Oslo Børs
Benchmark index in 2022
World index in 2022 (USD)

Financial markets and the economy in 2022

Redefining risk

The past year turned out to be unusually eventful, with outright war, sharply rising interest rates and towering warnings of an imminent recession. It also turned a lot of accepted wisdom on its head.

Financial analysis is more than a myopic exercise in indicators and percentages. Lest anyone should think otherwise: The defining event of 2022, by far, was the Russian invasion of Ukraine. The financial world lost no time in condemning it as a horrifying act of aggression but, in retrospect, took far longer to realize the financial consequences. One week after the invasion, the S&P 500 was up almost 4%. At the end of the year, it was an altogether different story.

In times of crisis, capital tends to flow towards the US market, generally considered a safe haven. Not so in 2022. With a loss of 18.1%, the S&P 500 stood out in negative terms. The STOXX Europe 600 was down 10.1% and the MSCI Nordic Countries lost 7.9%, while the FTSE 100 returned 0.9% – in the black. The Norway OSE benchmark lost a mere 1.0%.

That was but one of the surprises in 2022.

More on the market and the economy this year.

2022 in a nutshell
OSEBX -1.0%
S&P 500 return -18.1%
MSCI World net (USD) -18.1%
3-month NIBOR from 0.95 to 3.26%
10 year Norwegian Treasury from 1.70 to 3,17%
10 year Swedish Treasury from 0.21 to 2.39%
10 year US Treasury from 1.51 to 3.88%
Brent Blend from USD 77.78 to USD 85.91
USD/NOK from 8.82 to 9.85
EUR/NOK from 10.03 to 10.51
USD/SEK from 9.05 to 10.42
GDP growth, global 3.4%
GDP growth, Norway 3.3%
GDP growth, Sweden 2.6%
GDP growth, Mainland Norway 3.8%

Sources: Oslo Børs, S&P Dow Jones Indices, MSCI, Norges Bank, FactSet, IMF, SSB, SCB, Riksbanken, Pareto.