Nordics Macro Daily(Beta Mode)
Riksbank Holds Rate, Nordic Equities Advance
Market Snapshot
| Asset | Level | Change |
|---|---|---|
| OMX Stockholm 30 | 3,292.34 | +1.04% |
| Oslo Bors | 2,093.58 | +0.85% |
| OMX Copenhagen 25 | 1,906.85 | +0.86% |
| OMX Helsinki 25 | 6,408.70 | +1.14% |
| USD/SEK | 9.47 | -0.04% |
| USD/NOK | 9.31 | -0.40% |
| EUR/SEK | 11.06 | -0.11% |
| EUR/NOK | 10.87 | -0.47% |
| Brent Crude | 93.20 | -1.26% |
| Gold | 4,695.40 | +1.54% |
| Bitcoin | 77,093.72 | +0.01% |
| Sweden 10Y Govt Yield | 2.78% | +1.31% |
| Norway 10Y Govt Yield | 4.20% | -2.94% |
Prior Economic Events
| Data | Prior | Cons | Actual |
|---|---|---|---|
| No events available | |||
Sweden 10Y Yield | Type: macro_line | Percent: 2.781 (2026-06-01) | Range: 0.138–3.024 | Trend(6pt): 0.2696,2.01,2.231,2.602,2.745,2.781
Today's Economic Events
| Data | Prior | Cons | Time |
|---|---|---|---|
| No events available | |||
- Riksbank holds key rate at 1.75% and keeps tightening option open amid krona pressure.
- Nordic equities post solid gains with OMX Stockholm 30 up 1.04% and OMX Helsinki 25 rising 1.14%.
- Brent crude falls 1.26% to $93.20 while Sweden 10Y yield climbs to 2.78%.
Yesterday's Recap
Nordic equity markets advanced across the board on 23 August with the OMX Stockholm 30 rising 1.04% to 3,292.34, Oslo Bors gaining 0.85% to 2,093.58, OMX Copenhagen 25 adding 0.86% to 1,906.85 and OMX Helsinki 25 climbing 1.14% to 6,408.70. The Riksbank held its policy rate at 1.75% as expected after completing its easing cycle and signalled that the tightening option remains open given persistent krona weakness. USD/SEK eased 0.04% to 9.47 while EUR/SEK fell 0.11% to 11.06; USD/NOK declined 0.40% to 9.31.
Sweden 10Y government yields rose 1.31% to 2.78% whereas Norway 10Y yields dropped 2.94% to 4.20%. No major data releases occurred in Sweden, Norway, Denmark or Finland. Brent crude declined 1.26% to $93.20, weighing on NOK support despite the currency’s modest gain.
Gold rose 1.54% to $4,695.40, reflecting safe-haven flows, while Bitcoin was little changed at $77,093.72.
The Day Ahead
The Nordic calendar remains quiet with no scheduled releases from Sweden, Norway, Denmark or Finland on 25 August. Markets will monitor any follow-up commentary from Riksbank members after the hold decision. Global factors including US inflation prints and minutes from major central banks may influence Nordic FX and yields.
Oil price movements will continue to shape NOK dynamics given Norway’s exposure. Equity flows may stay supported by the recent regional outperformance versus broader Europe. Currency pairs such as EUR/SEK at 11.06 and USD/NOK at 9.31 will be watched for any renewed pressure that could prompt further Riksbank signals on tightening.
Other Economic Notes
Sweden’s July CPI YoY registered 0.18% while Norway’s July CPI YoY stood at 2.98%, both underscoring divergent inflation trajectories that support policy divergence between the Riksbank and Norges Bank. Export-oriented manufacturing in Sweden and Denmark remains sensitive to euro-area demand and global trade conditions. Finland’s eurozone membership ties its financing costs directly to ECB decisions.
Norway’s oil revenue outlook benefits from Brent levels near $93 even after the daily decline, supporting the government’s fiscal position via the oil fund. Sweden 10Y yields at 2.78% and Norway 10Y yields at 4.20% illustrate differing rate environments across the region.
