Nordics Macro Daily(Beta Mode)
Sweden CPI Eases, Riksbank Stays on Hold
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| OMX Stockholm 30 | 3,162.61 | +0.58% |
| Oslo Bors | 1,957.58 | +0.04% |
| OMX Copenhagen 25 | 1,873.51 | +0.40% |
| OMX Helsinki 25 | 6,111.64 | +0.93% |
| USD/SEK | 9.70 | +0.77% |
| USD/NOK | 9.77 | -0.38% |
| EUR/SEK | 11.06 | -0.01% |
| EUR/NOK | 11.18 | -0.10% |
| Brent Crude | 77.87 | -0.19% |
| Gold | 4,113.90 | +1.06% |
| Bitcoin | 62,843.02 | +0.94% |
| Sweden 10Y Govt Yield | 2.74% | -1.45% |
| Norway 10Y Govt Yield | 4.33% | +1.01% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Norway 3M Interbank Rate | Type: macro_line | Rate %: 4.56 (2026-05-01) | Range: 0.42–4.76 | Trend(6pt): 0.42,3.33,4.73,4.51,4.48,4.56
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Sweden June CPI at 0.70% y/y leaves Riksbank in wait-and-see mode.
- Nordic equities rose, Helsinki 25 leading at +0.93%; SEK weakened vs USD.
- Norges Bank and Riksbank maintain divergent paths amid stable oil prices.
Yesterday's Recap
Sweden's June inflation printed at 0.70% y/y, below prior expectations and keeping the Riksbank in wait-and-see mode on rates. OMX Helsinki 25 gained 0.93% to 6,111.64 while OMX Stockholm 30 rose 0.58% to 3,162.61. Oslo Bors edged 0.04% higher to 1,957.58 and OMX Copenhagen 25 added 0.40%.
USD/SEK climbed 0.77% to 9.70, highlighting krona softness, while USD/NOK fell 0.38% to 9.77. Sweden's 10-year yield dropped 1.45% to 2.74% on the soft print; Norway's 10-year yield rose 1.01% to 4.33%. Brent held near 77.87 with minimal immediate pressure on Norwegian revenues.
No economic events occurred yesterday per the calendar. Societe Generale noted the krona paradox of weakness despite resilient growth. Export-oriented sectors benefited from steady external demand.
The Day Ahead
No major Nordic data releases are scheduled for July 10. Markets will watch for any Riksbank speeches that could clarify the timing of future easing. Norges Bank officials are expected to reiterate focus on inflation and oil revenue trends.
Danish fixed-income markets remain sensitive to ECB signals given the EUR/DKK peg. Finnish activity will track broader euro-area developments. Equity flows may respond to any shifts in global risk appetite.
Housing starts in Sweden continued recovering on lower mortgage rates. Nordic corporate credit spreads stayed stable.
Other Economic Notes
Societe Generale highlighted the Swedish krona paradox of weakness despite resilient domestic growth. Swedish housing starts continued to recover, supported by lower mortgage rates. Nordic corporate credit spreads stayed stable with no material widening in SEK or NOK indices.
Export-oriented sectors in Sweden and Denmark benefited from steady external demand. Finland's eurozone membership keeps its financing conditions aligned with ECB policy. Norway reported May unemployment at levels consistent with gradual policy adjustment.
Danish retail sales printed in line with expectations.
