International Courant
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– We’ve been saying for a very long time that one of the vital thrilling issues occurring now’s the extent to which the newest fee hike impacts folks’s consumption, says Alfred Berg portfolio supervisor Kristian Tunaal.
Within the third quarter, Norges Financial institution raised its key rate of interest twice by a complete of 0.5 proportion factors, additional tightening Norwegians’ non-public funds. Tunaal believes this might have damaging penalties for client firms.
“Companies that reside from consumption, whether or not it issues the sale of roof packing containers, sporting items or furnishings, should obtain particular consideration now that folks have much less cash of their wallets,” says Tunaal.
Credit score loss
In contrast to consumption, the banking sector has made good cash from Norges Financial institution’s frequent rate of interest will increase. Within the second quarter, main financial institution DNB was capable of present revenues of greater than NOK 20 billion, in comparison with NOK 16.4 billion in the identical interval final yr.
– The banking sector is the one sector that has truly benefited from the rise in rates of interest. If buyers are fairly cautious about banks, it’s as a result of they’re afraid of credit score losses – that folks will be unable to repay their loans, says Tunaal.
He believes the connection between the financial institution’s mortgage losses and earnings will likely be thrilling to observe on this yr’s third earnings season. Heavyweight DNB will current figures for the third quarter on Thursday.
Outcomes this week
There are a selection of firms in Oslo Børs, the US and the remainder of the Nordic area reporting third quarter outcomes this week. Within the US, Financial institution of America, Goldman Sachs, Morgan Stanley and Tesla current their outcomes. Whereas within the Scandinavian international locations outcomes are anticipated from Handelsbanken, Nordea and Telia.
These heavyweights current their third-quarter figures at Oslo Børs:
Tuesday it is time for Nordic Semiconductor’s quarterly outcomes. The IT firm introduced its third quarter leads to mid-September. Turnover and gross margin had been subsequently adjusted downwards on account of decrease than anticipated turnover growth.
Thursday main financial institution DNB studies outcomes for the third quarter. In gentle of the rate of interest will increase by Norges Financial institution, curiosity earnings of DKK 15.9 billion is anticipated.
Friday the insurance coverage firm Gjensidige Forsikring presents the outcomes. Fertilizer big Yara Worldwide and mortgage firm Tomra do the identical.
Present all positions
– Clearly earns quite a bit
Whereas rate of interest hikes make issues harder for client companies, oil and vitality firms proceed to do effectively in an in any other case unsure market.
The conflict in Ukraine and, amongst different issues, voluntary manufacturing cuts in Saudi Arabia and Russia have stored oil and vitality costs excessive over the previous yr. On Wednesday and Friday this week, the oil and energy-heavy important index on Oslo Børs hit new report ranges within the wake of the battle between Hamas and Israel.
Given the oil value, which has risen to round $90 per barrel, Odin Norway supervisor Atle Hauge believes firms related to oil and vitality will do effectively within the third quarter.
Atle Hauge, supervisor at Odin Norway, believes oil and gas-related firms will proceed to do effectively on the inventory market. (Picture: Hanna Johre)– One factor is the oil and fuel firms, that are clearly making some huge cash, however different firms even have favorable positions concerning the vitality scenario and also will do effectively within the third quarter. I am considering of firms inside oil providers and delivery, but in addition sure different industrial segments, he says.
By comparability, Hauge believes that firms within the cyclical business – that’s, an business that’s intently linked to how the economic system is doing – may have a more durable time within the close to future.
As examples he mentions Norsk Hydro, Elkem and Norske Skog, all of which fell on the inventory trade this week. Industrial firm Elkem fell probably the most with 8.7 p.c.
The article continues under the commercial– Enthusiastic in regards to the IT sector
Numerous firms have the behavior of creating their very own estimates of future developments of their quarterly studies. If the corporate finds that the precise end result has a better deviation from the estimate, it may possibly challenge a end result message wherein it adjusts expectations.
– Vital deviations are reported. It is now been a fortnight because the season ended. Because of this there should not such giant deviations from what firms had already anticipated within the third quarter. There may be nice uncertainty about what firms will do with the estimates for the approaching quarter, says Danske Financial institution supervisor Lars Erik Moen.
Administrator Lars Erik Moen of Danske Financial institution believes that the best uncertainty surrounds the estimates for the approaching quarter. (Picture: Fartein Rudjord)Moen is due to this fact specializing in subsequent yr’s quarterly figures. Right here he’s significantly smitten by IT firms equivalent to Nordic Semiconductor, Atea and Crayon.
All three firms are concerned in main product launches from Microsoft or Apple. The launches will happen subsequent yr, however Moen remains to be curious to listen to from the businesses on whether or not the launches will enhance the IT firms’ respective revenues. (Situations)Copyright Dagens Næringsliv AS and/or our suppliers. We want you to share our instances by way of hyperlinks that lead on to our pages. Copying or different use of all or a part of the contents could solely be made with written permission or as permitted by regulation. For additional circumstances see right here.
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