Nordic markets started sharply higher but pared most of the gains as the day wore on. There was a lot of international business news for the markets to digest. The majority of the news was rather disappointing. IMF upped sank the growth forecast for 2011 while upping 2010. The organization sees increased risks for world economy and says that negative shocks can push the developed countries back into a recession in a hurry. IMF also urged China and other Asian nations to allow for currency appreciation. US Secretary of State Timothy Geithner was using much more harsh tone in blaming China’s currency handling. Many voices are talking ‘currency war’ in a race to devalue. US ADR jobless report was also negative. Fitch cut Ireland’s rating…
Whilst all of this and more is going on, the news from the companies have continued to be positive. The comments considering the happenings toward the end of Q3 and beyond will weigh in a lot as to where the markets are headed in the upcoming reporting period. Lundin Mining, A. P. Møller Mærsk and Boliden were the stars of the day, rising nicely on analysts’ upgrades.
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