Englund

USA-depp sänkte Stockholmsbörsen – tungt fall i EQT https://www.di.se/live/usa-depp-sankte-stockholmsborsen-tungt-fall-i-eqt/ European Private Lenders’ Shares Tumble as Selloff Intensifies; EQT  Fears around the strength of their underlying holdings intensified. The sector has fallen steeply so far in 2026, with shares in EQT now down 26% for the year.  A selloff in software stocks spurred by fears over competition from artificial intelligence-powered agents raised concern around the quality of asset managers’ portfolios. Selling accelerated last week when alternative asset management behemoth Blue Owl Capital said it would liquidate $1.4 billion in assets to pay out unhappy investors.  The move shook confidence in the sector, as traders questioned whether investors in asset managers’ funds are willing to ride out a difficult spell. “The underlying holdings get hit, and as a result EQT, Partners Group and others all get hit, too,”  WSJ Pro Feb. 23, 2026 https://www.w...

De stora placerarna, typ pensionsfonder, brukar rotera, vilket är att de säljer några slags aktier och köper några andra aktieslag. Men pengarna på marknaden är oförändrad. Med aktiefonder är det annorlunda. När fondspararna löser in andelar måste fonden sälja och utbetala pengarna. Då slinker pengarna ut ur marknaden. Jag har utan framgång försökt förklara detta för en gammal vän som numera är professor emeritus i nationalekonomi. Det där regleras genom priset säger han. Jaha, säger jag utan att förstå. Men jag blir alltid misstänksam när Maria Landeborn et consortes manar alla att sitta still i båten. Det kan tänkas att vi inom kort kommer att får se nya exempel på det.   Aktiestrategen Maria Landeborn: Marknaden ser genom Trumps tullhot.  Om tullarna skulle bli verklighet, men på en nivå kring 10 till 15 procent, tror Maria Landeborn att marknaden snarare andas ut än reagerar negativt. DI 13 juli 2025 https://englundmacro.blogspot.com/2025/07/aktiestrategen-maria-landeborn....

Rising just 1.7% since the start of the fourth quarter, slightly less than the S&P 500 Index’s 3.3% gain over that time.  The shares are barely positive for the year and in the bottom half of performers in the broad equities benchmark to start 2026.  It’s quite the comedown for a company that not too long ago was among the index’s leaders and putting up triple-digit annual percentage gains. Bloomberg 22 February 2026 https://www.bloomberg.com/news/articles/2026-02-22/nvidia-s-stock-is-so-stuck-even-blowout-earnings-may-not-lift-it Nvidia Poised to Become First $5 Trillion Company https://englundmacro.blogspot.com/2025/10/nvidia-poised-to-become-first-5.html

The S&P 500 trades at about 21.4 times blended forward 12 months’ earnings, down from 23 times earnings in late October, which is a net positive for long-term investors with diversified portfolios. That’s no bargain, yet it’s healthy to see the ceaseless expansion of multiples finally taking a breather .  Since the release of ChatGPT in November 2022, the S&P 500 market-multiple has increased by a whole number roughly every six months; we were all sleepwalking toward 1999-like valuations and poised to get there as soon as late 2026. Jonathan Levin Bloomberg February 23, 2026 https://www.bloomberg.com/opinion/articles/2026-02-23/the-ai-scare-trade-is-heathy-for-the-stock-market  

Just nu lämnar många sparare småbolagsfonder för att i stället gå in i globalfonder eller i indexfonder.  ”Med en sådan här trend, som blivit en ond spiral, är det ganska frustrerande. Det hjälper inte att kunna räkna på bolagen eller att se vilka bolag som rapporterar bra, för det är så mycket utflöden från småbolagsfonderna som i sin tur innebär att förvaltarna måste sälja trots att bolagen går hur bra som helst”, säger Johan Thorén även känd som ”Småbolags-Johan” på mikrobloggen X. DI 23 februari 2026 https://www.di.se/nyheter/fondforvaltaren-enorma-utfloden-en-ond-spiral/ Private equity returned fewer profits to investors for a fourth straight year as the industry sat on $3.8 trillion of unsold assets and struggled to raise money for new funds. Bloomberg February 23, 2026 https://www.bloomberg.com/news/articles/2026-02-23/private-equity-s-dry-spell-now-worse-than-2008-crisis-bain-says Blue Owl Anxiety Rattles the $1.8 Trillion Private Credit Market Shares of Blue Owl tumbled as...

