In Sweden the week ahead contains the NIER's business and consumer confidence (Thursday at 09.00 CET) surveys and we also receive producer price data (Thursday at 09.30 CET) and statistics on household debt growth (Friday at 09.30 CET). Retail trade and private service sector price plans are, as we see it, the most interesting features of the NIER business survey at the moment.
In Norway focus will be on the oil investment survey. However, the oil price has stabilised and is now at exactly the same level as when the last survey was conducted. As the investment survey is in nominal kroner, there is a risk that cost-cutting will result in lower expected investment even with unchanged volumes. We very tentatively predict that the oil companies will raise their estimates for 2017 marginally but not enough to affect expectations for activity in the sector next year.
The week also brings LFS unemployment for September. The divergence between the LFS and NAV jobless measures has increased uncertainty about capacity utilisation in the Norwegian economy.
In Denmark , the refinancing auctions in non-callable 'flex' bonds (fixed rate bullets) are set to start on Monday and to continue for the rest of the week. The total auction amount in the non-callables is DKK108bn with DKK66bn in the 1Y DKK segment, DKK9bn in the 3Y DKK segment and DKK11bn in the 5Y DKK segment.
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