higher corporate advice and strong performance in savings.
The document summarizes a webinar about advertising dollars in local media. It discusses trends showing ad spending shifting from traditional to digital media between 2010-2015. Charts show GDP and unemployment forecasts and the steady shift toward online/digital revenues, with traditional media declining about 1% annually and digital growing over 13% annually. Currently, traditional media dominates the local ad market, such as newspapers, radio, and television.
Global growth prospects have dimmed and risks have escalated. The euro area crisis has entered a new perilous phase, with the euro area economy expected to enter recession in 2012. Growth is also slowing in emerging markets due to weaker external demand. Immediate policy priorities are restoring confidence in the euro area, sustaining growth while implementing fiscal adjustments, and providing liquidity. Other advanced economies must address fiscal imbalances and repair financial systems while sustaining recoveries. Emerging markets need to respond to moderating domestic growth and slowing external demand from advanced economies. Global growth is projected to slow to 3.3% in 2012, a downward revision of 0.7 percentage points from previous forecasts.
The document discusses how the fiscal crisis has acted as a catalyst for reforms in three areas:
1) Structural reforms based on the OECD's Going for Growth study, showing increased responsiveness since the crisis.
2) Reforms to budget institutions like fiscal rules, expenditure frameworks, and independent fiscal institutions like parliamentary budget offices.
3) The limitations of accrual accounting for long-term fiscal sustainability analysis, where cash-based analysis is more appropriate.
The Swedish Economy, No. 3, 31 March 2011 Swedbank
The Swedish economy continued strong growth early in 2011, but confidence indicators showed a slight decline, particularly among households. Households face rising prices and interest rates, which has slowed retail sales and lending growth. While labor markets remain robust, higher costs are expected to cause households to tighten budgets, which could weaken household consumption and overall economic growth in the short term. However, confidence indicators remain at high levels overall, suggesting the economy will continue expanding, just at a slower pace than late 2010.
The Swedish Economy No.2 - March 29, 2012 Swedbank
The Swedish economy contracted significantly in the fourth quarter of 2011 due to declining external demand, but signs of improvement emerged in early 2012. While GDP growth for 2010 was revised upward, growth in 2011 was weaker than previously reported. Lower productivity growth and household savings than estimated earlier pose challenges for economic analysis and policymaking.
China's GDP growth slowed to 7.6% in Q2 2012, the slowest rate in three years, but was still in line with government targets. While exports were impacted by the weak global economy, other data like new bank loans and investment increased in June and suggest better prospects in the second half of the year. The government will take additional measures like interest rate cuts and increasing public investment to ensure GDP growth reaches the forecasted rate of 8% for 2012.
The document provides an economic outlook for Brazil in 2012. Under a basic scenario where the Eurozone crisis does not worsen, Brazil is expected to see moderate GDP growth of 3.0-3.5% driven by monetary easing, resuming public investments, and expanding credit. Inflation is projected to remain above 5% due to accelerating economic activity and rigid services inflation. Interest rates may stabilize at around 10.5% as inflation picks up in 2013. The current account balance will likely be lower while the Real maintains support around 1.80 to the dollar. Faster public spending could lower the primary budget result to around 2.8% of GDP.
The handout that I prepared for my Weekly Investment Meetings (WIM). I did all of this except the advisory parts, which were implementing recommendations that I had made. The US equity part was done over two weeks earlier in the month.
Pakistan's economy faces challenges from recent floods and inflation. Growth was only 2.4% in FY2011 due to energy shortages and security issues. The services sector contributed most to growth while manufacturing declined. Investment has fallen significantly as a percentage of GDP in recent years. The fiscal deficit widened to 6.3% of GDP in FY2010 due to higher spending and weaker revenues. Inflation averaged 14.1% in FY2011 while the current account deficit improved due to higher exports and remittances. Foreign direct investment continues to decline.
Conco Phillips- Presentations & Conference Calls Howard Weil Annual Energy Co...Manya Mohan
This document provides an overview of ConocoPhillips' annual energy conference in March 2009. It summarizes the major changes in the global economic and energy environment over the past year, including a recession, declining commodity prices, and reduced energy demand. The document outlines how ConocoPhillips has adjusted its operating plans and cost structure in response. It reaffirms the company's long-term strategic objectives and provides details on its exploration and production and refining activities and investments over the past decade.
