Nordics Macro Daily(Beta Mode)
Oil Rally Hits Nordic Yields, FX
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| OMX Stockholm 30 | 3,109.90 | +0.99% |
| Oslo Bors | 2,043.61 | -0.83% |
| OMX Copenhagen 25 | 1,755.45 | +1.33% |
| OMX Helsinki 25 | 6,195.89 | +0.51% |
| USD/SEK | 9.33 | +0.48% |
| USD/NOK | 9.53 | +0.32% |
| EUR/SEK | 10.90 | +0.45% |
| EUR/NOK | 11.14 | +0.29% |
| Brent Crude | 102.19 | +7.34% |
| Gold | 4,739.00 | -0.48% |
| Bitcoin | 70,806.66 | -3.08% |
| Sweden 10Y Govt Yield | 2.64% | -5.73% |
| Norway 10Y Govt Yield | 4.16% | +0.98% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Sweden 10Y Govt Yield | Type: macro_line | Sweden 10Y Yield: 2.64 (2026-02-01) | Range: 0.1101–3.024 | Trend(6pt): 0.4212,1.533,2.888,2.067,2.8,2.64
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Brent crude jumped 7.34% to $102.19, aiding Norway's outlook but stoking Nordic inflation from supply risks.
- Nordic stocks mixed: OMX Stockholm +0.99%, Oslo Bors -0.83%, OMX Copenhagen +1.33%, OMX Helsinki +0.51%.
- Krona and krone softened vs USD; Sweden 10Y yield dropped 5.73% to 2.64%, hinting at easing expectations.
Yesterday's Recap
Nordic markets displayed varied results amid a robust Brent crude surge, revealing splits tied to Norway's oil reliance. The Oslo Bors index declined 0.83% to 2,043.61, where energy upsides were countered by wider caution despite Brent's 7.34% rise to $102.19, usually a boon for Norwegian holdings. Sweden's OMX Stockholm 30 increased 0.99% to 3,109.90, propelled by export-focused industrials riding global demand, as USD/SEK rose 0.48% to 9.33, showing krona softening.
Denmark's OMX Copenhagen 25 climbed 1.33% to 1,755.45, backed by steady manufacturing views linked to the EUR/DKK peg. Finland's OMX Helsinki 25 rose 0.51% to 6,195.89, tracking eurozone patterns under ECB guidance. No key data emerged, but Sweden's 10Y yield fell sharply by 5.73% to 2.64%, indicating Riksbank easing wagers, while Norway's 10Y yield rose 0.98% to 4.16% on oil-driven inflation worries.
FX shifts like EUR/SEK (+0.45% to 10.90) and EUR/NOK (+0.29% to 11.14) underscored slight local currency weakening against a stronger euro.
The Day Ahead
Nordic schedules stay quiet with zero planned data or events today, giving room to process oil swings and worldwide inflation hints. Eyes may turn to Danmarks Nationalbank updates on the CIBOR transition group, per recent notes, possibly affecting Danish short-term rates. Sweden could see focus on immigration policy talks, but these won't likely sway macro stats directly.
Norway's attention might shift to oil output patterns, with Brent's push influencing NOK movements. Finland, tied to ECB, will follow eurozone vibes sans local action. Nordic trades overall may respond to external factors, like any Strait of Hormuz flare-ups impacting energy costs.
Other Economic Notes
Key Nordic motifs revolve around lasting inflation from oil jolts, with Norway's export-led setup profiting from Brent gains as Sweden and Denmark grapple with input cost pressures in industry. Sweden's housing sector stays muted, with elevated rates limiting demand, yet yield drops point to future relief. Bloc-wide trade figures show durability, but geopolitical supply threats could hinder export expansion for Denmark and Finland.
