Nordea Markets Insights En

The world economy has slid into the deepest economic recession since the Great Depression of the 1930s and looks set to contract by around 3% this year. In this podcast, Nordea Group Chief Economist Helge Pedersen shares highlights from the newly released Nordea Economic Outlook, The Road to Recovery. What will the path out of the COVID-19 crisis look like? Why do we expect this crisis to be shorter than the financial crisis? Have the Nordic countries’ diverging approaches to containing the virus had any impact on the economic outcomes? Find out all this and more. Read the full report: https://docs.nordeamarkets.com/nordea-economic-outlook/economic-outlook-2020/EO-en-02-2020/#/ Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for

How do corporate borrowers benefit from having a credit rating? When is it worth the effort and expense? Viktor Sonebäck and Johan Trocmé talk about findings from their new Nordea On Your Mind report ‘The case for a credit rating’, describing what credit ratings are and what they are not, and how we can quantify when they actually pay for themselves, in addition to giving borrowers access to more and longer-dated funding.

Containment measures to prevent or slow the further spread of COVID-19, like travel restrictions and quarantines, are hurting economic activity. Corporates will feel a negative impact on cash flow from supply shortages or from lost revenues as people are unable to go to work to produce goods, or to consume. We argue it is crucial to have financial contingency plans with funding to be able to weather disruption to supply chains, also if it lasts longer than a few weeks or months. And companies need to be proactive and secure it before any turmoil reduces availability or raises costs. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general

Why are Nordic large corporates investing so much less than they have done historically, in relation to the macro outlook and their sales? Will they eventually have to start investing again to catch up, or has something in the economy changed, so they don’t need to invest as much anymore? What do they do with their money instead of investing. And – should they invest, or would their share prices suffer if they do? Find out in this podcast with Johan Trocmé and Viktor Sonebäck on the Nordea On Your Mind report “Capex III: Less is more?”. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to who

Negative interest rates have spread across Europe. However, the lower and longer they are in place, the more likely they are to have unwanted side effects. In a new report, Nordea Research uses the Nordic region as a case study to determine whether this regime is in its final act. Join the report's co-authors, Torbjörn Isaksson, Inge Klaver and Jan Størup Nielsen, as they discuss highlights from the report. Find the full report here: https://e-markets.nordea.com/#!/article/55002/central-banks-giving-up-on-negative-rates Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publicati

Should companies pay out funds to shareholders, or invest all cash generated in the business? And can companies actually get rewarded with a greater value for the business from making big payouts? Find out in this podcast about the Nordea On Your Mind report “How to pay it out”. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provide individually tailored investment advice, and does not take into account the indivi

Is it tempting not to promise anything, not having to worry about being held accountable for any disappointments from your company? Think again. Investors want public companies to have financial targets, and 85% of them already do. And more importantly, our analysis in the Nordea On Your Mind report “Financial targets” shows a strong share price outperformance for companies who use targets and deliver on them. In this podcast, John Grant talks to Johan Trocmé, Viktor Sonebäck and Ebba Ramel about how using targets matters for corporate value creation. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of i

Global economic outlook is turning gloomier and there are lots of uncertainty in the air. But how is it going on in the Russian economy? Will the economic growth continue, has trade war affected Russian economy and has Russian central bank joined the club of easing monetary policy? In this podcast Tatiana Evdokimova, Nordea’s Chief Economist Russia, is clarifying the Russian economic situation interviewed by Lotta Lähteenmäki from Finland’s macro team. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal

ESG and sustainability used to be all about risks, what happened or would happen to companies who suffered serious environmental, social or governance incidents. We now see the investor and corporate focus starting to shift strongly from risk to opportunities, how being able to help society become more sustainable can translate into major business potential, and how investors are increasingly looking for exposure to this. In this podcast, I talk to Nordea Research ESG analysts Marco Kisic, Philip Wrangberg and Ebba Ramel about their Nordea On Your Mind report “The New Green”. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general informa

Sorry, but you need to. They are a big generation, representing one-third of the Nordic population aged 24-74. You will not be able to ignore them if you sell goods or services to consumers, or if you are recruiting talent to your organisation. Find out what they want, what they need, and what makes them tick in this podcast on our Nordea On Your Mind report “Managing millennials”.

