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Dark Red on the Stockholm Stock Exchange in Global Stock Market Anxiety

Global stock market anxiety prevails, which is reflected on the Swedish market. The Stockholm Stock Exchange's broad OMXS index fell by more than 3 percent on Friday.

» Updated: 02 August 2024, 19:03

» Published: 02 August 2024

Dark Red on the Stockholm Stock Exchange in Global Stock Market Anxiety
Photo: Stina Stjernkvist/TT

Tokyo, the heavy European stock exchanges, and in the USA – everywhere it was red on Friday.

Red was also the dominant color on the Stockholm stock exchange's last day of the week.

Investor and SEB were among the biggest losers on the OMXS30 list. The shares fell by around 5 percent.

Industrial companies such as ABB, Atlas Copco, Alfa Laval, and Nibe also lost heavily.

Deep valleys

Among the few companies that ended on green were Tele2, Essity, and Telia.

The day began with deep valleys on the leading stock exchanges in Asia. In Tokyo, the Nikkei index fell 5.8 percent, and the broader Topix fell 6.1 percent, the largest drop since 2016, according to Bloomberg.

The concern is rooted in the fact that the yen has strengthened after the Japanese central bank raised the country's low interest rate earlier in the week. Investors now fear further rate hikes ahead.

In London, Paris, and Frankfurt, the stock exchanges had fallen by 1.4, 1.9, and 2.5 percent, respectively, by 17:30.

Red in the USA

And in the USA, it was even redder. The S&P 500 was down 2.4 percent after a couple of hours of trading. The industrially heavy Dow Jones had fallen 2.3 percent, and the Nasdaq composite index had fallen 2.6 percent.

The USA is contributing strongly to the globally bad stock market mood with question marks surrounding the economy.

New American data shows rising unemployment, fewer new jobs, and an unexpected slowdown in the manufacturing industry. The labor market situation is a key indicator for the US Federal Reserve's assessments of interest rates.

The Fed is now clearly leaning towards a first interest rate cut in September. But there is a growing concern among investors that the Fed has waited too long to lift its foot off the brake.

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By TTThis article has been altered and translated by Sweden Herald

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