Stockholm shares plunge

Shares in Stockholm plunged when the stock market opened on Wednesday, following earlier falls in Asia and the US.

After 10 minutes trading, the OMXS index was down 1.5 percent to 380.6 while the Nordic 40 index was down 1.7 percent. Other European bourses also fell.

The falls affected all sectors, with Volvo down 3.2 percent to 115.25 kronor. H&M was down 1.8 percent to 388.50 kronor and Ericsson was down 1.0 percent to 24.88 kronor.

H&M’s July sales report, released this morning, showed an increase of 14 percent on last July, slightly lower than analysts’ expectations of 14.8 percent.