In this report, you will find SEB’s current market view – from the overarching macroeconomic factors to our assessment of the equity and fixed income markets.
Our experts, Carl Hammer and Fredrik Öberg, summarise the key insights from our latest report.
Conditions for equities have continued to improve. Second-quarter earnings season was exceptionally strong, with earnings growth exceeding expectations across a broad range of sectors and increasingly extending beyond the AI theme.
Second-quarter earnings reports were encouraging, with earnings forecasts revised further upwards in recent months. The reporting season delivered more positive than negative revisions and a long-awaited turnaround in earnings revisions for Swedish small caps.
Following the summer rise in yields, German government bond yields are once again close to their highs for the year, while Swedish yields are not far behind and US long-term yields are well above the levels seen when the conflict in Iran escalated in March. The conflict continues to influence markets, but the rise in yields has become broader and increasingly driven by fundamental factors.
Despite the Nordics’ relatively limited exposure to the technology sector in general, and the booming semiconductor industry in particular, many listed companies are reporting impressive growth driven by sales to data centres.
Strong growth and record-high AI investment have characterised the US economy, while the labour market has lost momentum. In our view, this primarily reflects a divided economy rather than AI-driven displacement of labour.
Lower launch costs are making it possible to build communications networks, data centres and other infrastructure in space, paving the way for new business models and a permanent human presence on the Moon.
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(In Swedish)
Do you have questions about Investment Outlook? Please find the relevant contact persons for each area listed below.
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Carl Hammer |
Stefan Cedergren Editor, Investments |