Monthly Comments

The main event of the month was the U.S. presidential election. The market had partially priced in a Trump victory, and when the election results were confirmed, U.S. stock markets surged sharply. In contrast, Europe...

The major stock markets mostly moved sideways for the majority of the month, with the U.S. staying slightly above the break-even point while Sweden and Europe were somewhat below. However, during the last trading days...

September started off weak with falling stock prices and increased volatility. Concerns over a weaker economy, interest rate cuts that may come too late, and doubts about whether the tech giants’ massive investments in AI will bear fruit contributed to the negative sentiment. However, the market...

August began with significant drops in global financial markets and falling interest rates. Weak U.S. industrial and employment figures increased the risk of a global economic downturn and a looming recession. An interest rate hike from Japan's central bank also contributed by strengthening...

July was primarily characterised by the second-quarter reports. In summary, companies delivered adequate results with good profits but somewhat sluggish order intake. Among individual companies, we saw some larger movements...

During the first summer month, the markets have developed somewhat differently: in the US, new highs have been reached, driven by the large tech companies, while Sweden has seen a negative trend. The market has...

In May, global stock markets rose on hopes of continued declining inflation, falling interest rates, and avoiding a deep and prolonged recession. Economic data, including GDP figures, confirmed the...

During the month of April, geopolitical tensions increased further with Iran's attack on targets in Israel. However, the attack was expected, and an escalation was avoided as both sides toned down the situation...

The strong development continued during the month of March as the world’s stock markets priced in future interest rate cuts and an economy heading for a soft landing. Inflation figures, which have slightly risen in the US, continued to fall in the Eurozone...

Please see our Annual Letter for 2023