Some of the biggest companies on Oslo Børs will be in the fire with figures released this week, including three oil giants. Investment economists believe in good numbers.
Investment economist Mads Johannesen at Nordnet. Photo: Nordnet / NordnetPublished: Published:
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The results season rolls on at Oslo Børs, the European Central Bank comes with an interest rate decision and new inflation figures are on the way in the USA.
These are some of the upcoming week’s events in the markets.
Here at home, Børsen’s major oil companies Equinor, Aker BP and Vår Energi will be on fire with their quarterly results, while the giants Meta, Alphabet and Amazon will open their accounting books on Wall Street.
– Will set the tone very well
Investment economist Mads Johannensen at Nordnet points out that companies that account for a large part of the market value on Oslo Børs deliver quarterly figures.
– It will set the tone in itself when Equinor, Aker BP and the cyclical companies deliver figures, he says to E24.
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The analysts expect a steep fall in earnings for Equinor
Johannesen says that oil and gas prices speak for solid earnings in the oil giants, but weaker than when gas prices were sky high last year.
– But I have faith that the numbers will probably be relatively good. And the prospects for oil and gas prices to remain relatively high are also good, he says.
This is happening this week
Monday 23 October:
Hong Kong Stock Exchange closed Oslo Stock Exchange: Magnora, Strongpoint and Zwipe present quarterly reports USA: Chicago Fed activity index, September Eurozone: Consumer confidence, October
Tuesday 24 October:
Oslo Stock Exchange: Hydro, Vår Energi, Borregaard, Gigante Salmon and Inify Laboratories present quarterly reportsOljefondet presents quarterly reportNordic: Stora Enso, Viaplay and Spotify present quarterly reportsUnited States: Alphabet, General Electric and Microsoft present quarterly reportsEurozone: Purchasing Manager Indexes, OctoberGreat Britain: Purchasing Manager Index, OctoberUnited States: Purchasing manager index, October The EU Commission is expected to present a wind power package
Wednesday 25 October:
Oslo Stock Exchange: Storebrand, Telenor, Schibsted, Nel, PGS, Elkem, Sparebanken Vest, Kitron, Morrow Bank, Pareto Bank, Vistin Pharma and Kraft Bank present quarterly reports SSB: Weekly salmon exports and bankruptcy figures in the third quarter Financial Supervisory Authority with report on securities companiesUSA: Meta and Boeing presents quarterly reports Germany: The Ifo institute presents a measurement of the future confidence of the country’s companies and Deutsche Bank presents a quarterly report USA: September new home sales and weekly oil inventory figures Canada: Bank of Canada with interest rate decision
Thursday 26 October:
Oslo Børs: Orkla, Sats, Okea, TGS, Höegh Autoliners, Komplett, Aker Carbon Capture, Akastor, Otovo, Sparebank 1 Sørøst-Norge, Bonheur, Airthings, Carasent, SoftOx Solutions, KMC Properties, Goodtech, ContextVision, Zalaris, Sparebanken 1 SR-Bank, ContextVision, Gentian Diagnostics, Goodtech, ABL Group, Lea Bank and Ocean Geoloop present quarterly reports USA: Amazon presents quarterly report SSB: Labor force survey, September Norges Bank: Lending survey, third quarter House price conference 2023, organized by Eiendom Norge and Finans Norge Eurozone: Interest rate decision from ESBS Sweden : Trade balance and consumer loans, SeptemberUSA: GDP in the third quarter, housing sales in September and first-time applicants for unemployment benefits, weekly figuresTurkey: Interest rate decision
Friday 27 October:
Oslo Stock Exchange: Kongsberggruppen, Aker BP, Equinor, XXL, Q-Free, Sparebank 1 Østlandet, Sparebank 1 Nord-Norge, Sparebank 1 Nordmøre, Itera, Medistim and Q-Free present quarterly reports Folketrygdfondet presents quarterly report The Financial Supervisory Authority presents a half-yearly report on developments in consumer debt The report from the Climate Committee 2050 is handed over in StavangerUSA: ExxonMobil presents quarterly reportNordic: Danske Bank presents quarterly reportSSB: Retail, SeptemberSweden: Retail, SeptemberUSA: Private consumption and inflation (PCE), SeptemberRussia: Interest rate decision
Source: Oslo Børs, TDN Direkt, NTB
Sea view
Close to a record
On the last day of the week, the arms and technology company Kongsberg Gruppen presents its figures for the third quarter.
– Record-high order intake is expected for the quarter, and the top and bottom line are expected to increase, says portfolio manager Karin Busch at Storebrand to E24.
Portfolio manager Karin Busch at Storebrand. Photo: Maren Sønsthagen / Storebrand
She points out that the company has received large contracts with deliveries to Poland and equipment for F-35 fighter jets, among others.
– The Defense Division has also signed a large framework agreement with the US Army. This is not booked into the order book until the order is actually made, but it is yet another confirmation of increased defense investments in the NATO countries going forward.
– Less attractive
The hydrogen company Nel will also release figures next week.
– Today’s interest rate picture, combined with very high global uncertainty, makes high-beta high-beta high-risk, growth companies less attractive, says Busch.
Nel is among the companies that have experienced this, says the portfolio manager, and points out that the share is down almost 60 per cent since the peak in February.
Busch expects the Nel numbers for the third quarter to be fairly similar to the previous quarter. The company then made another loss, but at the same time reported increased demand.
Since this summer, several brokerage houses have downgraded their recommendation and adjusted down the price target on the share.
– May be scared away
Two of the week’s major macro events are the interest rate decision from the European Central Bank (ESB) and PCE inflation figures from the US.
The latter is the Federal Reserve’s preferred way of measuring inflation, and will arrive on Friday. In August, PCE inflation came in at 3.5 per cent.
– The market believes it will fall further to 3.2 per cent. In that case, it means that the specter of inflation may have been scared away in the US, says chief economist Kyrre M. Knudsen at Sparebank 1 SR Bank.
Chief economist Kyrre M. Knudsen. Photo: Sparebank 1 SR Bank
If the reality matches the market’s expectations, it will emphasize that the interest rate peak has been reached, he points out.
– This will prepare the ground for a discussion about the first interest rate drop. Historically, we have seen that interest rate peaks rarely last more than six months, and in the US often even shorter, says Knudsen.
Followed closely by Norges Bank
The European Central Bank has raised interest rates sharply to combat soaring price growth, like other central banks around the world. On Thursday, the central bank will announce an interest rate decision.
– The big discussion is whether the EU has reached the interest rate peak or not. Even though they have less debt and fewer on floating interest rates than in Norway, interest rates also bite in the EU area, says Knudsen.
The interest rate in the eurozone is now 4 percent. Economists expect it to remain unchanged at this meeting, according to Bloomberg.
– The most exciting thing is whether the governor of the central bank gives signals about whether there will be more interest rate jumps – or whether they can expect the first interest rate drop soon.
Knudsen says it points right to the Norwegian interest rate range, Norges Bank’s technical forecast for future policy rates.
– Norges Bank is watching with arguable eyes what signals the central bank governor (ESB’s Christine Lagarde editor’s note) will now give, he says.
2023-10-22 17:40:59
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