Economy

 

King Carl Gustaf and Queen Silvia Jonas Ekströmer/TT 

 

The King's Jubilee Celebration  

The king's stock market outcome "so-so": "But we survive"  

 

The same morning that King Carl XVI Gustaf appeared for a recent interview with Dagens Industri, he went through his personal finances. 

 

- We all know how things go on the stock market, and the outcome was probably like that. But we survive, the king tells the newspaper.  

 

The Swedish royal family manages approximately 100 million kroner via its stock holdings Gluonen and Galleriafonden. Among the largest holdings are Investor, Volvo and Atlas Copco.  

 

The king also owns shares worth SEK 15 million in Arlandastad via the company Bensor, according to DI. 

 

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Today's stock market  

The Stockholm stock exchange falls before the US inflation figure  

 

The Stockholm Stock Exchange started the day in the red and shortly after 12 o'clock the decline increased:   

• OMXSPI: −1.1%  

• OMXS30: −1.1%  

 

Today's big event is the US inflation figure that comes in the afternoon Swedish time. The figures are expected to show continued falling core inflation, while the headline figure is expected to increase for the second month in a row.  

 

The market is pricing in a pause in the Fed's rate hikes, but there is some concern that this afternoon's numbers could put an end to that.  

 

Synact Pharma crashed 87 percent last week on a failed study. Now the company has unearthed glimmers of light in the numbers and the share is soaring 70 percent. 

 

R2 Capital, which is the largest shareholder in NCAB, has sold its entire holding in the printed circuit board manufacturer, corresponding to 11 percent of the capital. The stock retreats 4.5 percent.  

 

Checkin and IntrumCheckin and Intrum have come up with new financial targets. Checkin retreats around 5 percent and Intrum plummets by double digits.  

 

The New York stock exchanges yesterday  

S&P 500: -0.6%  

Dow Jones: -0.1%  

Nasdaq: -1.0%

 

Björn Larsson Ask/SvD/TT  

 

The development of the Swedish krona  

Economist: Sweden's "bad reputation" blocks the crown's fall  

 

The Riksbank's way of dismissing the weak krone exchange rate of recent years has given Sweden the stamp of a country that does not defend its exchange rate. That's what Klas Eklund, senior economist at Mannheimer and Swartling, tells GP. 

 

- Sweden has gotten a bit of a... bad reputation, Eklund tells the newspaper and points out, among other things, the real estate crisis, weak GDP development and the NATO application as important factors.  

 

At the same time, it is not even obvious that the Riksbank should defend the krona, he believes. This is because the central bank must now defend the inflation target and not the krone exchange rate.  

 

Ursula von der Leyen, BYD car/Archive image TT  

 

The development of electric cars  

EU reviews Chinese support for electric cars: "Keeps prices down artificially"  

 

The EU is launching an investigation into China's state support for electric cars because it is worried about the European industry's ability to compete with the cheap vehicles. This is what Commission President Ursula von der Leyen says in her annual speech on the state of the Union.  

 

- Electric vehicles are essential for the clean economy, but global markets are flooded with cheap Chinese electric vehicles, whose prices are artificially kept down by government subsidies, she says. 

 

von der Leyen says that the EU will not accept that kind of "distortion" of the European market.  

 

Equality and wind power were other topics she raised in her speech.

 

 

Sadiq Asyraf / AP  

 

Economy 

Demand for the world's smelliest fruit is soaring  

 

Global demand for the "world's smelliest fruit", the durian, has increased by 400 percent this year. This is reported by CNBC with reference to a report from HSBC.  

 

According to the big bank, the rise has been driven by an increased appetite in China. In the past two years, China has imported durians worth SEK 67 billion, which corresponds to 91 percent of the world market. The boom is partly explained by the fact that the fruit has become a popular gift and a way for the giver to show off their wealth. 

 

- Perhaps one day it will become a tradition throughout the world to give one's potential mother-in-law a durian, says HSBC economist Aris Dacanay.