The latest data on core consumer price index (Kärn-KPI) in December showed a 3.2% year-on-year increase, slightly below Bloomberg’s consensus of 3.3%. This moderate growth follows a 3.3% year-on-year increase in November. The overall consumer price index (KPI) also rose by 2.9%, in line with expectations, compared to a 2.7% year-on-year increase in the previous month.
The positive economic indicators have led to a surge in the Stockholm stock exchange, with the OMXS30 index rising from a 0.9% increase to 1.5%. Interest-rate-sensitive real estate companies have seen significant gains, with SBB soaring by 12%, Corem advancing by 6%, and Nyfosa up by over 4%. Additionally, Sinch and Nibe have stood out on the OMXS30 with gains of 6% and 5.5% respectively.
In a contrasting move, Apotea has seen a decline today. Both ABG and Carnegie have initiated coverage of the company with hold recommendations, noteworthy as they were both advisors during Apotea’s IPO in December. Futures for Wall Street indicate upward movements at the opening bell.
Following the release of inflation statistics, the yield on the ten-year US Treasury bond dropped by five basis points to 4.7%, while the dollar weakened against other major currencies.
The table below illustrates the KPI development over the past few months:
| USA | Core CPI, year-on-year, percent | Consensus |
|—————|————————————|—————|
| December 2024 | 3.2 | 3.3 |
| November 2024 | 3.3 | 3.3 |
| October 2024 | 3.3 | 3.3 |
| September 2024| 3.3 | 3.2 |
| August 2024 | 3.2 | 3.2 |
| July 2024 | 3.2 | 3.2 |
| June 2024 | 3.3 | 3.4 |
| May 2024 | 3.4 | 3.5 |
| April 2024 | 3.6 | 3.6 |
| March 2024 | 3.8 | 3.7 |
| February 2024 | 3.8 | 3.7 |
| January 2024 | 3.9 | 3.7 |
Source: Bloomberg
The gradual increase in core consumer prices reflects the ongoing economic recovery and the impact of various global factors on inflation dynamics. As investors navigate through market fluctuations, the resilience of certain sectors like real estate and technology remains a key focus for market participants. The interplay between economic indicators, market sentiment, and policy decisions will continue to shape the trajectory of financial markets in the coming months.