Blackstone’s infrastructure arm last year struck a $5.6bn deal to buy Safe Harbor Marinas, the largest US marina group and superyacht servicing business. Marinas garner revenues by selling berths or renting them out for seasons or even years at a time. That can offer investors steady sources of cash flow. Financial Times 21 February 2026 https://www.ft.com/content/2a588350-a7f7-460f-900e-812a779d7cde

More competition in the zero-sum world of geopolitics is turning traditional engines of cooperation like trade into new sources of conflict and instability.  As power-hungry elites cling ever more tightly to their perches, populist politics grow stronger and the system destabilizes even further. That’s the doom loop. Large swathes of voters around the world feel disenfranchised and are missing out on economic wealth, paving the way for populists to pounce, and creating a destructive feedback loop between misfiring economics, divided public opinion and fraught geopolitics. The book offers a stark warning from history. “Chronicles of many ancient civilizations reveal a recurring pattern: Extreme concentration of wealth and power among elites typically lead to collapse, with regeneration far from assured,” Prasad writes.  “When economic and political systems are captured by elites to the detriment of the broader population, they eventually come apart. The rot sets in from within ...

Finanspolitiska rådet vakar över ett finansiellt ramverk där bäst före-datum sannolikt gick ut för länge sedan. Göran Perssons gamla budord om att ”den som är satt i skuld är icke fri” är väl den kortaste beskrivningen av det finanspolitiska ramverk som Sverige har levt med i över 30 år. ”Det har tjänat oss väl” brukar den högtidliga sammanfattningen vara.  Det som tog oss ur finanskrisen var mer den de facto-devalvering som skedde när kronan fick flyta fritt. Det var den exportboom som följde när kronan tappade mer än 20 procent av sitt värde som fick svensk ekonomi på fötter.  Den inhemska efterfrågan ströps i stället genom att staten började ta in mer i skatt än den gjorde av med, samtidigt som Riksbanken länge höll räntan på nivåer som i dag skulle få de flesta bolånetagare att krypa på knä. Sparsamheten och det så kallade ”samlandet i ladorna” har också gjort att mycket av det som vi gemensamt behöver finansiera för att hålla landet på rätt spår och främja utveckling, har...

När Edward Grey fick se det ultimatum som Österrike-Ungern hade skickat till Serbien, skrev han ett brev till sin fru. ”Det mest enastående dokument jag någonsin har sett som en stat har skickat till en annan fri och oberoende stat”.  Heller inget nys om att Winston Churchill till sin fru skrev ”det mest insolenta /oförskämda/ dokumentet i sitt slag”.  Än mindre visste vi ett jota om att utkastet till det österrikisk-ungerska ultimatumet formulerades av baron Musulin von Gurmirje, en jämförelsevis junior konsul sedan 1910 för avdelningen för kyrkofrågor och Ostasien.  Att uppgiften gick till denne yngling berodde på hans rykte som utomordentlig stilist. Musulin filade på sin text som en juvelerare på en dyrbar sten – sannolikt med tanke på att han skulle bli historisk – men ingen vars namn skolbarn i Sverige från 1960-talet och framåt någonsin skulle behöva anstränga tungan för att uttala. Om detta mådde ingen berätta i skolan på min tid, på 1970-talet. Historieböcker och lektioner...

