Ericsson weighed down the falling stock market

The Stockholm stock exchange continued to fall on Monday in an international wave of interest rate anxiety following the strong employment figures from the USA last week. Among the heavyweights, Ericsson was a drag. The broad OMXS index closed at minus 0.7 percent.

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Ericsson weighed down the falling stock market
Photo: Anders Wiklund/TT

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Among the most traded stocks in the OMXS30 index, telecom equipment manufacturer Ericsson fell by 3.2 percent and investment company Kinnevik by 1.5 percent.

E-commerce company Boozt dropped 3.5 percent after announcing significant personnel reductions during the first quarter.

Leading European stock exchanges also fell, as did Asian stock exchanges during the night.

The unexpectedly strong labor market statistics from the USA on Friday have led the market to adjust its expectations of the US Federal Reserve's interest rate cuts going forward, which is pushing up market interest rates and reducing risk appetite.

The crude oil price rose further after Friday's sharp increase of over 4 percent. The price increase is a reaction to new US sanctions against the Russian oil industry. A futures contract for delivery of so-called Brent oil next month cost around 81 dollars per barrel on Monday afternoon - the highest price since last July.

The Swedish krona, along with the British pound, was affected by turbulence on the currency market. One dollar cost 11.28 kronor and one euro 11.52 kronor at the close of the stock exchange.

With Monday's decline, the Stockholm Stock Exchange's OMX index has fallen by 0.3 percent since the turn of the year.

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

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