Monthly Comment – January 2026
The year began with relatively strong macroeconomic data and continued high geopolitical uncertainty. Economic indicators surprised on the upside, and inflation in Europe continued to ease, but an intense news flow with Donald Trump at the center contributed to volatile markets. For Swedish investors, returns were more subdued as the krona strengthened further against both the euro and the dollar. The EU and India signed a trade agreement, which could have positive effects for European industry, already benefiting from increased investment in infrastructure, defense, and energy supply. Companies within electrification, the energy transition, and mining also stood out positively among reporting firms. Gold and silver reached new record highs but fell back sharply toward the end of the month. The Fed and the Riksbank left policy rates unchanged but emphasized increased uncertainty surrounding growth and inflation. Overall, the period was characterized by a resilient economy combined with elevated political risk, resulting in a cautious yet volatile market environment.