Stock Market Edges Up Despite New Trump Tariffs

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Stock Market Edges Up Despite New Trump Tariffs
Photo: Claudio Bresciani/TT

Despite new tariff threats from President Donald Trump – mainly against pharmaceutical manufacturers – the Stockholm stock exchange starts the week's last trading day slightly up. The OMXS index has risen 0,3 percent after five minutes of trading. The trend is the same on leading European stock exchanges.

Pharmaceutical manufacturer Astra Zeneca is following competitors downwards after Trump's tariff gamble and falls 1.2 percent.

Another major loser is telecom equipment manufacturer Ericsson, down 2.1 percent.

Meanwhile, truck manufacturer AB Volvo is moving upwards with an increase of 2.3.

Specialist bank Noba has, ahead of the company's first trading day on the Stockholm Stock Exchange on Friday, announced that the share has been oversubscribed several times, at the subscription price of 70 kronor per share. In the initial trading, the price of Noba's share rises to just over 86 kronor.

President Donald Trump has declared during the night on the social network Truth Social that from October 1, there will be 100 percent tariffs on prescription and trademark-protected medicines imported to the USA, unless the manufacturer builds a factory in the USA. The message pushed down shares in the pharmaceutical sector on Asian exchanges during the night's trading.

Heavy trucks, stopped furniture and cabinets will also get new tariffs, according to Trump, who refers to the fact that the large import of these goods constitutes a threat to the USA's security.

The Stockholm Stock Exchange's OMXS index fell 0.9 percent on Thursday and is up 2.2 percent since the turn of the year with Friday's increase.

The krona has lost a few öre against the dollar during the past 24 hours, but is stable against the euro. One dollar costs 9.45 kronor and one euro 11.03 kronor.

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

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