Nordic equity strategy chart book
The strong equity market returns in Oslo were not matched by the other Nordic markets in September due to the sector skew towards Energy and Seafood. There was no significant change in our favourite recession early-warning indicators, which signal no near-term slowdown on the horizon. But a renewed spike in Italian bond yields at the end of the month highlights that vigilance is still required in this late-cycle phase as valuation provides a limited margin of safety.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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