The stock market downturn in Stockholm is broad and more profound than on leading European stock exchanges.
Heavy industrial shares are sinking. Sandvik and Atlas Copco are falling 2.2 and 1.9 percent, respectively. Major banks are also being pressed, with Handelsbanken at minus 1.9.
The Dollar is Pressed
In the commodity market, the oil price is being pushed upwards since the TV channel CNN reported that intelligence sources in the USA have received information that Israel is preparing an attack on Iranian nuclear facilities. A futures contract for the delivery of so-called Brent oil – a benchmark on the oil market – is rising by 1.2 percent to 66.20 dollars per barrel.
The market is selling off American assets – since IMF chief Gita Gopinath warned about the USA's deficit and debt burden, which on Friday led the rating institute Moody's to lower the USA's credit rating.
Uncertainty surrounding the support for the Trump administration's economic policy among Republicans in Congress is contributing.
A dollar now costs 9.57 kronor, one of the lowest notations in over three years. The exchange rate can be compared to notations around 11.25 kronor in the days before Donald Trump's inauguration as the USA's president on January 20.
The interest rate on a 30-year American government bond is rising to 5.02 percent – the highest level since the autumn of 2023.
Bitcoin at a New High Level
The cryptocurrency bitcoin was during morning trading up at a new high level above 108,000 dollars, but the upswing was dampened and at lunchtime, one bitcoin costs approximately 106,500 dollars.
Wall Street closed on minus on Tuesday and appears to continue downwards on Wednesday, according to futures trading.
The Stockholm stock exchange rose 0.4 percent on Tuesday. With Wednesday's downturn, the OMXS index is at plus 1.0 percent since the turn of the year.