GT Industry Intelligence Unit - Retail 2012 AustraliaGrant Thornton
The retail industry in Australia saw increases in sales in May and June 2012, with sales rising 0.8% in May and 1.0% in June, the highest increase in over two years. However, analysts are only forecasting flat growth over the next 12 months given ongoing economic uncertainties from issues like the carbon tax and European debt crisis. Several large retail chains also announced store closure programs. The results show the retail market remains cautious but any acquisitions could provide opportunities for growth. Customer service and experience will be key for retailers to succeed in this environment.
The document discusses the external economic drivers that will influence Florida's economy from 2011-2012, noting that the national and global economies will see below potential growth during this period. Key factors that will impact Florida include slow household balance sheet repair, constrained government spending, and monetary policies aimed at supporting the recovery. Overall the outlook is for a slow but continuing economic recovery in Florida through 2012, with risks including federal spending cuts, inflation, and weakness in local economies dependent on population growth.
The document summarizes the bank's 3Q10 results presentation on its credit operations in Brazil. It discusses the following key points:
1) Total credit volume grew 14% year-over-year to R$1.61 trillion in 3Q10, with individual credit supported by payroll lending and real estate financing. Corporate credit saw growth in non-earmarked resources.
2) Default rates showed a steady decline for individuals to 4.7% and a small retreat for corporates to 3.5% in September 2010.
3) The bank's loan portfolio totaled R$1.42 billion in local currency loans, which maintained an 80% share. Trade finance grew 35.2%
FINCOR Weekly Market Perspectives (21 JAN 2013)João Pinto
The document summarizes key economic news and data from the past week. It reports that US retail sales rose more than expected in December despite fiscal cliff concerns. Industrial production also increased while inflation remained muted. Consumer confidence fell to a one-year low. Bank lending continues to expand. The Beige Book pointed to subdued but positive growth across the US. Brazil kept interest rates unchanged.
The document summarizes market performance in the second quarter of 2011, noting declines across most major indices except the Dow Jones Industrial Average. It also discusses economic news including the debt ceiling debate in the US and ongoing issues in Europe over Greece's debt. The article then provides an overview of retirement planning strategies, highlighting the potential benefits of a Cash Balance Plan for business owners.
Swedbank corporate presentation April 25 2017Swedbank
This document provides an overview of Swedbank, a bank operating in Sweden, Estonia, Latvia, and Lithuania. It details that Swedbank has over 16 million inhabitants, 7.3 million private customers, and 651,000 corporate customers across its four home markets. Key figures on branches, employees and lending are also provided for each country. The document discusses Swedbank's history, vision, values, purpose and engagement in society. It outlines challenges from new customer needs, competitors, regulations and economic developments, and how Swedbank is adapting. Services provided to private and corporate customers are also summarized.
The interim report summarizes Swedbank's financial results for the first quarter of 2017. Net interest income and lending volumes increased compared to the previous quarter, while net commission income decreased due to seasonal effects. Overall profits increased 25% compared to the first year, strengthened by a capital gain from the sale of Hemnet. Credit quality remained strong across all business segments, though additional provisions were made for oil-related sectors. The report provides an overview of each business segment and notes that economic indicators have strengthened in Sweden and the Baltic countries in recent months.
Swedbank reported its year-end results for 2016. In Q4 2016, net interest income increased 3% compared to Q3 2016 supported by increased lending volumes. Net commission income benefited from positive stock market development. Higher volumes of covered bond repurchases weighed down Treasury's result. Costs were in line with expectations and credit quality remained solid despite increased provisions in oil related sectors. For the full year 2016, total income increased 11% while total expenses increased only 1%, leading to an 18% rise in operating profit. Return on equity was 15.8% and the proposed dividend per share was SEK 13.20, up from SEK 10.70 the previous year.
Swedbank corporate presentation, February 2 2017Swedbank
Swedbank is a major banking group in Sweden, Estonia, Latvia, and Lithuania, serving over 16 million inhabitants and 7.3 million private customers. It has 389 branches and over 13,700 employees across its four home markets. The document provides an overview of Swedbank's operations and presence in each of its home markets, its financial figures, strategic focus areas, engagement in society, and the services it provides to both private and corporate customers.
Swedbank Corporate Presentation, October 25 2016Swedbank
Swedbank is a major bank operating in Sweden, Estonia, Latvia, and Lithuania with over 14,000 employees. It has a presence in several other Nordic and Baltic countries as well as in China, South Africa, Luxembourg, and the US. The bank provides a variety of financial services to over 7 million private customers and 640,000 corporate customers. Swedbank is adapting to changes in customer needs, regulations, competitors and the macroeconomic environment to remain a strong, relevant bank.
