Monthly Comments

During February, companies continued to report their fourth-quarter earnings. Results were mixed, with significant moves both up and down. As mentioned in last month’s commentary, companies within electrification, energy efficiency, and mining-related sectors generally delivered strong results. Concerns around AI and...

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 financial markets ended the year relatively stable, and a distinct Santa Claus rally failed to materialize. In the commodity markets, oil prices declined while metal prices continued to rise. From the United States, strong growth figures...

November was marked by increased volatility, with pronounced mid-month declines led by the US tech sector, followed by a strong recovery towards the end. In Sweden, inflation came in slightly higher than expected, while Q3 reports continued to surprise...

Corporate earnings were generally strong during the month, and investors once again chose to focus on profits rather than geopolitics. The major U.S. technology companies announced massive investments in AI, largely financed through internal cash flows. Some concern remains...

September was characterized by solid risk appetite as investors continued to add capital to the stock market, leading to new record highs in U.S. indices, with the tech sector remaining the main driver. Chinese technology companies also performed...

During August, market movements remained relatively modest despite increased geopolitical tensions. Trump made new tariff-related statements as well as other political remarks and measures, such as the dismissal of Fed board member...

During July, the financial markets mainly focused on the continued trade talks between the United States and the rest of the world, as well as the Q2 earnings reports. The U.S. and Europe finally agreed on a trade deal in which 15% tariffs are imposed on...

June was dominated by escalating geopolitical tensions in the Middle East after Israel bombed targets in Iran, which led to Iranian counterattacks and U.S. involvement when the United States bombed Iranian nuclear facilities. Despite the dramatic...