Nordic markets were slightly lower for the second day in a row. Cisco’s CEO’s pessimistic views caused a sell-off in after hours in the US yesterday. This carried over somewhat today but the effect was mainly limited to Nasdaq. The CPI numbers coming out of China were considerably above central government’s target rate of 3%. If the officials in China say something is above target levels, a reaction will undoubtedly follow. Moody’s raised China’s debt outlook and many raw materials are at historic highs as a result. Reuters is reporting that financial services firm Dubai Group has missed payments on two different loans in past couple of weeks. G20 meeting is now ongoing in Seoul and it still appears some kind of a watered down joint statement will be the end "result".
Jewellery maker Pandora reported massive revenue and profit growth in Q3. The company entered Copenhagen exchange through an IPO in October. It has been successful in launching to new markets. The company aims to build a global brand and after having had a quick start in Italy and Russia for example, the company plans to open up stores in China and Japan among others very soon. The group’s full year 2010 guidance is DKK 6.2 billion revenue and DKK 2.5 billion EBITDA. Today the company topped volume list in Denmark as JP Morgan, Goldman Sachs, Morgan Stanley and Carnegie among others bought heavily into the firm. The stock price rose nearly 9% in the process.
HK Scan received the nod it needed from competition authorities to be able to finalize the acquisition of Rose Poultry. Norske Hydro pulled Oslo exchange to the plus. There are rumours in Sweden that the government will be selling a sizable chunk of its Nordea holdings in the very near future. Biophausia followed yesterday’s gain with another 15% upswing.
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