NORDIC DAYBOOK: Danish Central Bank Warns Against Stimulus
Danish central bank Governor Nils Bernstein said the Nordic nation’s economy will rebound and warned against resorting to fiscal stimulus in the current market climate.
WHAT TO WATCH: * Sweden’s government presents its budget for 2012 after scrapping plans to cut incomes taxes amid a worsening of the country’s economic outlook.
BOND MARKET: * Danish central bank sells 2%, 2014 and 3% 2021 bonds, 10:15 a.m.
COMPANIES: * Saab (SAABB SS) hosts Capital Markets Day in Karlskoga, 9:15 a.m. *FLSmidth (FLS DC), GN (GN DC), Jyske Bank (JYSK DC) Novozymes (NZYMB DC), Pandora (PNDORA DC), Vestas (VWS DC) present at the Danish Shareholders Association’s conference in Copenhagen. * Algeta (ALGETA NO) presents at UBS Global Life Sciences Conference in New York, 4:30 p.m.
ECONOMY: * Sweden 2Q GDP (final), 9:30 a.m. * Riksbank minutes from rate meeting on Sept. 6, 9:30 a.m. * Denmark’s central bank publishes quarterly review, 7 a.m. * Finland August jobless rate, 8 a.m.
GOVERNMENT: * Sweden Budget Proposal release, 8 a.m. * Sweden’s Finance Minister Anders Borg’s press meeting on budget proposal, 9 a.m. * Swedish Parliament budget debate, 1 p.m. * Finnish parliament begins discussing expanded powers for the European Financial Stability Facility, 1 p.m. * Norway’s Minister of Petroleum and Energy Ola Borten Moe attends meeting of energy ministers in Wroclaw, Poland. * Nordic Council meets in Oslo. * Norway’s Defense Minister Grete Faremo meets Ukrainian Defense Minister Mikhail Yezhel in Oslo.
MARKETS: * The OMX Stockholm 30 Index dropped 3.4% to 895.42. * Nasdaq OMX Helsinki 25 Index fell 3.1% to 1885.21. * Oslo’s OBX Index retreated 2.3% to 332.9. * The Copenhagen 20 Index declined 1.9% to 340.98.
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