Morning Comment Norway-06/11/2026

Research evidence excerpt

Morning Comment Norway-06/11/2026

Morning Comment Norway

11 JUN 2026

Foreign markets S&P 500 intraday

7,420

• US – US indices closed lower yesterday, although futures are trading higher

7,400

this morning. US core inflation came in slightly below expectations in May,

rising 0.2% m/m versus the Dow Jones consensus estimate of 0.3%, while 7,380

core CPI increased 2.9% y/y. Oracle fell around 10% in after-hours trading 7,360

despite beating expectations, as unchanged revenue guidance, slightly 7,340

weaker cloud revenue and plans to raise an additional USD 20bn to fund its 7,320

AI expansion weighed on sentiment. Meanwhile, major US freight carriers 7,300

declined after Amazon announced it is opening its trucking services to third- 7,280

party customers, increasing competitive pressure in the logistics market.

7,260

• Asia – Asian markets traded lower overnight, although Japan's Nikkei 16:00 17:00 18:00 19:00 20:00 21:00

outperformed regional peers. In Japan, the Ministry of Finance's Business

Survey Index (BSI) showed sentiment among large manufacturers turning US and Asia indices (at time of publication)

negative for the first time in a year, albeit partly due to seasonal effects. In 0.00%

South Korea, the labour market weakened as employment declined for the

first time in 17 months while the unemployment rate edged higher. -0.50% -0.24%

-0.43%

• Oil prices – Brent crude currently trades at USD 93.8/bbl, up USD 0.9/bbl -1.00%

from the Oslo close yesterday.

-1.14%

-1.50%

Today’s research focus -1.62%

• NHY – Continued inventory draws from already thin levels have left spot -2.00% -1.87% -1.98%

prices and premiums surging, with even the ongoing breach of the Chinese

production cap insufficient to prevent a ~2mt deficit in 2026.