Global Stock Markets Rise Slightly Ahead of Expected US Rate Cut

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Global Stock Markets Rise Slightly Ahead of Expected US Rate Cut
Photo: Claudio Bresciani/TT

A wave of stock market upswings swept over the world on Friday ahead of what is expected to become an interest rate cut in the USA next week. The Stockholm stock market's broad OMXS index, however, fell in the final trading and closed marginally up, plus 0.1 percent.

Among the most traded stocks in the OMXS30 index, the mining group Boliden rose by 1.6 percent and Epiroc, a manufacturer of mining equipment, by 1.2 percent.

But heavyweights such as the pharmaceutical company Astra Zeneca and the clothing giant H&M fell by 1.4 and 1.2 percent, respectively, which slowed down the increase.

Hawkish interest rate signals from the European Central Bank contributed to uncertainty, and both the Paris and Frankfurt stock exchanges closed near zero.

At the same time, expectations were strengthened that the US central bank, the Federal Reserve, will lower the interest rate next week due to Thursday's American inflation figures for August and unexpectedly weak weekly figures from the US labor market.

Wall Street ended Thursday's trading with a significant step up, and leading stock exchanges in Asia took over the baton during the night's trading and rose across the board.

The Stockholm stock exchange closed at a plus of 0.2 percent on Thursday and has, with Friday's increase, risen by 3.0 percent since the turn of the year. During the past week, the OMXS increased by 1.3 percent.

The krona lost a few öre against both the dollar and the euro but is still near its strongest position in three years against the dollar, which cost 9.34 kronor at the close of trading.

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By TTEnglish edition by Sweden Herald, adapted for local and international readers

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