In Sweden, Statistics Sweden is due to publish the October labour force survey on Monday (09:30 CET). We expect a slight uptick in the unemployment rate after a very low number in September.
The Swedish Debt Office is set to tap SEK1bn in the Jun'25 linker on Thursday.
We expect that the new FSA announcement regarding mandatory amortisation to weigh on Swedish household consumption and house prices.
We estimate Norwegian demand increased by a solid 0.5% q/q in Q3, which is more or less on trend. However, power production fell sharply in Q3, which probably dragged mainland GDP growth down by around 0.3pp. Therefore, we estimate reported mainland GDP growth of 0.2% q/q for Q3. Hence, after correction, this is a strong number, supporting our view that Norges Bank will not cut rates at the December meeting.
The Danish Debt Office plans to tap the 2.5% DGB Nov'2016 and the 1.75% Nov'25 on Wednesday 19 November. Given the abundant liquidity (Danish investors will receive DKK72bn in coupons and redemptions) and the probability of an independent rate cut, we expect very healthy demand for both bonds.
This year's November/December mortgage refinancing auctions kick off today in Denmark, with an estimated total amount of DKK235bn. The auctions will run for eight days. The supply in the 1Y segment is down significantly relative to the normal roll at the auctions as F1 (1Y) ARM borrowers continue to move further out on the yield curve.
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