Swedbank Corporate Presentation, June 30 2016Swedbank
Swedbank is a Swedish bank that provides banking services to individuals and businesses. It has over 2.4 trillion SEK in total assets and 7.3 billion SEK in operating profits. It operates primarily in Sweden, Estonia, Latvia, and Lithuania, serving over 4 million private customers and over 500,000 corporate customers. Swedbank aims to be accessible to customers through its branches, phone, and digital channels and to promote financial well-being for households and enterprises.
Swedbank is a bank based in Sweden with operations also in Estonia, Latvia, Lithuania and other markets. As of March 31, 2016 it had total assets of SEK 2,404 billion and an operating profit of SEK 5,275 million. It aims to promote sound financial situations for households and enterprises through offering banking services such as savings, loans, investments and insurance. The presentation provides an overview of Swedbank's home markets, history, values of being simple, open and caring, and private and corporate banking services.
The presentation outlines Swedbank's purpose, history, values, products and services for private and corporate customers, and emphasizes its commitment to being accessible and providing a positive experience for customers.
This document provides Swedbank's year-end report for 2015. It summarizes that Swedbank's profit for the fourth quarter was stable at SEK 3.8 billion despite challenges from lower interest rates and economic uncertainty. Total income was SEK 9.5 billion for the quarter. For the full year, profit was SEK 15.7 billion, down 4% from 2014, as lower interest rates reduced net interest income despite increased mortgage and deposit volumes. The CEO commented that priorities in 2015 were improving customer value, increasing efficiency, and integrating Sparbanken Öresund.
Swedbank Corporate Presentation, September 2015Swedbank
The bank aims to promote sound financial management for households and enterprises through products like loans, savings, investments, and insurance that are accessible via branches, phone, and online banking designed to be simple, open, and caring.
Digital Marketing Trends in 2024 | Guide for Staying AheadWask
https://www.wask.co/ebooks/digital-marketing-trends-in-2024
Feeling lost in the digital marketing whirlwind of 2024? Technology is changing, consumer habits are evolving, and staying ahead of the curve feels like a never-ending pursuit. This e-book is your compass. Dive into actionable insights to handle the complexities of modern marketing. From hyper-personalization to the power of user-generated content, learn how to build long-term relationships with your audience and unlock the secrets to success in the ever-shifting digital landscape.
Trusted Execution Environment for Decentralized Process MiningLucaBarbaro3
Presentation of the paper "Trusted Execution Environment for Decentralized Process Mining" given during the CAiSE 2024 Conference in Cyprus on June 7, 2024.
Digital Banking in the Cloud: How Citizens Bank Unlocked Their MainframePrecisely
Inconsistent user experience and siloed data, high costs, and changing customer expectations – Citizens Bank was experiencing these challenges while it was attempting to deliver a superior digital banking experience for its clients. Its core banking applications run on the mainframe and Citizens was using legacy utilities to get the critical mainframe data to feed customer-facing channels, like call centers, web, and mobile. Ultimately, this led to higher operating costs (MIPS), delayed response times, and longer time to market.
Ever-changing customer expectations demand more modern digital experiences, and the bank needed to find a solution that could provide real-time data to its customer channels with low latency and operating costs. Join this session to learn how Citizens is leveraging Precisely to replicate mainframe data to its customer channels and deliver on their “modern digital bank” experiences.
Main news related to the CCS TSI 2023 (2023/1695)Jakub Marek
An English 🇬🇧 translation of a presentation to the speech I gave about the main changes brought by CCS TSI 2023 at the biggest Czech conference on Communications and signalling systems on Railways, which was held in Clarion Hotel Olomouc from 7th to 9th November 2023 (konferenceszt.cz). Attended by around 500 participants and 200 on-line followers.
The original Czech 🇨🇿 version of the presentation can be found here: https://www.slideshare.net/slideshow/hlavni-novinky-souvisejici-s-ccs-tsi-2023-2023-1695/269688092 .
