Nordic markets analysis

Nordic markets are and will remain a derivative of global markets, as they are reliant on export and import. Omicron has been handled well in the Nordics and markets are not worrying too much about it. All Nordic countries are doing well, and we believe there will be increased capex going forward and continued strong consumer demand. 

The main focus for markets is the upcoming interest rates increases. We believe that we should have a better playing ground for secular growth companies when rates have stabilised, but until the market gets the confidence that interest rate hikes will not be open ended, there will be headwind for defensive and growth and tailwind for cyclicals. 

With regards to green stocks, 2021 has been a difficult year after the euphoric 2020. In times like these it is important to keep in mind the secular growth outlook for the environmental sector, which is based on very strong structural themes and a coordinated push by aligned stakeholders. The sentiment is now lower and with more reasonable valuations, which could mean an interesting entry point in green companies, and we are hence more confident that this market segment will pick up in 2022.