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The Oslo Stock Exchange went from record highs before the weekend to open in the red on Monday morning. Bad news about viruses is one possible explanation.
News of the $ 900 billion crisis package that US politicians finally managed to put together on Sunday night appears to be overshadowed by bad news about new mutations in the coronavirus.
Price in
– The stimulus package, which should have been in place long ago, may already be included in the stock market, Nordnet analyst Roger Berntsen wrote in his morning report on Monday.
Congressional crisis package of $ 900 billion (just over 7,730 billion crowns) is the flip side of the pandemic outbreak.
The House of Representatives is expected to vote on the proposal on Monday, before the Senate does the same, according to the AP news agency, NTB writes.
Expected red opening
With soaring infection rates and the new variant of covid-19 that has been tested, Berntsen expected the main index on the Oslo Stock Exchange to open between 0.5 and 1.1 percent.
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After five minutes of trading, the main index on the Oslo Stock Exchange was down 1.63 percent to 934.5 points.
Asian stock markets reacted mixed, and roughly plus or minus zero, after U.S. politicians rallied around the crisis package Sunday night. Berntsen interprets this to mean that players have already listed the package price on the stock exchanges.
– The package has been on everyone’s lips for several weeks, so the preliminary agreement has not created any renewed enthusiasm, says Jingyi Pan on IG, according to NTB. He says that most investors had already included the package in their expectations and calculations.
It may take time
– The UK is moving towards full shutdown after a more contagious variant of the covid-19 virus was recently discovered. It’s in the cards that economic recovery will take longer if European countries have to shut down more in the future, Berntsen’s Nordnet analysis claims.
In isolation, this is negative for the oil market, he says.
The price of oil is hovering around $ 50.5 a barrel on Monday morning, well below levels of around $ 53 a barrel on Friday night.
Record Friday
When the Oslo Stock Exchange closed on Friday afternoon, the main index closed at 950.50 points, up 0.88 percent. It was the highest final list in history.
The main index broke the previous record of 949.01 points as early as Friday morning and remained at a high level throughout the day.
During the day it rose to 951.52 points, before sloping slightly up and down towards closing time.
