Nordic equity strategy chart book
A better than expected reporting season helped to deliver gains for Nordic equities in July, outperforming international peers. Looking ahead, the V-shaped recovery narrative is losing some traction, as localised outbreaks of Covid-19 indicate a return to ‘normality’ could yet take a while and as agreement on extending fiscal support in the US is taking time. This raises the risk of the next move in estimates being downwards. Cautious sentiment and central bank support reduce the probability of a large drawdown for equities, so we maintain our moderate underweight view.
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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