Norway’s central bank may raise its benchmark interest rate for the first time in a year today as it embarks on a tightening cycle to stem credit growth in the world’s second-richest economy per capita.
Norges Bank will raise its overnight deposit rate a quarter of a percentage point to 2.25 percent, according to 15 of the 20 economists surveyed by Bloomberg. Five expect no change. The decision will be announced today at 2 p.m. in Oslo.
WHAT TO WATCH: * Norway Deposit Rate - 2 p.m., est. 2.25% * Ericsson holds investor briefing in New York from 3 p.m. CET * Riksbank Governor Ingves speech at 3 p.m.
EARNINGS: * FLSmidth (FLS DC), 1Q, 8 a.m. Net est.: DK284M. * Norden (DNORD DC), 1Q, 8-9 a.m. Net est.: $22.6M. * William Demant (WDH DC), 1Q, 8-9 a.m. * ISS (ISS DC), 1Q, around 8:30 a.m. * Gjensidige Forsikring (GJF NO), 1Q, 7 CET, net est. NK588.6m * Zealand Pharma (ZEAL DC), 1Q., 12 noon. * EAC (EAC DC), 1Q. * Laan & Spar Bank (LASP DC), 1Q * Moens Bank (MNBA DC), 1Q. * Skjern Bank (SKJE) , 1Q. * Vordingborg Bank (VORD DC), 1Q. * Wilh. Wilhelmsen (WWASA NO), 1Q, net est. $22.8m * Algeta (ALGETA NO), 1Q * Leroey Seafood (LSG NO), 1Q * Austevoll Seafood (AUSS NO), 1Q * TTS Group (TTS NO), 1Q * Hurtigruten (HRG NO), 1Q * BWG Homes (BWG NO), 1Q * Diagenic (DIAG NO), 1Q * CellCura (CELL NO), 1Q * Storm Real Estate (STORM NO), 1Q, AGM * Aldata Solution (ALD1V FH) 1Q, 8 a.m. * Honkarakenne (HONBS FH) 1Q, 2 p.m. * Elecster (ELEAV FH) 1Q * Apiro (ASP SS) 1Q * B&B Tools (BBTOB SS) 4Q * Bong (BONG SS) 1Q * Phonera (PHON SS) 1Q
COMPANIES: * Rieber & Soen (RIE NO), AGM * BW Offshore (BWO NO), AGM * Ericsson (ERICB SS) holds a briefing for investors in New York from 3 p.m. CET, with a webcast available.
GOVERNMENT: * South Korean President Lee Myung Bak and Danish Prime Minister Lars Loekke Rasmussen hold press meeting in Copenhagen, 12:45 p.m. * Danish government introduces Global Green Growth forum initiative. Executives from Novozymes (NZYMB DC), Siemens (SIE GY), Vestas (VWS DC) to attend, from 2:45 p.m. in Copenhagen. * Swedish prime minister’s questions hour in parliament at 2 p.m.
ECONOMY: * Iceland publishes April unemployment rate, 2 p.m. * Iceland publishes April international reserves, 6 p.m. * Norway Deposit Rate - 2 p.m., est. 2.25% * International Social Democratic Summit, May 12-13, Oslo * Bank of Finland press briefing in Helsinki, 10 a.m. * Swedish April CPI Inflation at 9:30 a.m. * Riksbank Governor Stefan Ingves will hold the speech “Flexible inflation targeting in practice and theory” at the Swedish Economics Association. The speech will be published at 3:00 p.m.
BONDS: * Iceland sells 91-day and 183-day bills, 1:45 p.m.
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