Oslo Børs
Benchmark index in 2015
World index in 2015 (USD)

The market and the economy in 2015

The oil price continued to fall. Oil investments fell. GDP growth fell. Global GDP growth fell. Forecasts were adjusted downwards. And stock market returns? From fair to outstanding.

It is fascinatingly easy to be overwhelmed by noise. The financial markets are dominated by a cacophony of signals, and selecting indicators in support of the view that you happen to hold at any given time is remarkably straightforward. Cherry-picking key figures is a popular and effective way of rationalising gut feeling.

Not infrequently, the outcome is very different from what many observers predicted it would be. For the average Norwegian investor, 2015 produced a reasonably satisfactory return on Norwegian shares, a very good return on international shares and disappointing returns on most corporate bonds – presumably a safer asset class than shares.

This is how we got there.

More on the market and the economy this year.

2015 in a nutshell
OSEBX +5.9%
S&P 500 return +1.4%
MSCI World net (USD) -0.9%
3-month NIBOR from 1.48 to 1.13%
10 year Norwegian Treasury from 1.61 to 1.54%
Share turnover Oslo Børs (value) +5.3%
Brent Blend from USD 57.33 to USD 37.28
USD/NOK from 7.43 to 8.81
EUR/NOK from 9.04 to 9.62
GDP growth global 3.1%
GDP growth Norway 1.6%
GDP growth Mainland Norway 1.0%

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