Despite US CPI figures in April 2022 coming in somewhat higher than anticipated on Thursday, May 12 (8.3 percent versus 8.1 percent per year), the US 10-year Treasury yield fell back somewhat during last week. The highest inflation level so far occurred last month (March 31) with an 8.5 percent annual increase. It could therefore be a break in the downward trend, albeit still at very high levels.
Volvo reported a strong Q1 2022 result on 22 April, mainly driven by operating margins in the Trucks division that surprised positively. In combination with what looks like a technical support level around SEK 160, we think Volvo looks interesting at current price levels.
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