The videorecording (in Czech) from the presentation is available here: https://youtu.be/WzjJWm4IyPk?si=SImb06tuXGb30BEH .
zkStudyClub - LatticeFold: A Lattice-based Folding Scheme and its Application...Alex Pruden
Folding is a recent technique for building efficient recursive SNARKs. Several elegant folding protocols have been proposed, such as Nova, Supernova, Hypernova, Protostar, and others. However, all of them rely on an additively homomorphic commitment scheme based on discrete log, and are therefore not post-quantum secure. In this work we present LatticeFold, the first lattice-based folding protocol based on the Module SIS problem. This folding protocol naturally leads to an efficient recursive lattice-based SNARK and an efficient PCD scheme. LatticeFold supports folding low-degree relations, such as R1CS, as well as high-degree relations, such as CCS. The key challenge is to construct a secure folding protocol that works with the Ajtai commitment scheme. The difficulty, is ensuring that extracted witnesses are low norm through many rounds of folding. We present a novel technique using the sumcheck protocol to ensure that extracted witnesses are always low norm no matter how many rounds of folding are used. Our evaluation of the final proof system suggests that it is as performant as Hypernova, while providing post-quantum security.
Paper Link: https://eprint.iacr.org/2024/257
For the full video of this presentation, please visit: https://www.edge-ai-vision.com/2024/06/temporal-event-neural-networks-a-more-efficient-alternative-to-the-transformer-a-presentation-from-brainchip/
Chris Jones, Director of Product Management at BrainChip , presents the “Temporal Event Neural Networks: A More Efficient Alternative to the Transformer” tutorial at the May 2024 Embedded Vision Summit.
The expansion of AI services necessitates enhanced computational capabilities on edge devices. Temporal Event Neural Networks (TENNs), developed by BrainChip, represent a novel and highly efficient state-space network. TENNs demonstrate exceptional proficiency in handling multi-dimensional streaming data, facilitating advancements in object detection, action recognition, speech enhancement and language model/sequence generation. Through the utilization of polynomial-based continuous convolutions, TENNs streamline models, expedite training processes and significantly diminish memory requirements, achieving notable reductions of up to 50x in parameters and 5,000x in energy consumption compared to prevailing methodologies like transformers.
Integration with BrainChip’s Akida neuromorphic hardware IP further enhances TENNs’ capabilities, enabling the realization of highly capable, portable and passively cooled edge devices. This presentation delves into the technical innovations underlying TENNs, presents real-world benchmarks, and elucidates how this cutting-edge approach is positioned to revolutionize edge AI across diverse applications.
Building Production Ready Search Pipelines with Spark and MilvusZilliz
Spark is the widely used ETL tool for processing, indexing and ingesting data to serving stack for search. Milvus is the production-ready open-source vector database. In this talk we will show how to use Spark to process unstructured data to extract vector representations, and push the vectors to Milvus vector database for search serving.
Driving Business Innovation: Latest Generative AI Advancements & Success StorySafe Software
Are you ready to revolutionize how you handle data? Join us for a webinar where we’ll bring you up to speed with the latest advancements in Generative AI technology and discover how leveraging FME with tools from giants like Google Gemini, Amazon, and Microsoft OpenAI can supercharge your workflow efficiency.
During the hour, we’ll take you through:
Guest Speaker Segment with Hannah Barrington: Dive into the world of dynamic real estate marketing with Hannah, the Marketing Manager at Workspace Group. Hear firsthand how their team generates engaging descriptions for thousands of office units by integrating diverse data sources—from PDF floorplans to web pages—using FME transformers, like OpenAIVisionConnector and AnthropicVisionConnector. This use case will show you how GenAI can streamline content creation for marketing across the board.
Ollama Use Case: Learn how Scenario Specialist Dmitri Bagh has utilized Ollama within FME to input data, create custom models, and enhance security protocols. This segment will include demos to illustrate the full capabilities of FME in AI-driven processes.
Custom AI Models: Discover how to leverage FME to build personalized AI models using your data. Whether it’s populating a model with local data for added security or integrating public AI tools, find out how FME facilitates a versatile and secure approach to AI.
We’ll wrap up with a live Q&A session where you can engage with our experts on your specific use cases, and learn more about optimizing your data workflows with AI.
This webinar is ideal for professionals seeking to harness the power of AI within their data management systems while ensuring high levels of customization and security. Whether you're a novice or an expert, gain actionable insights and strategies to elevate your data processes. Join us to see how FME and AI can revolutionize how you work with data!
Ivanti’s Patch Tuesday breakdown goes beyond patching your applications and brings you the intelligence and guidance needed to prioritize where to focus your attention first. Catch early analysis on our Ivanti blog, then join industry expert Chris Goettl for the Patch Tuesday Webinar Event. There we’ll do a deep dive into each of the bulletins and give guidance on the risks associated with the newly-identified vulnerabilities.
