During July, focus has mainly been on companies’ reports for the second quarter. Generally speaking, the reports have been good. The Swedish banking sector showed both good profitability and low credit losses. Industrial companies, particularly those within energy saving and electrification, also reported strong figures. At the same time, expectations have been high and negative figures have led to significant price reactions. Both the ECB and the Fed raised their respective key interest rates during the month, which was also expected. Future behaviour will be determined by incoming data. In Sweden, the SEK remains weak and inflation is at a level above what the Riksbank wants. At the same time, Swedish GDP is falling and bankruptcies are increasing, making the Riksbank’s path forward difficult.