Among the losers was Volvo Cars, whose share fell 5.9 percent after the announcement that the car manufacturer is abandoning the goal of only selling electrified cars by 2030. The new goal is 90-100 percent.
Telia went against the trend and rose 0.4 percent after the announcement of a new round of layoffs, where 3,000 of the telecom giant's employees will be let go before the turn of the year, including 1,400 in Sweden.
However, the decline was broad. Among the most traded stocks in the OMXS30 index, bearing manufacturer SKF and industrial conglomerate Sandvik fell the most, down 3.5 and 3.4 percent, respectively.
The trend was also downward on leading European stock exchanges, and on Asian exchanges, the declines were sharp 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 lost over 2 percent, while Nasdaq fell 3.3 percent.
Technology giants have led the decline on Wall Street, with chip manufacturer Nvidia being the biggest loser, whose share plummeted 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 turn of the year, the OMXS index is up 8.1 percent.
