Economy

ECB office in Frankfurt. Michael Probst / AP 

 

ECB vs inflation  

The ECB raises interest rates – signaling that the peak has been reached  

 

The ECB defies recession worries and raises interest rates by 0.25 percentage points. It is the European Central Bank's tenth increase in a row.  

 

The policy rate is adjusted up to 4.50 percent, which is the highest level in 22 years.The deposit rate is in turn raised to a record level of 4 percent. In both cases, unchanged policy rates were expected according to a Reuters survey, but there was great uncertainty ahead of the meeting. 

 

"Inflation continues to fall but is still expected to be too high for too long," writes the ECB in the decision.  

 

At the same time, the central bank signals that the increase may have been the last. According to the ECB, key interest rates have now reached levels that are expected to "provide a significant contribution to inflation returning to the target" of 2 percent.  

 

Governor of the Riksbank Erik Thedéen. Jessica Gow/TT  

 

Swedish inflation 

Analyst: The krone exchange rate paves the way for more interest rate hikes  

 

The market should expect two more interest rate increases from the Riksbank. This is what Handelsbanken's senior economist Johan Löf writes in a comment after this morning's figures which showed that inflation in August fell more than expected.  

 

Torbjörn Isaksson, chief analyst at Nordea, agrees. But he adds that the interest rate increases in the future are not for inflation, but that "the reason is the weak krona". 

 

Strategist Olle Holmgren and economist Marcus Widén at SEB note that falling food and energy prices are largely behind the fall, but that other price increases are taking hold. 

 

"We continue to see risks on the upside for the Riksbank's forecast," they write in a market letter.  

 

Swedbank also believes in another interest rate increase in November. In a customer letter from the economist Carl Nilsson, which Direkt has read, the bank writes "that the Riksbank remains hawkish".  

 

Magnus Hjalmarson Neideman / SvD / TT 

 

Details: Exchange employee suspected of insider trading 

  

An employee at the Stockholm Stock Exchange is suspected of insider trading. That is the reason behind the Ecocrime Authority's raid on Nasdaq's premises, according to information to DI. 

 

According to the newspaper's sources, a person is detained on suspicion of insider trading, but what position the person has on the stock exchange or the suspicions in general are unclear. 

 

EBM's press manager Niklas Ahlgren confirms that a search has been made at Nasdaq's premises, but gives no further comment. 

 

Nor does Stockholm Stock Exchange's Erik Gruvfors want to give more information than that they have been contacted by the police and are "cooperating with them", something he also informed Expressen.  

 

The raid, which Expressen first reported on, took place earlier this week.

 

Magnus Hjalmarson Neideman / SvD / TT Fredrik Sandberg / TT  

 

EBM raids Nasdaq - hunts for evidence in investigation of insider crimes in listed companies  

 

The Ecocrime Authority has raided Nasdaq's premises in search of information in an ongoing investigation into market abuse. This is reported by Expressen.  

 

District Attorney Pontus Hamilton confirms the information to the newspaper and says that it concerns an ongoing investigation into "crimes connected to listed companies. Including insider crime, unauthorized disclosure of insider information and market manipulation".  

 

The investigation does not concern Nasdaq Stockholm, but is aimed at trading that took place on the trading floor.