  Högsta domstolen slopar Trumps tullar https://www.di.se/live/hogsta-domstolen-slopar-trumps-tullar/ ”Marknaden verkar inte ta någon större notis kring det, det är ju fortfarande upp i USA” Efter en nyhetstät handelsdag stängde New York-börserna uppåt. Efter Stockholmsbörsens stängning klättrade breda S&P 500 med drygt 0,4 procentenheter och summerar därmed dagens uppgång till 0,7 procent.  https://www.di.se/nyheter/new-york-borserna-steg-trots-tullbesked-far-allt-mindre-effekt/ Börsen på rekordnivå efter Trumps tullbakslag Stockholmsbörsen avslutade handelsdagen upp med 0,8 procent för breda index OMXSPI och med 0,7 procent för storbolagsindex OMXS30. I bägge fall var det stängningar på nya rerkordnivåer.  https://www.di.se/live/borsen-pa-rekordniva-efter-trumps-tullbakslag/ The bad-news-is-good-news stock market https://englundmacro.blogspot.com/2025/07/the-bad-news-is-good-news-stock-market.html

Is the world running away from American assets? This week US Treasury reported that overseas investors bought a net $1.55tn of long-term US financial assets in 2025, up — yes, up — from a net $1.18tn in 2024.  What does this imply? One obvious point is it shows that fears of a “sell America” capital flight currently are wildly overdone, whatever the world thinks of Trump. The key issue is captured in the so-called net international investment position (NIIP) data, which “measures the difference between US-owned foreign assets and foreign-owned US assets”,  to cite a handy primer from the Federal Reserve Bank of St Louis. https://www.stlouisfed.org/on-the-economy/2025/may/understanding-net-international-investment-position But one message to absorb from this story is that if the US tech bubble implodes, the pain will spread beyond America. Forbes calculates, for example, that if US equity prices and Foreign direct investment FDI, reverted to 2019 levels,  Norway, Canada, S...

Index för kärninflationen, core PCE, steg 3,0 procent jämfört med samma månad året innan. DI 20 februari 2026 https://www.di.se/live/hogre-inflation-och-lagre-bnp-tillvaxt-an-vantat-i-usa/  Policymakers could leave their 2% target in place formally, but be all right with never quite getting there. And then some years down the line, they could adopt a higher target. https://englundmacro.blogspot.com/2025/10/inflationsmalet-overges-i-tysthet.html Most can’t afford to buy a home. Consumers are downright gloomy about their finances nowadays, for one key reason: Most can’t afford to buy a home. A study published in January in the journal Economics Letters links consumer malaise in large part to the high cost of housing — which the Consumer Price Index undercounts. Entitled “The Cost of Money is Part of the Cost of Living: New Evidence on the Consumer Sentiment Anomaly,” The study was conducted by a group of researchers from Harvard University and the International Monetary Fund. They wr...

Administration officials leaked false information about Saddam Hussein’s weapons of mass destruction, which turned out not to exist. Secretary of State Colin Powell gave a deceptive presentation at the United Nations.  This mendacious campaign was shameful and despicable, and helped create today’s national atmosphere of corrosive cynicism and nihilistic paranoia.  But it was, in retrospect, a tacit acknowledgment that public opinion mattered, that a president couldn’t start a war without convincing Americans it was necessary. It was a manipulation of democratic deliberation rather than a negation of it. Compare that episode to Donald Trump’s threatened war with Iran. Michelle Goldberg New York Times 20 February 2026 https://www.nytimes.com/2026/02/20/opinion/trump-iran-public-opinion.html “Data is the language of our time,” says a data analytics manager named Alex, sounding a lot like the Palantir chief Alex Karp. This week, The Atlantic reported on Mantic, a start-up whose A....

