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Cronin, Borz |  A gloomy day in the financial markets: the Norwegian krone heads to the bottom

Cronin, Borz | A gloomy day in the financial markets: the Norwegian krone heads to the bottom

The krone is dropping to its weakest point before Christmas, while many stock markets around the world are kneeling, among others after the very bad Netflix news.

The crown fell to 10.11 crowns to 1 euro on Friday, down from 9.92 crowns Thursday night, and is now clearly at its weakest level in 2022.

This is bad news for all Norwegians who buy goods abroad, or dream of a vacation trip to the southern regions.

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weak numbers

The reason for the decline of the krone is due to the global decline in the stock market as the Oslo Stock Exchange, the German DAX, the American stock exchanges, and most other markets all fell. Fear of omikron and bad results from big companies, such as American Netflix, are waning, according to CNBC.

Netflix released miserable numbers after the stock market closed on Thursday, dropping 21 percent at the opening on Friday after the streaming giant confirmed that fewer people had signed up for the service than before.

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This is partly due to competitors like Disney Plus steal subscribers. Interestingly enough, Disney is also down five percent.

On the Oslo Stock Exchange, most of the large companies fell. The worst situation for the autostore giant, which fell 12 percent on Friday.

Low oil prices

Overall, the Oslo Stock Exchange is down 1.85 percent, while the DAX is down 2.85 percent. The tech-heavy Nasdaq stock market is also declining in the US, especially burdened by Netflix.

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Currency Strategist at DNB Markets Magne Østnor confirmed that the Norwegian krone has held up well lately, particularly with the help of the strong oil price, but several things contributed to the drop on Friday.

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The price of oil is down a little bit from yesterday and it’s a bit confusing stock market, but there isn’t always a perfect relationship between those things either, he tells Nettavizen.