The main index on the Oslo Stock Exchange ended at 575.25 Thursday, after a decline of 2.52 percent.
Shares and equity certificates traded 4.056 million.
Wall Street has opened nervously after a mixed dose macroeconomic figures. Jobless claims disappoint, Philly Fed encouraged, while consumer prices came in as expected.
Leading European exchanges also pulls down.
British FTSE 100 falling 1.1 percent, German DAX 1, 6 percent, while the French CAC 40 is down 1.3 percent.
Cautious tones from the Fed
Investors have enough to worry about. Bank of Japan refrained at its monetary policy meeting from further monetary stimulus just hours after the Federal Reserve took a more cautious tone simultaneously with its not very surprising decision to keep its key rate unchanged at 0.25-0.50 percent.
Dog was the Federal Reserve’s expectations of future interest rates taken down.
– Feds own estimates for key rate at year-end (median estimate from members of the Fed’s interest rate committee – Federal Open Market Committee) was unchanged at 0.9 percent , suggesting that the Fed still envisage that interest rates should up twice during the year, wrote DNB Markets in its morning report Thursday.
– But projections further out were taken down. At the end of 2017, the median estimate was revised down from 1.9 to 1.6 percent, and by the end of 2018 is expected to reach a rate of 2.4 percent, 60 basis points lower than in March, called it forth.
the brokerage characterizes the change in estimates that funny.
– expectations for GDP growth, unemployment rate and inflation were broadly unchanged. In the press statement was correct enough wording somewhat more cautious, but the change was in no way surprising, it went forward of the report.
– Slight beyond next week
Worries about growth also comes from Britain, where the pound is at its lowest levels in two months against the euro ahead of Brexit referendum next week. Several polls pointing toward plural of “Leave-campaign”, but the outcome is very uncertain.
Investors have in recent days therefore withdrawn from the oil and equities against so-called safe havens such as gold and German government bonds, which ” 10-year-old “sinking to ever lower (negative) levels.
– The market will be weak throughout the next week. Fear is a kind of contagion if the British actually were to decide to leave the EU. The rules for an exit from the EU is not very clear. The questions surrounding the financial implications are many, said senior commodity manager Avtar Sandu at Phillip Futures in Singapore, told Reuters.
Bank of England held on as expected interest rate unchanged at 0.50 percent after its monetary policy meeting on Thursday and writes a statement that in case. Brexit can affect the economy and weaken the pound marked.
Oil downturn continues
Oil prices continue downward – as they have done every day since season best was reached on 8 June.
Brent August oil falling 2.7 percent to $ 47.64 a barrel, down from around $ 49.40 when the Oslo stock Exchange closed yesterday. WTI oil falling 3.0 percent to $ 46.59 a barrel.
Brexit-concern characterize according to news agency also oil market, as well as oil stocks in the US fell less than expected last week.
US oil production fell for the fourth week in a row, but stock decline 933,000 barrels was according to US energy authorities significantly lower than average expectations of 2.33 million barrels.
– We still have, upon closer inspection, a supply surplus since it actually has only been operational failures that have contributed to a decline in the supply surplus. The market is now beginning to think that as soon as the interference is over, the surplus will be resurrected, and the recovery we have seen in prices will disappear, says analyst at Fat Prophets in Sydney, David Lennox, to Bloomberg.
On the Oslo Stock Exchange fell Statoil 2.2 percent to 130.20 kroner.
Otherwise oil ended DNO down 6.0 percent to 8.76 million, while the Norwegian went back 0.4 percent to 92.55 kroner.
REC bang, “everything” fell
the latter was the only OBX shares that are not so red, and most fell REC Silicon, namely by 9.7 percent to 1 , 39 million.
Carnegie analyst Preben Rasch-Olsen recommended selling the stock during his speech at the Investor day as Hegnar.no arranged Wednesday.
Frontline fell 6.1 percent to 66.50 kroner after SEB reiterated its sell recommendation and according to TDN Finans cut price target from 62 to 52 million.
The brokerage show in an update to that Frontlines recently announced the purchase of two VLCC for $ 84 million apiece sets a new and lower reference price for large tankers.
SEB also see further downside for the values of tonnage.
PGS marked a negative with a decrease of 9.5 percent to 19.75 kroner. JP Morgan continues to recommend underweight, and have cut price target from 23 to 19 million.
Salmon duo Salmar and Bakkafrost ended down 4.7-5.0 percent, while heavyweights Orkla, DNB, Telenor, Hydro and Yara fell 3.2 percent.
Rigg share to the bottom
Relatively speaking topped battered Prosafe winners.
After a decline of over 17 percent yesterday the stock fell another 24, 4 percent to 1.21 million.
the company is working on a restructuring plan to ensure its business in 2020, and SEB analyst Øystein Bogfjellmo said Wednesday that the solution might be one of the most painful date in decline cycle .
Atlantic Petroleum came closest with a drop of 15.8 percent to 10.10 crowns.
BW Offshore and Archer also fell two-digit – respectively. 12.7 per cent to 55 cent and 10.9 per cent to 5.17 million.
Rigg share in tet
A relatively slim winners list is topped by Avocet Mining, which jumped up 30.6 percent to 12.45 crowns.
Almost got the Oslo Axess-listed solar company Aegae, which drew up 15.3 percent to 3.40 million.
Rigg stock Songa Offshore was also a of today’s bright spots, and rose 9.5 percent to 23 cents.
Norwegian Forest popping up in 2.75 million at the maximum today, but ended up just 1.2 percent to 2.51 million after Wednesday’s update on funding and auditor.
According to the notification, companies register in Brønnøysund extended the deadline to sign a new auditor for the company for 10 August.
at the same time the company for the conduct of an transaction of 20 million euros to finance the sale process of the geothermal plant at Tasman mill in New Zealand, and in addition a loan of 10 million euros from GSO and Cyrus.
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