What matters most, reported profits from corporates, or how much of those profits are turned into cash flow? Our latest Nordea On Your Mind report “Cash trumps profits”, this time written by guest authors Hugo Fredriksson and Johan Hallgren from Nordea Research’s Quant team, takes a deep dive into this topic. Johan Trocmé from Nordea Research Thematics talks to them about why cash conversion matters hugely for corporate value creation, how corporates should invest to maximise their value, and about Nordic listed companies lagging US and European peers in working capital management, suggesting they could release EUR 48bn in cash if they became as good as their average peer. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any inv

Are you shopping on the internet? Thinking about it? You are not alone. The online share of retail sales in the Nordics has doubled since 2011, and is at 10% similar to that in the US and well above the average in Europe. Within 10 years it could be 30%. Nordea Research COO Anne Schult Ulriksen talks to Johan Trocmé, Viktor Sonebäck and Philip Wrangberg from the Thematics team about their Nordea On Your Mind report “E-commerce: The show must go on”, which explores the drivers and potential for further growth in online retail in the Nordics, and what this could mean for digital and bricks-and-mortar retailers going forward. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has be

Mergers and acquisitions activity is on the rise again globally and the ripples are washing through the Nordics. M&A in the Nordics arena has averaged EUR 55bn per annum since 2005 and the 2007 peak of EUR 87bn is once again in sight. Johan Trocmé and Viktor Sonebäck explore the findings from their latest Nordea On Your Mind report “M&A: Buying high or low” with Nordea Markets Chief Editor Martin O’Rourke. The talk covers how the Nordic market for M&A has developed since 2005, who the players buying and selling companies are, how valuations and bid premia vary over time, and why Nordic M&A intensity is lower than in Europe despite a vibrant local private equity scene. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investme

Corporate funding has changed significantly in the last seven years, but your options could narrow if markets take a turn for the worse. In this podcast Johan Trocme and Viktor Sonebäck from Thematics in Nordea Research go head-to-head with Nordea Markets chief editor Martin O’Rourke about these matters. Spoiler alert: Financial life jackets will be handed out. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or strategies and thus it does not provi

Seeing and hearing a lot about AI in the news? Wonder where all the hype is coming from? Have you ever worried about an AI becoming super-intelligent, taking over the world and having no use for humans? Or at least about AI replacing human jobs? Or are you a business leader, fearing that your company will become uncompetitive if it does not start using AI tools? In this podcast, Nordea Markets Chief Editor Martin O’Rourke talks to Johan Trocmé and Hemming Svensson from Thematics in Nordea Research, about these topics, which are covered in their Nordea On Your Mind report “AI: The dawn of the data age”. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea

The refugee question is threatening the 70-year old coalition in Germany and reprioritizing the EU’s reform agenda. Our latest podcast with Aki Kangasharju and Jan von Gerich reveals what to think of the CSU’s initiative to stop the refugee inflow to Germany, Italy’s pledge to create refugee quotas across the EU, and what kind of repercussions these developments could have for the future of the EU. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a personal recommendation of particular financial instruments or

In this podcast, we discuss the key takeaways from "The ECB and Its Watchers" conference, attended by Chief Analyst Jan von Gerich: A more confident ECB is heading for its exit from quantitative easing, despite low inflation. We also take a look at a new research piece on so-called "super core inflation" in the Euro area, by Chief Analyst Anders Svendsen, and discuss how it still all adds up to our very dovish ECB view. Senior Analyst Tuuli Koivu hosts. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a persona

Market rumours about the death of the famous Phillips curve are exaggerated. Fed believes in the Philips curve – the relationship between wages and unemployment – and so do we. Listen in when our analysts; Jan Von Gerich, Kjetil Olsen and Anders Svendsen discuss the Fed outlook and the risk of rising wage growth and inflation in the US. Hear why this means that Fed may have to hike rates further than the 7 hikes we already forecast. Join our analysts in this special podcast and you will also hear why the markets are likely to face even more volatility going forward. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for p

Italians head to the polls on 4 March in an election hugely important for Italy and for Europe. Italy needs reforms to lift growth and solve its looming public debt issue. Europe needs a stable, cooperative Italy that wants to remain in the Euro area. Neither will get what it needs. The political uncertainty is already having an impact on financial markets. Hear more in this podcast with Anders Svendsen and Jan von Gerich about the possible outcomes and market ramifications. Read the full research piece on nordeamarkets.com Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publica

“Don’t panic” is Jan von Gerich’s response to the recent flattening of the US yield curve. Yet an inversion of the yield curve has proceeded each and every US recession since the mid-50s. Hear why we don’t need to worry just yet in this podcast where Anders Svendsen and Jan von Gerich discuss the various scenarios and what “danger signals” to be aware of. Read the full research piece “Yield curve not sending recession signals yet”: http://ndea.mk/2F3EnbZ. Disclaimer: All opinions and estimates in this podcast are, regardless of source, given in good faith, and may only be valid as of the stated publication date and are subject to change without notice. The podcast is intended only to provide general and preliminary information to investors and shall not be construed as the basis for any investment decision. This publication or report has been prepared by Nordea Markets as general information for private use of investors to whom the publication or report has been distributed, but it is not intended as a perso