HCL Notes und Domino Lizenzkostenreduzierung in der Welt von DLAUpanagenda
Webinar Recording: https://www.panagenda.com/webinars/hcl-notes-und-domino-lizenzkostenreduzierung-in-der-welt-von-dlau/
DLAU und die Lizenzen nach dem CCB- und CCX-Modell sind für viele in der HCL-Community seit letztem Jahr ein heißes Thema. Als Notes- oder Domino-Kunde haben Sie vielleicht mit unerwartet hohen Benutzerzahlen und Lizenzgebühren zu kämpfen. Sie fragen sich vielleicht, wie diese neue Art der Lizenzierung funktioniert und welchen Nutzen sie Ihnen bringt. Vor allem wollen Sie sicherlich Ihr Budget einhalten und Kosten sparen, wo immer möglich. Das verstehen wir und wir möchten Ihnen dabei helfen!
Wir erklären Ihnen, wie Sie häufige Konfigurationsprobleme lösen können, die dazu führen können, dass mehr Benutzer gezählt werden als nötig, und wie Sie überflüssige oder ungenutzte Konten identifizieren und entfernen können, um Geld zu sparen. Es gibt auch einige Ansätze, die zu unnötigen Ausgaben führen können, z. B. wenn ein Personendokument anstelle eines Mail-Ins für geteilte Mailboxen verwendet wird. Wir zeigen Ihnen solche Fälle und deren Lösungen. Und natürlich erklären wir Ihnen das neue Lizenzmodell.
Nehmen Sie an diesem Webinar teil, bei dem HCL-Ambassador Marc Thomas und Gastredner Franz Walder Ihnen diese neue Welt näherbringen. Es vermittelt Ihnen die Tools und das Know-how, um den Überblick zu bewahren. Sie werden in der Lage sein, Ihre Kosten durch eine optimierte Domino-Konfiguration zu reduzieren und auch in Zukunft gering zu halten.
Diese Themen werden behandelt
- Reduzierung der Lizenzkosten durch Auffinden und Beheben von Fehlkonfigurationen und überflüssigen Konten
- Wie funktionieren CCB- und CCX-Lizenzen wirklich?
- Verstehen des DLAU-Tools und wie man es am besten nutzt
- Tipps für häufige Problembereiche, wie z. B. Team-Postfächer, Funktions-/Testbenutzer usw.
- Praxisbeispiele und Best Practices zum sofortigen Umsetzen
Salesforce Integration for Bonterra Impact Management (fka Social Solutions A...Jeffrey Haguewood
Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on integration of Salesforce with Bonterra Impact Management.
Interested in deploying an integration with Salesforce for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
Monitoring and Managing Anomaly Detection on OpenShift.pdfTosin Akinosho
Monitoring and Managing Anomaly Detection on OpenShift
Overview
Dive into the world of anomaly detection on edge devices with our comprehensive hands-on tutorial. This SlideShare presentation will guide you through the entire process, from data collection and model training to edge deployment and real-time monitoring. Perfect for those looking to implement robust anomaly detection systems on resource-constrained IoT/edge devices.
Key Topics Covered
1. Introduction to Anomaly Detection
- Understand the fundamentals of anomaly detection and its importance in identifying unusual behavior or failures in systems.
2. Understanding Edge (IoT)
- Learn about edge computing and IoT, and how they enable real-time data processing and decision-making at the source.
3. What is ArgoCD?
- Discover ArgoCD, a declarative, GitOps continuous delivery tool for Kubernetes, and its role in deploying applications on edge devices.
4. Deployment Using ArgoCD for Edge Devices
- Step-by-step guide on deploying anomaly detection models on edge devices using ArgoCD.
5. Introduction to Apache Kafka and S3
- Explore Apache Kafka for real-time data streaming and Amazon S3 for scalable storage solutions.
6. Viewing Kafka Messages in the Data Lake
- Learn how to view and analyze Kafka messages stored in a data lake for better insights.
7. What is Prometheus?
- Get to know Prometheus, an open-source monitoring and alerting toolkit, and its application in monitoring edge devices.
8. Monitoring Application Metrics with Prometheus
- Detailed instructions on setting up Prometheus to monitor the performance and health of your anomaly detection system.
