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.

» Published: October 04 2024

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

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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.

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

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