Home HomeSwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

American job statistics boosted the stock market

Friday's message from the USA that the country's economy appears to be stronger than feared boosted the Stockholm Stock Exchange. The broad OMXS index closed up 0.4 percent. Among the winners, Volvo Cars stood out.

» Updated: 04 October 2024, 17:38

» Published: 04 October 2024

American job statistics boosted the stock market
Photo: Fredrik Sandberg/TT

For most of the day, trading was fairly cautious, awaiting the American job statistics. At 2:30 pm, the bulls took over. The figures showed a significantly stronger labor market in the US, and thus a reduced risk of a harder landing for the economy. OMXS rose as much as 0.9 percent, but the increase slowed down before closing.

The winners on the heavy-weight list OMXS30 were primarily cyclical-sensitive industrial companies, with Electrolux and Volvo and SKF at the top, both up 2.8 percent.

Outside OMXS30, Volvo Cars rose 3.3 percent after Trade Minister Benjamin Dousa (M) told TT that Volvo may receive a special solution to circumvent EU tariffs on Chinese electric cars.

The oil price surged strongly on Thursday evening as speculation arose that Israel, with the US's blessing, may strike against Iranian oil facilities. The increase was halted on Friday, and a barrel of North Sea oil cost around 78 dollars at market close.

The krona weakened against both the dollar and the euro to 10.38 and 11.38 kronor, respectively.

Leading indexes on the Frankfurt, London, and Paris stock exchanges rose. The French CAC index performed the best, up around 1 percent.

The Stockholm stock exchange has risen 11.3 percent since the turn of the year, but during the past week, OMXS fell 1.4 percent.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

The Government Seeks Support for Those Affected by Northvolt
1 MIN READ

The Government Seeks Support for Those Affected by Northvolt

The regional tax will be raised next year
1 MIN READ

The regional tax will be raised next year

Astra Zeneca's China Chief Arrested by Police
1 MIN READ

Astra Zeneca's China Chief Arrested by Police

More rate cuts - but risk of turmoil with Trump
2 MIN READ

More rate cuts - but risk of turmoil with Trump

Svantesson: Trump's policy may increase inflation
2 MIN READ

Svantesson: Trump's policy may increase inflation

Major Banks Lower Mortgage Rates
1 MIN READ

Major Banks Lower Mortgage Rates

Central Bank Economist: Central Bank Cuts Interest Rate Too Late
2 MIN READ

Central Bank Economist: Central Bank Cuts Interest Rate Too Late

How You Are Affected by Lowered Interest Rates
2 MIN READ

How You Are Affected by Lowered Interest Rates

Thedéen expects turmoil after Trump's victory
2 MIN READ

Thedéen expects turmoil after Trump's victory

Inflation upswing does not threaten interest rate cuts
3 MIN READ

Inflation upswing does not threaten interest rate cuts

Stockholm Stock Exchange rises after interest rate cut
1 MIN READ

Stockholm Stock Exchange rises after interest rate cut

Most up on Asian stock exchanges
1 MIN READ

Most up on Asian stock exchanges

This is how your wallet can be affected by Trump's victory
2 MIN READ

This is how your wallet can be affected by Trump's victory

Cheerful on Wall Street after Trump win
1 MIN READ

Cheerful on Wall Street after Trump win

Thousand-kronor notes to be picked up when the Central Bank increases the pace
3 MIN READ

Thousand-kronor notes to be picked up when the Central Bank increases the pace

Swish up and running again after disruption
1 MIN READ

Swish up and running again after disruption

Trump's company is soaring on the stock exchange
1 MIN READ

Trump's company is soaring on the stock exchange

Swedish Export Threatened by Trump Victory
2 MIN READ

Swedish Export Threatened by Trump Victory

Sameby's appeal against mining company rejected
1 MIN READ

Sameby's appeal against mining company rejected

Inflation Expectations Fall
1 MIN READ

Inflation Expectations Fall