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A good start

The first half of 2019 started with a notable increase in oil prices and positive stock markets, but ended somewhat more measured as the global growth outlook was adjusted downwards and long-term interest rates fell back. Oil prices also fell, from $75 in April to below $60 at its low point in June, due to both lower expected growth and higher than expected oil supply. 

Escalation of conflict levels

The trade conflict between the United States and China has intensified, and while the previous notion was that a solution would be found within 6 to 12 months, many now believe that the conflict will persist, at least as long as Donald Trump is the US president. In addition, we have seen tensions in the Middle East grow, with the US and Iran in the leading roles.

In total, however, it became a respectable half year for Norwegian shares, with a nine per cent return for the Oslo Børs mutual fund index.