9. What is Camel K?
- Introduction to Camel K, a lightweight integration framework built on Apache Camel, designed for Kubernetes.
10. Configuring Camel K Integrations for Data Pipelines
- Learn how to configure Camel K for seamless data pipeline integrations in your anomaly detection workflow.
11. What is a Jupyter Notebook?
- Overview of Jupyter Notebooks, an open-source web application for creating and sharing documents with live code, equations, visualizations, and narrative text.
12. Jupyter Notebooks with Code Examples
- Hands-on examples and code snippets in Jupyter Notebooks to help you implement and test anomaly detection models.
TrustArc Webinar - 2024 Global Privacy SurveyTrustArc
How does your privacy program stack up against your peers? What challenges are privacy teams tackling and prioritizing in 2024?
In the fifth annual Global Privacy Benchmarks Survey, we asked over 1,800 global privacy professionals and business executives to share their perspectives on the current state of privacy inside and outside of their organizations. This year’s report focused on emerging areas of importance for privacy and compliance professionals, including considerations and implications of Artificial Intelligence (AI) technologies, building brand trust, and different approaches for achieving higher privacy competence scores.
See how organizational priorities and strategic approaches to data security and privacy are evolving around the globe.
This webinar will review:
- The top 10 privacy insights from the fifth annual Global Privacy Benchmarks Survey
- The top challenges for privacy leaders, practitioners, and organizations in 2024
- Key themes to consider in developing and maintaining your privacy program
1. The Swedish Economy
Monthly letter from Swedbank’s Economic Research Department
by Magnus Alvesson No. 1 • 31 January 2011
A continued strong confidence
• Recently released data indicate that the Swedish economy continues to
expand at a brisk pace. Sentiment in many sectors strengthened in January
and exports continued to increase. Employment grew although the
unemployment rate was unchanged as the labour force expanded.
• There are, however, signs that the rate of expansion could slow. A weaker
momentum was registered in sectors such as input goods and in retail.
Household confidence in their personal finances and for the Swedish
economy as a whole was solid, but increasing prices and borrowing costs
could limit the room for consumption growth.
• Public finances are benefiting from the economy's rapid recovery, but also as
a result of reforms that have already been implemented. Government
revenue is growing as the labour market has recovered rapidly, while at the
same time the social insurance reforms are limiting spending. It is estimated
that local governments had relatively large surpluses already in 2010, but
when central government subsidies are phased out and demographic costs
grow, the balanced budget rule could be jeopardised.
Swedish economy quickly normalising Contribution to Swedish GDP growth, Q1 2006 – Q3 2010
(Percentage points and GDP growth annually in percent)
Recent data show that the economic recovery 10.0
remains strong. Confidence is increasing in many Public cons. Invest. Private cons.
8.0 6.9
sectors of the economy and exports continue to 5.4
Inventories Net-export GDP 5.0
4.5
grow. At the same time there signs that the 6.0
3.2
4.1
4.0
2.7
3.2
recovery could be weakening. While still strong, 4.0
3.4 2.2 2.7
confidence indicators are levelling off and the 2.0
0.5
0.5
effects of temporary factors, especially the
0.0
inventory build-up, are subsiding. In addition, the
recovery in important trading partners is somewhat -2.0
shaky, which means that external demand could -4.0 -1.4
decline slightly.
-6.0
-5.3
-6.1
Confidence indicators in the Swedish economy -8.0 -6.8 -7.1
turned higher in January after having shown a -10.0
weaker momentum late last year. Sentiment among Q1-06 Q3-06 Q1-07 Q3-07 Q1-08 Q3-08 Q1-09 Q3-09 Q1-10 Q3-10
consumers was especially strong after the index Source: Statistics Sweden.
had pulled back the previous three months.
It was in particular households’ views on the
Swedish economy that improved, but expectations
on their own personal finances also strengthened.
Ekonomiska sekretariatet, Swedbank AB (publ), 105 34 Stockholm, tfn 08-5859 1000
E-mail: ek.sekr@swedbank.se www.swedbank.se Ansvarig utgivare: Cecilia Hermansson, 08-5859 7720.
