Halister News

(Bloomberg) -- Predict the Swedish National Debt Office (NDO) will lower its central government borrowing forecast by almost SEK40b for 2016 and 2017 as public finances have remained stronger than expected, SEB’s Olle Holmgren writes in note.

• Overall tax revenues in 2016 have been SEK21b higher vs the NDO’s Feb. forecast; NDO probably also underestimates GDP growth and overestimates immigration costs for 2016
• Believe the NDO will go further than normal to protect liquidity in nominal government bond issuance and instead decrease financing through T-bills
• Still sees a high risk that bi-weekly nominal bond auction volumes may be reduced to SEK3.5b from SEK4.0b
• NOTE: Swedish National Debt Office presents new borrowing forecast on June 15

(Bloomberg) -- Wholesale inventories seen rising 0.1% in April after increasing 0.1% in March (forecast range -0.1% to +0.3%); wholesale inventories account for ~30% of total business inventories

--JOSHUA FINEMAN

--JOSHUA FINEMAN

--CARLOS TORRES