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Analyst Comment

HCA Market Close 06/01 2023 – Featuring Danske Bank and Green Hydrogen Systems.

By Philip CoombesEquity Research Analyst

HCA Market Close 06/01 2023 – Danske Bank and Green Hydrogen Systems feature among the week’s winners in the first quick take of 2023.

 

Market Movements:

Denmark: OMX:C25 (+0.47%) ; Sweden: OMX:S30 (+0.81%) ; Norway: OBX:OSL (+1.07%) ; S&P 500 (+1.85%) ; Nasdaq (+1.85%); Stoxx 600 (+1.16%)

 

Market Drivers:

 

Markets gained today amid European CPI, and US jobs data.

 

The US non-farm payrolls data was the major influence today, as markets assessed the stronger-than-expected jobs data to be both good for the economy and inflation. The US economy added 223,000 jobs in December, beating expectations, while wages rose 0.3%, less than expected and less than the previous month. The market’s takeaway was the economy was more robust than expected, but the risk of a wage-price spiral is greatly reduced, and the Fed may need to hike interest rates less.

 

The Eurozone also received a boost from a lower CPI reading, with year-on-year CPI increasing 9.2% in December, down from 10.1% in November. Eurozone core inflation rose to 5.2% from 5.0% in November, which will likely need to roll over before the EU consider loosening monetary policy; however, overall, it suggested inflation has peaked in the Eurozone, lifting sentiment.

 

European stocks have outperformed so far in 2022, with the FTSE 100 reaching its highest level since 2018. The outperformance can be somewhat explained by the search for value, with markets looking less favourably on the US’s tech-heavy market while interest rates remain high.

 

Snacks from the HCA Platform:

 

For an overview of the biggest news from the Danish market in week 1, 2023, and a look at the week's winners, catch up on HC Andersen Capital’s latest Quicktake episode with Michael Friis, Kasper Lihn, and Rasmus Køjborg, covering, among others, Danske Bank and Green Hydrogen Systems. Link: https://www.youtube.com/watch?v=u7aT-X2SqR8

 

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

 

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