HCA Market Close 11/01 2023: Featuring Tryg and Danske Bank
HCA Market Close 11/01 2023 – Tryg sees Berenberg hike its price target, while Danske Bank sees tailwinds from a Jyske Bank guidance upgrade.
Market Movements:
Denmark: OMX:C25 (+0.13%) ; Sweden: OMX:S30 (+1.24%) ; Norway: OBX:OSL (-0.37%) ; S&P 500 (+0.69%) ; Nasdaq (+0.99%); Stoxx 600 (+0.38%)
Market Drivers:
Markets gained today on CPI optimism.
Today markets geared up for the first CPI report of 2023, the major event of the month, which markets will be closely examining to guide expectations for the Fed’s future rate hike trajectory. Markets have gained so far this month, in part driven by expectations of falling inflation. Tomorrow’s reading will therefore make or break that narrative.
Economists are expecting the CPI to register year-on-year inflation of 6.5%, down from 7.1% yoy in November. Additionally, core inflation is expected at a 5.7% yoy increase for December, down from 6.0% yoy in November. Core inflation will likely be closely watched as it is often considered the more sticky component of inflation and is focused on by the Fed.
Snacks from the HCA Platform:
Tryg features today as the German bank Berenberg raised its price target on the company to DKK 190, up from DKK 185 previously. However, the share price fell 0.8% in today’s trading as the broader insurance industry was knocked by UK-based firm Direct Line surprising the market by withholding its dividend.
Danske Bank gained 1.0% today as its peer Jyske Bank announced a guidance upgrade and reached a new all-time high. Jyske Bank now expects 2022 profits of DKK 3.8bn, up from DKK 3.0-3.4bn previously.
You can follow the conversation at the Inderes.dk forum: https://forum.inderes.dk/
Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement./ Philip Coombes 18:15