By Sven Grundberg

 
TODAY'S CALENDAR - All times GMT 
Nordic Macro 
 
0600 Finland Monthly Unemployment 
0730 Sweden 2Q Industry Capacity 
0800 Norway 2Q GDP 
 
Other Macro 
 
0600 Germany PPI 
1230 US Chicago Fed Index 
 
Nordic Equities 
0500 Peab Earnings 
0700 Dong Energy Earnings 
1000 Topdanmark Earnings 
NA   Grieg Seafood Earnings 
NA   Investment Latour Earnings 
 
Other Equities 
 
NA   BHP Billiton Earnings 
     Glencore Xstrata Earnings 
     Wienerberger Earnings 
 
IN FOCUS:

Norway's second quarter economic output figure, due at 0800 GMT, takes center stage on Tuesday as investors look ahead to the upcoming Norwegian rate call on Sept. 19.

Economists polled by Dow Jones expect Norway's mainland economy to have grown 0.6% in the second quarter, compared with a 0.7% expansion in the first three months of the year. This view is largely in line with Norges Bank's 0.7% growth forecast in its latest monetary policy report.

"Any significant surprise could move expectations on how Norges Bank will act in September," analysts at Nordea said in a note.

Analysts at TD Securities added that if Norwegian industrial production data is any indication, one should expect another quarter of solid Norwegian economic growth in the second quarter. "The 2.7% quarter-on-quarter expansion in industrial production was one of the strongest quarters over the last two decades," it added.

Internationally, the U.S. Federal reserve remains in the spotlight, with the minutes from the central bank's latest policy-setting meeting due out Wednesday. Investors have been keeping a close eye on communications from the Fed, as they try to discern when the central bank will start to pare back on its aggressive easy-money policies.

Important data releases on Tuesday include Germany's July Producer Price Index, at 0600 GMT, and the U.S. Chicago Fed National Activity Index at 1230 GMT.

 
FOREX: 
EUR/NOK 
Latest 0150 GMT 7.8914-90 
Previous 2150 GMT 7.8884-963 
%Chg +0.04 
 
EUR/SEK 
Latest 0150 GMT 8.6796-862 
Previous 2150 GMT 8.6755-832 
%Chg +0.04 
 
USD/NOK 
Latest 0150 GMT 5.9176-232 
Previous 2150 GMT 5.9161-211 
%Chg +0.03 
 
USD/SEK 
Latest 0150 GMT 6.5088-136 
Previous 2150 GMT 6.5065-113 
%Chg +0.04 
 
NORDIC CURRENCIES:

Nordic currency investors will focus on the Norwegian second quarter economic output figure at 0800 GMT. Expectations are for Norway's mainland economy to have grown 0.6% in the second quarter, which is largely in line with Norges Bank's 0.7% growth forecast.

With some uncertainty regarding the plans of Norway's central bank, Norges Bank, at its upcoming rate meeting in September, the economic output figure will be carefully scrutinized. At the latest monetary policy meeting in June, central bank Governor Oystein Olsen flagged that Norway's key policy rate "will remain at the current level, or somewhat lower, in the year ahead."

"Growth is slowing in Norway and Norges Bank is likely to cut the interest rate in the fall. As a result we expect the NOK to be trading at weaker levels than what we have seen over the last year going forward," economists at DNB said in a note on Monday.

As far as the Swedish krona is concerned, economists at SEB Monday said an improving economic climate in the euro zone, as highlighted by last week's encouraging euro zone economic output data, should produce fair winds for the euro while lessening Sweden's appeal as a safe haven for currency investors.

"Although there are still several factors pointing to a continued strengthening of the krona, it still looks more likely that the EUR/SEK rate will pass 9 again before it dips below 8 any time in the future," the bank said.

 
STOCK INDEXES: 
 
OMXN40 1185.64   -2.15   -0.18% 
OMXS30 1250.84   -4.18   -0.33% 
OBX     463.51   +1.30   +0.28% 
OMXC20  570.37   +0.12   +0.02% 
OMXH25 2452.93   -2.97   -0.12% 
 
Brent  $109.75   -0.15   -0.1% 
 
NORDIC MARKETS:

The U.S. Federal reserve remains in the spotlight this week, with the minutes from the central bank's latest policy-setting meeting due out Wednesday.

Investors have been keeping a close eye on communications from the Fed, as they try to discern when the central bank will start to pare back on its aggressive easy-money policies.

While quarterly earnings have almost come to an end in the Nordics, some companies are left to report. On Tuesday, investors will be eyeing Swedish construction company Peab AB's (PEAB-B.SK) second quarter earnings at 0500 GMT, followed by that of Danish insurer Topdanmark A/S (TOP.KO), at 1000 GMT.

With an otherwise rather slim agenda on Tuesday, the U.S. Chicago Fed National Activity index, at 1230 GMT, will gain some attention, said Mattias Gredmark, an equity strategist at SEB.

ENERGY:

Crude prices were a touch lower, with investors watching for developments in the Middle East, the Wednesday release of Federal Reserve minutes and manufacturing data from China this week. "We are still viewing the $108.80 level as achievable, while we shift our focus to the October WTI [West Texas Intermediate] contract mid-week," trading oil advisory firm, Ritterbusch & Associates, said in a report. "Egypt obviously remains a key factor" for oil prices, said Andy Lebow, senior vice president of energy futures at Jefferies Bache LLC. Meanwhile, crude oil output in Libya has halved to about 600,000 barrels a day, following the blockade of ports by guards demanding better pay. September Nymex crude was at $107.05/bbl, down 5 cents, and October Brent crude was at $109.75/bbl, down 15 cents.

 
NEWS ROUNDUP:

SWEDEN's Prime Minister Fredrik Reinfeldt said over the weekend that he wants to introduce another round of income tax cuts when his government publishes its budget proposals next month. The plan to cut income taxes for a fifth time comes as the government faces increasing voter pressure to explain how it will deal with a slowing economy and rising unemployment.

SWEDEN: Atlas Copco AB (ATCO-A.SK), the Swedish industrial manufacturer, said Monday that it will acquire Edwards Group Ltd. (EVAC), a U.K. supplier of vacuum and abatement solutions, for SEK10.6 billion ($1.6 billion).

NORWAY: Statoil ASA (STO), the Norwegian oil and gas major, said it has sold minority stakes in some of its fields offshore Norway and West of Shetlands for $2.65 billion in cash to Austrian peer OMV AG (OMV.VI).

SWEDEN: MTG AB (MTG-B.SK), the Swedish broadcaster, said it has extended exclusive television broadcasting rights to England's Barclays Premier League in Estonia, Latvia and Lithuania on all platforms, from the start of the 2013/2014 season until the end of the 2015/2016 season.

DENMARK: Rockwool International A/S (ROCK-B.KO), the Danish marker of insulation materials, said it has acquired U.S. ceiling company Chicago Metallic Corporation for $140 million.

Write to Sven Grundberg at sven.grundberg@dowjones.com; Twitter: @svengrundberg

Johannes Ledel in Stockholm contributed to this report.