Stockholm Stock Exchange rises – hopes for lower US interest rates

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Stockholm Stock Exchange rises – hopes for lower US interest rates
Photo: Fredrik Sandberg/TT

The Stockholm Stock Exchange rode a wave of stock market gains around the world. The appetite for stocks is increasing as more and more people expect an interest rate cut in the US next week. Stockholm's broad OMXS index rose 1.4 percent on Thursday.

Among the most traded stocks on the OMXS30 index are several engineering giants – such as Atlas Copco, whose stock rose 3.4 percent after a higher recommendation from Barclays.

The major banks went against the grain after an analysis by investment bank Goldman Sachs. Handelsbanken fell 1 percent while Nordea and Swedbank fell 0.3 percent and 0.2 percent, respectively.

The Wallenberg sphere's SEB closed unchanged.

White goods manufacturer Electrolux also performed well, with its shares rising 4.8 percent after presenting an updated strategy and confirming financial targets on a capital markets day.

An unexpectedly weak November jobs report from payrolls provider ADP in the US on Wednesday has the market positioning itself for a rate cut by the US Federal Reserve on Wednesday. This has raised risk appetite in many quarters – increasing the appetite for stocks.

At the close in Stockholm, the major European stock exchanges in Frankfurt, London and Paris were all in the red.

The rise in Stockholm follows three consecutive trading days in the red.

With Thursday's rise, the stock market has risen 7.6 percent since the turn of the year.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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