The stock markets generally ended the month of July with relatively large gains. Inflation figures remained high and both the US FED and the ECB raised their respective interest rates. However, the FED was somewhat dovish in its comments and the ECB launched TPI – Transmission Protection Instrument, which is supposed to counteract large interest rate differences between different EU countries. The reporting period for quarter 2 was relatively solid and the companies showed strong demand. For many Swedish companies, a weak SEK contributed positively.