OMX30 traded marginally down in November, while European and US stock markets rose slightly. Positive GDP figures from the US and third quarter numbers from Germany had a positive impact. The US-China trade talks continued during the month where markets are hoping to reach a Phase 1 agreement by December 15th.

In October, more signs emerged that indicate a weaker global economy. Even so, markets continued in a positive trend. The strong stock market performance can be partly explained by progress in the China-US trade talks, third quarter results that lived up to expectations and further monetary easing where the Fed lowered the interest rate for the third time this year.

Although several indicators suggest a global economic slowdown, stock markets held up well during September - some markets even reached All Time High including the SAX index in Stockholm as well as our fund.