Nordic equity strategy chart book
Share price declines YTD have primarily been driven by rising real rates rather than earnings disappointments. The market is starting to price in a dovish Fed pivot, but – rather than boosting equities – the reasons for the pivot may simply move investor concerns to the earnings outlook. With valuations not pricing in estimate cuts despite signs of earnings weakness emerging, in our view there is not yet enough fundamental headroom to justify trying to time a market trough, even though sentiment is giving a contrarian buy signal.
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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