May 29, 2022

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Heavyweight companies raised the Oslo Stock Exchange significantly - the main index rose by 2.8 percent

Heavyweight companies raised the Oslo Stock Exchange significantly – the main index rose by 2.8 percent

The sharp drop in oil prices weighed on the Oslo Stock Exchange on Tuesday. The main index fell mostly 2.2 percent and ended its decline 1.6 percent.

Wednesday, however, looked brighter, and the rally held more than 2 percent on the day.

The main index eventually rose 2.8 percent, buoyed by the rise of the 25 largest companies in Borsen. The biggest rise was in Adevinta, which rose 14.4 percent. Other than that, Schibsted stock is up 8.6 percent, Storebrand is up 6.2 percent, and Neil is up nearly six percent.

The stock’s largest company, Equinor, was the day’s most heavily traded, rising 0.7 percent, followed by Hydro, which rose 4.4 percent.

Fed rate meeting

On Wall Street it was sharp rise The day before what many have been waiting for: the US Federal Reserve (Fed) will announce its interest rate decision, as it is expected to raise the key interest rate by 0.25 percentage point – the first rate increase since the start of the corona pandemic.

More tension, however, is linked to signals about a further interest rate path, as the market is now pricing in a total of seven Fed rate increases this year.

Moreover, investors will be watching what the central bank says about very high inflation and cut support purchases that have helped lift stocks and other securities through the Corona pandemic.

Olaf Chen, Head of Global Pricing and Concern at Storebrand Asset Management, You think the market will follow that closely On how the Federal Reserve assessed the war and its impact on rising commodity prices.

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He sees signs that the highest inflation rate in the US in more than 40 years could become more problematic.

– We see trends of deglobalization. There will be a growing decoupling between the United States and China, which will mean reduced global trade and increased costs. And if you really want to draw the devil on the wall, a green shift will also be able to push inflationary pressures higher. Chen says it has the potential to significantly increase cost requirements for investments.

Hong Kong recovery

In Hong Kong, there is one Strong return for the Hang Seng IndexWhich rose 9 percent on Wednesday after falling 24 percent in one month.

Hong Kong’s stock market has been burdened with a growing set of domestic cases of infection and uncertainty over authorities’ regulation of tech companies in particular. Beijing now says it will keep markets stable after two days of sharp declines.

For other Asian stock markets, the development is mixed.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.