Fear of a further escalation of the trade war characterized the Oslo Stock Exchange – E24

The main index of the Oslo Stock Exchange closed down 3.08 percent on Monday.

The two most weighted stocks were Equinor, down 6.8 percent, and the DNB falling 4.55 percent.

Pareto Sercurities has lowered its recommendation that Equinor’s stock be withheld from purchases based on low oil prices, while the target price remains unchanged. A barrel of North Sea Brent oil costs $ 26.78, an increase of 0.64 percent per day.

XXL is down 10.85 percent after it became known that businessman Øhusden Tidemandsen sold a majority of its XXL shares for NOK 117 million.

Auto cargo company Wallenius Wilhelmsen is a bright spot in the stock market on Monday, and the stock price is up 10.12 percent to NOK 12.4. The upgrade comes after a message that the shipping company has secured a $ 1 billion contract with the US defense.

Bergen-based biotech company Bergenbio continues its rise, rising 15.35 percent to NOK 43.95. The stock rose 86 percent on Wednesday of last week after the company’s drug was selected for the corona study.

The Norwegian share soared after shareholders approved the crisis plan at the company’s general meeting on Monday. The share price rose around 40 percent to NOK 7.15. At the close, the stock ended 3.95 percent at a price of NOK 5.32.

– Little support

The development comes after a long weekend on the Oslo Stock Exchange, which closed on Friday, so the last trading day was Thursday of last week.

Wall Street was trading on Friday, however, when the top three US indices fell 2.9 percent. The Asian stock exchanges, measured through the S&P Asia 50 index, closed down 3.7 percent last night.

DNB Markets notes that there was little additional support to come out of the Apple and Amazon updates, among other things, after the company’s reports had helped the US stock market. USA At the beginning of last week.

– Combined with confirmation of weak key figures and growing discontent both over further polarization related to closings and a new round of deteriorating relations with China, this sent the rates even further after weaker development on Thursday, write the brokerage in a morning report.

US futures are falling

It goes downhill on Wall Street, where the arrows point down in pre-trade.

Tensions are mounting between the United States and China after President Donald Trump said Sunday that he believes a “mistake” in China was the cause of the coronavirus pandemic, but showed no evidence of the charges, writes CNBC.

United States Secretary of State Mike Pompeo on Sunday accused China of spreading the crown virus and said the country must be held accountable.

Last week, Trump threatened to impose new tariffs on products made in China to punish China for minimizing the severity of the disease, writes Marketwatch.

– Incredibly weak background

According to the AP, US intelligence accused China of concealing the severity of the coronavirus outbreak while hoarding medical equipment.

Robert Carnell, chief economist at ING Bank in Singapore, calls for the new situation where the trade war is linked to the outbreak of viruses in “Trade War 2.0”. Carnell believes the Trump administration may feel brave enough to restart trade rhetoric after the stock market surge in recent weeks.

– Given the incredibly weak backdrop, a return to the trade war can really have the potential to be even more devastating, for both parties, than in version 1.0. This needs to be closely followed, Carnell writes in a comment Monday morning.

Sharp decline in the stock market in Europe

European stock exchanges drop sharply on the first trading day of this week. This is what the main stock exchanges look like:

• DAX in Frankfurt falls 3.02 percent
• FTSE100 in London falls 0.56 percent
• CAC40 in Paris drops 3.48
• Madrid IBEX35 falls 3.07
• FTSEMIB in Milan down 3.08

And in the Nordic countries:

• The Copenhagen Stock Exchange falls 0.58 percent
• The Stockholm Stock Exchange fell 3.42 percent
• The Helsinki Stock Exchange fell 4.11 percent

See which industries were the weakest on the Oslo Stock Exchange during the crown crisis: