3.12.2010

Upward momentum continued in the Nordic markets despite a major negative surprise from non-farm payrolls in the United States. Bundesbank hiked its prognosis of Germany’s growth in 2010 and 2011. Reuters learned from the horse’s mouth that ECB has been buying PIIGS debt heavily recently. Brazil’s Central Bank raised the reserve ratio requirement. Russia’s overflight fees are also about to come to an end after Russia joins WTO. Previously the overflight fees had been scheduled to be abolished by 2014. The fees are a major cost for Nordic airliners flying to Asia. Russia also won the right to host 2018 World Cup.

According to WikiLeaks released report dug up by newspaper Aftonbladet, USA and Norway conned Sweden a little more than two years ago when Norway was deciding on a fighter jet purchase. The claim is that Norwegian officials were privately hinting the US side, that they will emerge with the order for sure. Additionally there are hints that the Americans were deliberately slow with a radar delivery to Swedish Saab Jas Gripen fighter jets, which put them at a further disadvantage. In the end of course Lockheed Martin's F-35 Lightning was selected. The apparent confidence from Swedish side did seem some sort of a show in retrospect, for the general feeling on the ground certainly did seem to be negative toward Jas Gripen getting the nod.

Chinese Foreign Ministry spokeswoman Jiang Yu chose to give an input to local media concerning bilateral ties in between China and Norway saying that it will be ok for Chinese entities to not to go forward with normal bilateral exchanges and cooperation with Norway. These last few days the issue has been much more on the table in Chinese media as the Nobel Prize awards ceremony draws closer.

Speculation that Nokia will issue a positive profit warning is increasing. The basis for it is that not only is N8 selling alright but the C-series seems to be doing alright as well. Twitter rumours of Meego-based products from Nokia being shown in Intel press conference in Moscow yesterday have also hit the news. Nokia was up more than 2% for the day.

GN Store Nord will have to wait longer still to get paid 2.1 billion DKK by TPSA as the latter has filed a complaint about the arbitration process handled by the Arbitration Tribunal in Vienna. GN Store Nord retreated 4.4% in today’s trading.

Parken Sport & Entertainment seems to have attracted interest from several parties and was up considerably today. Just yesterday there was speculation that Abramovich family is interested. Westend ICT is now Innofactor as the two companies merge. Previously not listed Innofactor certainly has a better reputation of the two.

Q-Med AB’s and Oceana Therapeutics a PMA application for Solesta® for the treatment of fecal (bowel) incontinence in the United States was backed by FDA Advisory Panel 5-0 with one member abstaining. Q-Med gained 3% for the day after opening up much higher.