News archive

Towards normalisation of the monetary policy?

In August, the eyes of the market were on the signals from the annual symposium in Jackson Hole, where hints of a likely reduction in the US central bank’s asset purchases were expected.

Renewed COVID fears

Fears that the new Delta variant will delay the reopening affected the markets in July. Nonetheless, the stock exchanges continued to rise, apparently driven by falling long-term interest rates.

Fear of inflation is receding

Strong macro figures and a declining fear of inflation led to the markets rising again in June. US long-term interest rates also fell, but future developments depend on whether inflation takes hold.

The economy is opening up

The global reopening is running smoothly, and many countries are approaching herd immunity. That means more growth in the world’s economy, but rising inflation is creating uncertainty.

USA leads the reopening

Pent-up demand and a reopening that appears increasingly close are increasing inflationary expectations.

Reopening is coming steadily closer

The stock markets continued to rise in March, in line with a reopening of the economy appearing steadily more likely. Despite new lockdowns, the vaccination news is uplifting.

Rising interest rates affected the markets

Steadily increasing expectations of both inflation and growth led to a record-strong rise in the long-term interest rates in February. This also affected the stock market.

Is inflation lurking around the corner?

The Democratic Party's new majority stole the headlines in January and gives President Joe Biden more room to manoeuvre. The prospects of a steadily more expansive fiscal policy bring with them expectations of inflation.

Recovery after the pandemic

As a result of the pandemic and extensive lockdowns, global GDP fell by around 4 per cent in 2020. At the start of 2021, new vaccines are providing hope of an economic recovery.

Vaccine rally and new records

Phase 3-data from several vaccines showed that these were far more effective than expected, and this lifted the world's stock exchanges to new heights. Cyclical shares in particular rose due to the news.