Jessica Rosencrantz – Vi är tydliga med att medlemskap ska vara meritbaserade. Vi får inte tumma på anti-korruption, på rättsstatens principer eller krav på fria medier. --- Så länge jag / Annika Ström Melin/  minns har det talats om att ett växande EU inte kan låta nejsägarna bestämma takten och inriktningen på samarbetet.  Under otaliga seminarier har jag lyssnat på idéer om att unionen därför borde bestå av olika lager – eller cirklar – där en inre sammansvetsad krets kan driva på, medan andra länder inte behöver delta i allt samarbete. Dessa tankar har delvis redan blivit verklighet. Inget land tvingas att byta sin nationella valuta till euron. Valutasamarbetet betraktas numera i praktiken, om än inte i teorin, som frivilligt.   EU:s fördrag tillåter också så kallat ”fördjupat samarbete” mellan minst nio medlemsstater, om alla först har försökt men inte lyckats komma överens.  Det senaste exemplet är det nya gigantiska lånet till Ukraina, som därför kunde drivas ...

Blytungt ras i Klarna när Wall Street rekylerad ned Klarna fortsatte nedförsbacken under eftermiddagen och kvällen och stängde till slut ned nästan 27 procent. https://www.di.se/live/blytungt-ras-i-klarna-nar-wall-street-rekylerad-ned/ Tough Day in Private Credit https://englundmacro.blogspot.com/2026/02/tough-day-in-private-credit.html OpenAI Funding on Track to Top $100 Billion in Latest Round The overall valuation of the company, including the eventual funding, could exceed $850 billion. https://www.bloomberg.com/news/articles/2026-02-19/openai-funding-on-track-to-top-100-billion-with-latest-round

After Blue Owl rattled the industry by restricting withdrawals from a fund aimed at ordinary investors. Wall Street Journal 19 February 2026 https://www.wsj.com/livecoverage/stock-market-today-dow-sp-500-nasdaq-02-19-2026/card/tough-day-in-private-credit-hits-stocks-vGjEjYLFsxuvetABMcGC Blue Owl Capital abandoning plans to let investors withdraw their money https://englundmacro.blogspot.com/2026/02/blue-owl-capital-abandoning-plans-to.html

Om USA skulle anfalla Iran vill president Donald Trump använda brittiska flygbaser för amerikanska stridsplan. Men det tillåter inte Storbritannien, enligt The Times. SvD/TT 19 februari 2026 https://www.svd.se/a/zO7pL9/brittiskt-nej-till-hjalp-vid-irananfall Operation Nickel Grass was the codename for a strategic airlift conducted by the United States to deliver weapons and supplies to Israel during the 1973 Arab–Israeli War.  Meir issued a personal appeal for military assistance, which European nations declined. Nixon, however, ordered the commencement of Operation Nickel Grass, to replace all of Israel's materiel losses. Traditional European allies refused to allow re-supply aircraft to land for refueling or even overfly their territory.  Portugal seemed willing to help though, so aircraft were dispatched to Lajes Field in the Azores Islands.  https://englundmacro.blogspot.com/2025/06/omvarldens-reaktion-ar-for-det-mesta.html

  For nearly a decade the president has badgered European leaders with his call for “strategic autonomy”. They have responded with eye-rolling or indifference.  France’s “Buy European” strategy has long been regarded by its American-equipped friends as a sales pitch for French kit. When France calls for more joint borrowing to rearm Europe, its friends hear: get somebody else to pay.  When France urges more spending on European defence, its friends hear: more contracts for French makers of fighter jets, missiles and engines. De Gaulle’s grandstanding towards America was in part an attempt to preserve the country’s great-power status despite its often brutal mishandling of the retreat from empire. France, wrote the general, “cannot be France without grandeur”.  As European leaders grapple with the implications of the transatlantic rift, a few still hope this is a passing moment. The Economist 18 February 2026 https://www.economist.com/europe/2026/02/18/that-irritating...

