The Stockholm Stock Exchange starts the week with declining prices, influenced by the recent summit between the US and Russian presidents. As anticipation builds for another meeting tonight, defense company Saab sees a rise, while other sectors face losses.
Stock Market Dips Ahead of Crucial Summit
Stock Market Dips Ahead of Crucial Summit
The Stockholm Stock Exchange begins the week's trading with falling prices. The outcome of Friday's summit between the US and Russian presidents regarding the Ukraine war left little impact on financial markets. However, another meeting is expected tonight.
By 3 PM, the broad OMXS index had dropped 0.4 percent after rising 0.6 percent last week. Among the stocks going against the trend is defense company Saab, up 4 percent, possibly due to media reports that Canada might be interested in purchasing the Gripen fighter jet.
Among the losers are heat pump company Nibe and mining company Boliden, down 3.4 and 2.8 percent, respectively. Major bank stocks are all down between 1-1.5 percent.
During the overnight Asian trading, most leading indices rose. In Tokyo, the Nikkei index closed up 0.8 percent, marking a new record high.
Summit Tonight
Tonight, Swedish time, the next summit is set to potentially halt Russia's aggressive war. Ukraine's President Volodymyr Zelensky and several Western European leaders will meet with the US President as a follow-up to Friday's meeting—an event that could impact global stock markets.
In the US pre-market trading on Wall Street, indices initially pointed to slight gains, but futures then turned slightly down.