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Inflation report from the USA boosts the stock market

An unexpectedly positive inflation report from the USA caused the Stockholm Stock Exchange to rise on Thursday. The broad OMXS index closed at plus 1.1 percent.

» Updated: 16 July 2024, 14:12

» Published: 11 July 2024

Inflation report from the USA boosts the stock market
Photo: Anders Wiklund/TT

An unexpectedly positive inflation report from the USA caused the Stockholm Stock Exchange to rise on Thursday. The broad OMXS index closed at plus 1.1 percent.

New figures showed that American inflation fell to 3.0 percent in June, compared to 3.3 percent in May. And the rise in Stockholm was broad: 28 of 30 shares in the OMXS30 index rose. The real estate company SBB and the appliance giant Electrolux performed the best, increasing by 6.8 and 3.8 percent, respectively.

The only company that fell was the forestry company SCA, which lost 1.3 percent. The telecom equipment manufacturer Ericsson's share closed unchanged.

In the morning, the Norwegian major bank DNB reported new quarterly figures, showing an unexpectedly large profit increase. Next week, it's time for DNB's Swedish competitors – who also did well on Thursday. SEB and Swedbank rose by 2.7 and 2.0 percent, respectively.

Outside the large-cap list, the pressured credit management company Intrum rose 6.1 percent after the company announced that it had entered into a binding agreement with lenders.

The krona strengthened slightly against both the dollar and the euro. One euro cost 11.39 kronor and one dollar cost 10.49 kronor at the close of the exchange.

The cryptocurrency bitcoin has recovered somewhat after last week's fall, when it was at its lowest rate against the dollar since February. On Thursday, bitcoin rose to around 57,600 dollars.

Indices on leading European stock exchanges also rose, although slightly less than in Stockholm.

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By TTThis article has been altered and translated by Sweden Herald

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