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CURRENCY

Krona slumps to new euro low

Sweden's currency slipped to a record low against the euro on Friday, while also falling to a five-year low against the dollar.

Krona slumps to new euro low

The euro is now trading at 10.69 kronor, while the cost of the dollar comes in at 8.43 kronor.

Earlier in the day, the government proposed pumping 23 billion kronor ($2.8 billion) into primarily the labour market and construction sectors over the next three years in a bid to cushion the effects of the global financial crisis.

“The content of the crisis package represents a suitable first policy step for stimulating the economy in 2009. But we want to see more of everything,” said Fredrik Bystedt, head of the public finances department at the National Institute of Economic Research (Konjunkturinstitutet).

Bystedt said the government need to start planning now for further stimulus measures in 2010 to stave off a deepening economic crisis.

FINANCE

Stockholm stock exchange suffers worst day of 2018

The Stockholm stock exchange plunged by 2.8 percent on Thursday, making it the worst trading day of 2018.

Stockholm stock exchange suffers worst day of 2018
File photo: Stina Stjernkvist/TT
Stock markets across Europe suffered for the third day in a row as the arrest of a top Huawei executive in Canada has raised the spectre of an all-out trade war between the US and China.
 
For the Stockholm Stock Exchange, it meant a blood-red trading day that ended as the worst of the year thus far. The OMXS Stockholm 30 index fell by a combined 2.8 percent.
 
The majority of the companies on the index lost value, with the exception of Ericsson, which seemed to benefit from the news about its Chinese competitor Huawei with a 1.8 percent increase. Airline SAS also saw its stock increase, rising 4.2 percent thanks to sharp declines in oil prices. 
 
Among Thursday’s biggest losers was the mining company Boliden, which suffered a 6.1 percent drop. The stock of the Stockholm-based tech company Hexagon fell 5.6 percent.
 
Meanwhile, the stock of Swedish auto safety equipment manufactor Autoliv fell 6.1 percent on the news that it expects to pay some 1.8 billion kronor in fines as a result of an European Commission investigation into anti-competitive behavior in the EU. 
 
Stockholm was far the only European bourse to have a gloomy Thursday. The CAC index in Paris fell 3.3 percent, the DAX index in Frankfurt dropped 3.5 percent and the London Stock Exchange's FTSE index decreased by 3.2 percent.
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