The Stockholm Stock Exchange saw red after jobs figures in the US

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The Stockholm Stock Exchange saw red after jobs figures in the US
Photo: Fredrik Sandberg/TT

The Stockholm Stock Exchange fell from a slight plus to minus after unexpectedly weak jobs figures for November in the US. At the close, Stockholm's broad OMXS index had fallen 0.3 percent on Wednesday.

Of the most traded stocks on the OMXS30 list, Swedbank and game developer Evolution fell the most, falling by -1.3 and 1.2 percent, respectively.

At the same time, mining group Boliden rose 1.9 percent in the wake of a record high world market price for copper.

Forestry company SCA climbed 1.2 percent.

Car manufacturer Volvo Cars fell 3.9 percent after reporting November sales, which fell 10 percent compared to November last year.

The stock market was slightly up until the afternoon, but it turned red after an unexpectedly weak November jobs figure was released from payrolls administrator ADP – with a loss of 32,000 jobs in the private sector during the month. This is the worst figure since the beginning of 2023, according to the Bloomberg news agency.

The dollar is falling against the krona, to 9.38 kronor. The figures are also pushing down long-term interest rates in the bond market – and strengthening expectations that the US Federal Reserve (Fed) will lower its key interest rate next week.

At the close in Stockholm, the major stock exchanges in Frankfurt and London were slightly down, while Paris had risen slightly.

With Wednesday's fall, the Stockholm Stock Exchange has risen 6.2 percent so far this year.

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

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