The nation’s trade deficit fell in 2025 by a meager 0.2% to $902 billion, but only due to a large and quirky increase in gold  Imports actually rose almost 5% last year and hit a record high.  China was the main loser, with U.S . imports of goods tumbling 28% in 2025. MarketWatch 19 February 2026 https://www.marketwatch.com/story/u-s-trade-deficit-might-be-tariff-proof-imports-jump-to-record-high-in-2025-a518d1bc EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, Thursday February 19, 2026 U.S. International Trade in Goods and Services, December and Annual 2025 The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.3 billion in December ,  up $17.3 billion from $53.0 billion in November, revised. https://www.bea.gov/news/2026/us-international-trade-goods-and-services-december-and-annual-2025

A $1.6 billion fund at the center of concerns over private debt is now abandoning plans to let investors withdraw their money. Former Pimco CEO Mohamed El-Erian, in a post on X, raised the question of whether it was a “canary in the coal mine” moment, similar to the collapse of two Bear Stearns funds in 2007. https://www.marketwatch.com/story/fund-that-has-frozen-withdrawals-since-november-now-says-itll-never-open-up-75466c1f Fed bailout of Bear Stearns Remember Friday March 14 2008 It was the day the dream of global free-market capitalism died. Martin Wolf, Financial Times, March 26 2008 https://englundmacro.blogspot.com/2023/03/silicon-valley-bank-bear-stearns-and.html The takeover of Bear Stearns by JPMorgan Chase sealed exactly a decade ago - mars 15, 2008 The knockdown price of $2 a share was a shock to Wall Street. https://englundmacro.blogspot.com/2018/03/the-takeover-of-bear-stearns-by.html

Much of the optimism behind US AI stocks rests on the assumption that users will keep paying for incremental performance gains.  But as differences narrow, the price of AI may soon be set by the cheapest model that is good enough.  The price of using artificial intelligence is falling. In China, entry-level access to AI models has been marketed for about $3 a month by the country’s hottest AI group Zhipu.  June Yoon Financial Times19 February 2026 https://www.ft.com/content/37c91e08-d13a-45a7-a3a7-acb43fa5522e Zhipu (branded internationally as Z.ai) is a leading Chinese artificial intelligence company focused on large language models (LLMs) and related agent technologies. It is regarded as one of China’s main “AI tigers,” a group of startups developing frontier models to compete with firms like OpenAI and Anthropic. https://www.perplexity.ai/search/zhipu-KbV0cLh7SCGtF6CKtxbXrA#0

Trump’s strategy on Iran has seemed to mirror his playbook in Venezuela, where he amassed a huge naval armada and demanded concessions. This is 21st-century diplomacy backed by aircraft carrier groups and cruise missiles. But he risks creating a box for himself that it will be difficult to exit with credibility intact if it turns out that his repeated claims that Iran wants a “deal” are wrong. The kind of deal that Trump can offer Iran may be unacceptable to its clerical regime, whose top priority is perpetuating itself.  And a deal Tehran could offer Trump may be one he’d never accept, since it doesn’t want to talk about its ballistic missiles or regional proxy network, which he sees as red lines. CNN 19 February 2026 https://edition.cnn.com/2026/02/19/politics/trump-iran-strikes-nuclear-program-board-of-peace-analysis For years, Donald Trump defined himself against the architects of the Iraq War.  He cast Middle Eastern interventions as moral vanity projects paid for in Amer...

Who’s afraid of the big bad trade deficit? Last year the UK’s trade deficit in goods stood at 8 per cent of GDP, its largest since consistent records began almost three decades ago.  That was roughly double the US figure. IMF has lumped the two countries together, as the two single largest contributors to excessive current account deficits. Soumaya Keynes 19 February 2026 https://www.ft.com/content/af9b839a-ee4b-480c-9a03-d5dc7694c1e7 Soumaya Keynes became economics columnist for the Financial Times after eight years at The Economist. https://www.ft.com/soumaya-keynes The Economics Show with Soumaya Keynes is a podcast from the FT bringing listeners a deeper understanding of the most complex global economic issues in easy-to-digest weekly episodes. Listen to new episodes every Friday on Apple, Spotify, Pocket Casts or wherever you get your podcasts. Det är dollarn bakom allt - Monetary Creation and Destruction del 5 https://englundmacro.blogspot.com/2025/02/det-ar-dollarn-bakom-all...

