Roger Berntsen in Nordnet believes Oslo Børs will open flat, or within the range [-0,4, 0,4] percent.
The analyst points out that the arrows pointed down on Wall Street on Tuesday, and thus there is little help from there today.
“This time it was the very largest companies, with Apple and Microsoft at the forefront, that weighed on the indices”, he writes
“Whether yesterday’s selling pressure is the start of a bigger downturn or not is too early to say. For the time being, it is natural to classify this as general profit protection, as we are coming from record levels,” continues Berntsen.
Asia
Most stock markets in Asia climbed higher on Wednesday morning, led by a marked rise in Hong Kong.
The Hang Seng index strengthened by 1.74 per cent, while the Shanghai Composite on the Chinese mainland rose 0.13 per cent.
In Japan, the Nikkei is up 0.10 percent, and the broader Topix index climbs 0.51 percent. Australia’s S&P/ASX 200 rose 0.12 percent, and Singapore’s Straits Times gained 1.17 percent.
Read the full Asia update here.
The oil price
The April contract for Brent oil is on Wednesday morning up 0.34 percent to 82.32 dollars a barrel, while WTI oil falls 0.36 percent to 78.43 dollars a barrel.
In comparison, a barrel of North Sea oil traded for 82.46 dollars a barrel at the end of the stock exchange in Oslo on Tuesday.
Wall Street
On Tuesday, the Nasdaq closed down 1.65 percent to 15,939.59. The Dow Jones fell 1.04 percent to 38,585.19. The S&P 500 fell 1.02 percent to 5,078.66.
Apple was in the spotlight after it became known that sales in China, one of the company’s largest markets, have plunged 24 percent in the first weeks of the year compared to 2023. The stock fell 2.8 percent on Wall Street, and is now down 12 percent for the year.
Tesla is also struggling in China, and announced on Monday that sales in the country fell 20 percent in February. To make matters worse, the gigafactory in Berlin was knocked out and shut down after sabotage by a far-left organization. The share plunged 7 percent on Monday, and continued down 3.9 percent on Tuesday.
Read the full US update here.
Oslo Stock Exchange
Oslo Børs ended in green territory on Tuesday. At the close of trading, the main index stands at 1,275.12, up 0.5 per cent.
On Tuesday morning, the Tomra share surged on news that the Council of Europe and the EU Parliament have reached a political agreement that deposits will become mandatory in the EU in 2029. The share ended up a whopping 12.2 per cent to NOK 145.30.
Hafnia fell 2.7 per cent to NOK 75.05 on high volume after recent figures. The shipping company’s revenues fell in the fourth quarter to 330 million dollars, compared to 427 million in the same period the previous year. The bottom line ended at $178 million.
Read the full stock exchange update here.
This is happening today:
Result per 4th quarter:
MatvareExpressen: At 07.00, at Norne Securities at 8 a.m., webcast
2024-03-06 06:26:31
#affect #Oslo #Børs #Wednesday
