Today’s Market Movements
Denmark: OMX:C25 (-0.19%) ; Sweden: OMX:S30 (+0.09%) ; Norway: OBX:OSL (-0.41%) ; S&P 500 (-0.06%) ; Nasdaq (+0.03%)
Markets today
Markets today extended the week’s negative momentum. In Europe, the winter spike in Covid-19 remains the primary theme. The EU said it would wait on vaccine efficacy data before updating its travel guidelines. Energy prices continue to weigh on European markets; coal prices have hit new highs as a result. The next German chancellor was finally announced in Olaf Scholz after his party, the Social Democrats, reached a coalition agreement with the Greens and Liberals. The agreement is the result of nearly two months of negotiations.
US markets opened lower today in their final trading day of the week as markets close Thursday and Friday for Thanksgiving celebrations. Tech stocks led markets lower as jobless and inflation data suggests the economy may be overheating. New jobless claims dropped to their lowest level since 1969, coming in at 199,000 initial jobless claims. Additionally, a favoured measure of inflation by the Fed, The commerce department’s core personal consumption expenditure index, which doesn’t include food and energy costs, rose 4.1% in October. The increase represents the largest yoy gain since 1991. Markets assume the Fed will soon take a more hawkish approach to inflation. Tech stocks, whose valuation depends on future growth, are negatively impacted by higher interest rates.
Today’s snacks
Aquaporin A/S this afternoon announced its trading statement for Q3 2021. The company downgraded its guidance, reporting that whilst market activity is good, orders appear to be waiting. The company now guides revenue at DKK 6-10m, down from DKK 15-20m. EBITDA and EBIT guidance are maintained at DKK -70-80m and DKK -90-100m. The company says ongoing discussions with customers are positioning for strong order uptake in Q4. The company also announced a repositioning with COO Matt Boczkowski being promoted to CEO; company founder and current CEO Peter Holme Jensen will take position as Chief Innovation Officer.
The Nordic benchmark, the VINX Benchmark (VINXB), which is run by Nasdaq and composes a selection of the largest and most traded stocks in the Nordics, was composed for the next period today. The reshuffle caused increased volatility in the incoming and outgoing stocks today.
Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement.
#DigitalIR#DemocraticIR#SustainableIR#markets#LateSnack
Author: Philip Coombes
