Weekly bulletin 19 February 2024

The composition of the labour market has changed somewhat since 1991. Managers, specialists, professionally qualified staff and service and retail sector employees have grown in number while office workers, farmers and fishermen have grown fewer.

19 February 2024

The week ahead

On Tuesday, the Housing and Construction Authority (HMS) releases the housing price index for January. Síminn publishes results.
On Wednesday, the Central Bank of Iceland (CBI) releases the minutes of the Monetary Policy Committee’s last meeting. Iceland Seafood publishes results.
On Thursday, Brim publishes results
On Friday, Statistics Iceland releases trade in goods and services figures for the fourth quarter of 2023.

Image of the week

Alongside rising education levels in Iceland and increased labour force participation by women, the composition of the labour market has changed. In the period 1991 to date, managers, specialists, professionally qualified staff and service and retail sector employees have grown in number while office workers, farmers and fishermen have grown fewer. Tradespeople have also grown slightly fewer.

Highlights of the previous week

February price measurements for the Consumer Price Index were carried out last week. We expect the Index to rise by 0.89% between months and inflation to decrease from 6.7% to 6.1%. Inflation will continue to recede in coming months, down to around 5% in May, in our opinion.
Eik, Eimskip, Kvika Bank, Reginn and Reitir published results, Sýn published an earnings warning and Amaroq Minerals completed a stock offering.
Arion Bank, Íslandsbanki and Landsbankinn published annual and sustainability reports.
Municipality Credit Iceland auctioned bonds, Landsbankinn auctioned covered bonds and the City of Reykjavík auctioned bonds.
Economic Research published a new podcast to the Forum in which James Ashley, Head of International Market Strategy & Head of Strategic Advisory Solutions EMEA + Asia with Goldman Sachs, discusses the economic outlook (in English).

Statistics and market data

Weekly bulletin 19 February 2024 (PDF in Icelandic)

Disclaimer

This review and/or summary is marketing material intended for information purposes and not for business purposes. This marketing material does not contain investment advice or independent investment analysis. The legal provisions that apply to financial advice and financial analysis do not apply to this content, including the ban on transactions prior to publication.

Information about the prices of domestic shares, bonds and/or indices is source from Nasdaq Iceland - the Stock Exchange. Landsbankinn’s website contains further information under each individual equity, bond class or index. Information about the prices of non-domestic financial instruments, indices and/or funds are sourced from parties Landsbankinn considers reliable. Past returns are not an indication of future returns.

Information about the past returns of Landsbréf funds is based on information from Landsbréf. Detailed information about the historic performance of individual funds is available on Landsbankinn’s website, including on returns for the past 5 years. Information about the past performance of funds show nominal returns, unless otherwise stated. If results are based on foreign currencies, returns may increase or decrease as a result of currency fluctuations. Past returns are not necessarily an indication of future returns.

Securities transactions involve risk and readers are encouraged to familiarise themselves with the Risk Description for Trading in Financial Instruments and Landsbankinn’s Conflict of Interest Policy, available on Landsbankinn’s website. Landsbankinn is licensed to operate as a commercial bank in accordance with Act No. 161/2002, on Financial Undertakings, and is subject to supervision by the Financial Supervisory Authority of the Central Bank of Iceland (https://www.cb.is/financial-supervision/)

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