Magnus Alvesson, 08-5859 3341, Jörgen Kennemar, 08-5859 7730
2. The Swedish Economy
Monthly letter from Swedbank’s Economic Research Department, continued
No. 1 • 31 January 2011
Confidence indicators, Jun 2006 – Jan 2011 It was primarily durable goods took off late last year
(Netbalance)
after a big decline in 2009. This is probably
60
because many households decided to put off big
ticket purchases at a point when they felt most
40
uncertain about their personal finances. When the
effects of this pent-up demand abate, spending may
20 slow again. At the same time, rising food and
energy prices, and higher borrowing costs could
0 also limit the room to expand consumption. Growing
borrowing costs may also have contributed to falling
-20 lending rates to households – to 7.8% on an annual
basis in December from 8.4% in November.
-40
Unemployment rose to 7.4% in December,
Manufacturing Retail Consumer compared with 7.1% in November, but remained
-60 unchanged at 7.8% in seasonally adjusted terms. At
jun-06 dec-06 jun-07 dec-07 jun-08 dec-08 jun-09 dec-09 jun-10 dec-10
the same time employment numbers rose slightly,
Sources: National Institute of Economic Research and Swedish which means that the labour force is expanding.
Trade Federation. The improved job market is encouraging more
people to begin looking for work again. Together
Business confidence was mixed. In manufacturing, with a growing share of long-term unemployed,
sentiment turned higher, and the construction slightly over 35% in December, this could make it
industry in particular continued to show signs of harder to reduce unemployment at the same rate as
rapid expansion. Input manufacturers, on the other in the autumn of 2010.
hand, which are usually early in the business cycle,
began to slow during autumn of last year as order
bookings fell, but also in this segment did Unemployment and job growth, Jan 2001 – Dec 2010
sentiments grow. Retail sales dropped, however, 10.0 5.0
while the service sector reported slight growth. In
9.0 4.0
other words, the normalisation of the Swedish
economy from record-low levels in 2009 appears to 8.0 3.0
be continuing. 7.0
2.0
6.0
Retail sales volumes rose modestly at the end of 1.0
5.0
last year. Despite an increase compared to 0.0
December 2009, the trend tapered off. On a 4.0
-1.0
seasonal basis, sales fell compared to November. 3.0
This can be attributed somewhat to the unusually 2.0 -2.0
cold weather, which may have dragged down the Employment (ann. change in %, rs)
1.0 -3.0
Unemployment (% of labour force)
willingness to consume.
0.0 -4.0
Consumption and retail sales, Jan 2008 – Dec 2010 jan-01 jul-02 jan-04 jul-05 jan-07 jul-08
(Index June 2008=100)
112 0.8
Source: Statistics Sweden.
110
0.6 Against the background of a persistently high
108
unemployment rate, rising prices are making
106 0.4 economic policy more tricky. Consumer prices
104 began to rise in December, reaching 2.3%. KPIF,
0.2 the measure of underlying inflation excluding
102
100 interest expenses, also reached 2.3%. Because the
0.0
98
increase was mainly in energy and food prices, it
-0.2
can be argued that it is temporary. On the other
96
hand, price increases could spread. Higher energy
94
-0.4 and transportation prices in particular could,
92 Retail sales (vol., m-o-m, %, trend, rs) Durables however, easily spread to other sectors. Thus, there
Non-durables Retail
90 -0.6 are reasons for a continued normalization of the
Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 monetary policy, in line with our forecast from
Source: Statistics Sweden. January. However, to reduce unemployment there
2 (4)
3. The Swedish Economy
Monthly letter from Swedbank’s Economic Research Department, continued
No. 1 • 31 January 2011
is also a need for targeted policy initiatives and State revenue and expenditure, and budget balance, Jan
2007 – Nov 2010
growth enhancing reforms.
(SEK billion, 12-month moving average)
Swedish exports are growing quickly, exceeding 80
export market growth. Demand has especially risen
from the US, where exports jumped 30% from
January to November 2010 year-on-year. This was 60
at a time when US growth reached 3.2% at an
annualized rate. In the last month of 2010 export 40 Budget balance Expenditures Revenues
growth exceeded import growth. As a result, the
trade surplus continues to rise. Swedish exports 20
benefited from the inventory build-up on a global
level after the retrenchment in 2009 and from
growing demand for input and investment goods. 0
International trade, Jan 2000 – Dec 2010
-20
(SEK billion, trend)
jan-07 aug-07 mar-08 okt-08 maj-09 dec-09 jul-10
110 16
Trade balance (rs) Exports Imports Sources: Swedish National Financial Management Authority and
14
National Debt Office.