In a speech at Davos last month, President Donald Trump railed against “windmills” as “losers” and called nations that buy them “stupid people.”  Just five days later, nine European countries signed a deal to build a vast offshore wind power hub in the North Sea, the epicenter of the continent’s oil and gas industry. It is expected to produce 100 gigawatts /en misstänkt rund siffra/ of offshore wind energy — enough to power around 50 million homes — connected to countries through high-voltage subsea cables. It is framed as a way to build energy resilience, provide affordable electricity and safeguard energy security. CNN 19 February 2026 https://edition.cnn.com/2026/02/19/climate/trump-wind-europe-clean-energy-independence

Att opinionssiffrorna dalar beror helt enkelt på att Trump inte rår på inflationen. En ny undersökning visar att medborgare i en rad europeiska länder ger sina regeringar underkänt. Orsaken är att regeringarna i Europa liksom i USA inte upplevs leverera verkliga förbättringar för medborgarna.  Utan leverans kan man inte heller förvänta sig att folk ska fortsätta stödja demokratin.  Det skriver statsvetaren Francis Fukuyama i artikeln ”Delivering for Democracy: Why Results Matter”. Anders Sundell SvD 18 februari 2026 https://www.svd.se/a/y54dzx/demokratin-maste-fa-saker-gjorda Francis Fukuyama ”Delivering for Democracy: Why Results Matter” https://fsi.stanford.edu/news/democracy-autocracy-and-performance-legitimacy#:~:text=In%20%E2%80%9CDelivering%20for%20Democracy%2C%E2%80%9D%20Francis%20Fukuyama%2C%20Chris%20Dann%2C,with%20delivery%2C%20examining%20both%20backsliding%20and%20non-backsliding%20countries. Prisnivån Price Level talas det inte mycket om. De flesta kommenterar om ...

Det skulle vara ”mycket klokt” av Iran att gå med på Donald Trumps förslag i förhandlingarna med USA. Det är budskapet från Vita huset.  DI/TT 18 februari 2026, 21:42 https://www.di.se/nyheter/usa-upprepar-hot-om-attack-mot-iran/ Wall Street stängde på grönt – oljan över 70 dollar Medvinden på Wall Street mojnade efter Fed-protokollet, där det framgick att ett gäng Fed-toppar flirtar med tanken på att höja styrräntan.  https://www.di.se/live/wall-street-stangde-pa-gront-oljan-over-70-dollar/ https://englundmacro.blogspot.com/2026/01/beautiful-armada.html

German Chancellor Friedrich Merz has poured cold water on a troubled €100bn joint fighter jet project with France and Spain by saying it no longer meets Germany’s military needs. The German army did not need a nuclear-capable fighter jet “right now” Financial Times February 18, 2026  https://www.ft.com/content/255d40ef-9809-4855-a8c1-0413f479f582 Dassault blocking the €100bn Franco-German jet project https://englundmacro.blogspot.com/2026/02/franska-dassault-inte-saab-tar-indisk.html

  ` Frågan är när Europa senast gick i en så entydigt positiv riktning. Kanske var det när Storbritanniens marknadsliberala ledare Margaret Thatcher och den franske teknokraten Jacques Delors fann varandra i det arbete som under 1980-talet rev gränshinder, harmoniserade regler och skapade den inre marknaden, som sjösattes 1992. Mattias Svensson SvD 18 februari 2026 https://www.svd.se/a/m0rwOg/hogern-far-det-att-varas-for-europa Maastrichtfördraget undertecknades den 7 februari 1992 i Maastricht.  Genom fördraget upprättades Europeiska unionen med bland annat en gemensam utrikes- och säkerhetspolitik, en ekonomisk och monetär union  https://sv.wikipedia.org/wiki/Maastrichtf%C3%B6rdraget Jacques Delors, the European Commission president who presided over the creation of a single marketin the 1980s, said frankly: “We’re not here just to make a single market – that doesn’t interest me – but to make a political union.” https://englundmacro.blogspot.com/2010/02/eu-emu-marx-och-...