Another tumultuous week ended without as much as a whimper in the Nordic markets. The indexes closed pretty much flat all over the region.
Fun and games continue in the global currency market. China's central bank raised banks reserve ratio by 0.5 percent. This was the fifth such move this year, fresh on the heels of voices of worry over inflation in China. Chinese reports also said the move is directed to combat inevitable hot money inflows caused by the latest round of quantitative easing in the US. The FED chairman Ben Bernanke used more stern tone as well, directed against the Chinese RMB policy. Yesterday IMF had deemed Chinese Yuan not usable in SDR basket. The State Information Center of China believes that growth in China will slow down to 8.7% in Q4. European Union hit China with as high as 39.1% anti-dumping duties for fine-coated paper the other day. There are pulp & paper industry firms in the Nordic markets that have large presence in the Chinese market so it is a double edged sword. Stora Enso and UPM Kymmene declined to a comment inquiry from Bloomberg.
There is a lengthy article about Sweden based investment firm Cevian Capital, dealing particularly with the advantages it gets by being based and mostly active in the Nordic region. The article is available here.
Nokia was hit once again, this time the company said it has identified a manufacturing problem as the culprit for some flagship N8 smartphones switching off unexpectedly and refusing to turn on after recharging. The stock retreated 1.4%.
Alhstrom has concluded the internal inquiry mentioned in blog item 22.10.2010. The company said that external third party inquiry found No illegalities in relation to the actions of the company's representative regarding contacts with authorities in India.
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