The European currencies are currently getting the short stick in the game of who manages to devalue the currency the most in order to boost domestic exports. Bitter comments were coming out of Brazil suggesting such events just yesterday. The markets are betting that European countries have repaired their ship long enough to stay afloat and now it is time to address the issues elsewhere, in particular in USA. The fact that FED is stepping in on bad news does not hurt in the short term.
KappAhl posted a profit of 132 million Kronor after financial items in June-August. The result was considerably below consensus estimates and the company valuation came down by 6%. Wärtsilä gained a major order from Turkey and sees further significant potential in the region. Elisa advanced on the news that it is starting to sell iPhone. Thus far TeliaSonera has been offering the device exclusively in Finland, and only in combination with an operator contract, something Elisa will not duplicate. With another traditional family owner company about to exit the field, as Myllykoski appears to be headed to the demanding hands of UPM Kymmene, pulp and paper industry stocks regained their losses from last week.
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