Among the losers is Volvo Cars, whose stock falls 5.6 percent after the announcement that the car manufacturer is abandoning its goal of only selling electrified cars by 2030. The new goal is 90-100 percent.
Telia goes against the trend and rises by 0.2 percent after the announcement of a new round of layoffs, in which 3,000 employees will be let go before the end of the year, 1,400 of them in Sweden.
However, the decline is broad. Among the most traded stocks in the OMXS30 index, bearing manufacturer SKF and game developer Evolution fall by 2.4 percent each.
The trend is also downward on leading European stock exchanges, and on Asian stock exchanges, there have been sharp declines during overnight trading.
An unexpectedly weak purchasing managers' index from the US manufacturing industry triggered a new wave of recession fears on Tuesday. The S&P 500 index fell by more than 2 percent, while Nasdaq fell 3.3 percent – and this points to continued price declines in futures trading ahead of Wednesday's trading on Wall Street.
Large tech companies have led the decline on Wall Street, and the biggest drag is chip manufacturer Nvidia, whose stock plummeted by 9.5 percent on Tuesday – which meant that $280 billion in market value was wiped out.
September and the third quarter continue with Wednesday's decline on the Stockholm Stock Exchange. Since the beginning of the year, the OMXS index is up 8.4 percent.