100
90
12 Government spending has also continued to fall.
10
The improved labour market has helped to limit
80 unemployment costs. Spending on social insurance
8 also continues to trend lower. This is due to the
70 substantial decrease in the number of people
6
receiving sick leave and activity compensation. This
60
4 is expected to continue. The social insurance
50
authority (Försäkringskassan), is predicting that the
2
number of people receiving compensation will fall
40 0 from around 440 000 in 2010 to 300 000 in 2015.
jan-00 jun-01 nov-02 apr-04 sep-05 feb-07 jul-08 jan-10 Although many will leave the labour force due to
Source: Statistics Sweden. demographic reasons, it will remain a challenge for
the labour market to absorb the remainder.
Fiscal policy towards surpluses Otherwise the costs will be shifted to other parts of
The strong increase in economic growth and the social insurance system.
improvement in the labour market mean that
Sick leave and rehabilitation compensation and benefits,
government revenue is trending upward again, Jan 2000 – Nov 2010
despite tax cuts in recent years. In particular, (SEK billion excluding old-age pension fees)
indirect taxes, mainly in the form of VAT, have 8.0
remained steady, mainly due to the stable
household consumption. 7.0
6.0
5.0
4.0
3.0
2.0
Totalt
1.0 Sick leave and rehabilitation compensation 1/
Sick leave and rehabilitation benefits
0.0
jan-00 jul-01 jan-03 jul-04 jan-06 jul-07 jan-09 jul-10
1/ Prior to 2003, early retirement
Source: Försäkringskassan.
Sweden’s municipal and county budgets were
generally strong in 2010, with an estimated surplus
3 (4)
4. The Swedish Economy
Monthly letter from Swedbank’s Economic Research Department, continued
No. 1 • 31 January 2011
of about SEK 19 billion. This was due in no small
part to temporary central government transfers, but
also to spending restraint and better than expected Economy still strong, but risks remain
tax revenue. Going forward, these surpluses will In summary, recent indicators show that the
shrink, and the municipal sector could find it hard to Swedish economy is continuing its rapid recovery.
meet its balanced budget requirement. This is partly After a quick rebound last autumn, we anticipate a
because the transfers will be phased out, but also stable but slightly slower economic expansion in
because costs stemming from demographic 2011 and 2012.
changes will rise. In addition, uneven progress in
the labour market will affect municipalities The risk situation hasn’t changed significantly.
differently. A large presence of service industries Worries about indebted economies in southern
will likely lead to a more stable development, while Europe still remain. However, the forecast risks
those parts of the country where manufacturing stemming from economic policy has increased. The
dominates will see more volatility. balancing act for both monetary and fiscal policy
has become more difficult. Consumer prices are
All in all, the budget deficit is now shrinking and we increasing at the same time as unemployment
expect the public sector to reach a surplus as early remains high. Thus, economic policy will have to
as this year. From an international perspective, apply the brake and accelerate at the same time.
Sweden compares well. This means that large
buffers to meet future crisis are being built up, but it
also provides room for reforms to reduce Magnus Alvesson
unemployment and for investments in future
economic growth.
Budget deficits and public debt 2011
(Forecast, per cent of BNP)
250
JAP
200
150 GRE
ITA
BEL US IRL
100
POR FRA UK
60 % GER
SWE LAT SPA
50
FIN DEN LIT
EST
0
2 0 -2 -3% -4 -6 -8 -10 -12
Budget balance
Sources: IMF (WEO) and Swedbank’s forecast.
Swedbanks Ekonomiska sekretariat
105 34 Stockholm Swedbanks Månadsbrev om den Swedish Ekonomin ges ut som en service till våra kunder.
tfn 085859 7740 Vi tror oss ha använt tillförlitliga källor and bearbetningsrutiner vid utarbetandet av
ek.sekråswedbank.se analyser, som redovisas i publikationen. Vi kan dock inte garantera analysernas riktighet
www.swedbank.se eller fullständighet and kan inte ansvara för eventuell felaktighet eller brist i grundmaterialet
eller bearbetningen därav. Läsarna uppmanas att basera eventuella (investerings)beslut
Ansvarig utgivare även på annat underlag. Varken Swedbank eller dess anställda eller andra medarbetare
Cecilia Hermansson, 085859 7720. skall kunna göras ansvariga för förlust eller skada, direkt eller indirekt, på grund av
Magnus Alvesson, 085859 3341 eventuella fel eller brister som redovisas i Swedbanks Månadsbrev.
Jörgen Kennemar, 085859 7730
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