In terms of news, the week has been dominated by Russia’s invasion of Ukraine. Despite the concerns, the Stockholm Stock Exchange has shown relative stock market strength. The invasion was met with harsh criticism and promises of tough sanctions, but Western countries continue to buy oil and gas from Russia. They guide you through the week’s most important events.Published: 26 February 2022, 08:13Relative stock market strengthStockholm has had its worst stock market start of the year in over 100 years. The development for the broad OMXSPI index has also been one of the worst in the world, and when the large stock markets have shaken, Stockholm has shaken even more. This is usually the case, but even more common this year. But at the same time as the Russian darkness has fallen over Ukraine, there may have been a trend break. After falling six days in a row and a total of 9 percent, the Stockholm Stock Exchange clearly turned on Friday. But already on Thursday, when Russia invaded Ukraine, the Stockholm Stock Exchange retreated by even less than the European index Stoxx 600. It was the first time during a downturn since 28 January. On Friday, Stockholm also swung up less than Europe. At best, it is a sign of a stock market in better balance. Otherwise, it is always a consolation that someone else is feeling worse.The balls roll inStronger growth, higher inflation and growing government surpluses. That was the core of the new forecast that the Debt Office presented this week. The Government Borrowing Authority notes that the overall increase in GDP in 2020 and 2021 now appears to have exceeded the forecasts from before the pandemic. For government finances, it is pure thunder honey. The total budget surplus during 2021-2023 is now expected to be SEK 307 billion, SEK 84 billion more than in the October forecast. Central government debt is expected to fall to 16 percent of GDP next year or 31 percent if the entire public sector is included, which is the most common measure. The result will be reduced issues of government securities, especially with shorter maturities. This helped to lower market interest rates on Thursday. Against Germany, the so-called spread decreased by 5 basis points.No stop for Russian oil and gasIn terms of news, the week has been dominated by Russia’s invasion of Ukraine. Russia is one of the world’s largest oil and gas producers and in 2021, the profit from these raw materials accounted for 36 percent of the country’s tax revenues, according to Reuters. But despite Russia’s invasion being met with harsh criticism and promises of tough sanctions, Western nations continued to buy oil and gas from Russia. According to Bloomberg journalist Javier Blas, the United States, Britain and the EU probably bought Russian oil, gas and other raw materials for more than 700 million dollars a day that followed Russia’s invasion of Ukraine. The sanctions announced so far will not stop oil and gas exports either – neither the US, the EU, the UK nor Russia.Supercycle IIThe mining companies Lundin Mining and Boliden are this year’s two best large company shares, followed by the forest companies Stora Enso and Holmen and the steel company SSAB. All of this year’s five best large company shares are commodity companies. The superbike is lame, however. Those who manufacture equipment for the mines – such as Epiroc or Sandvik – have, on the other hand, been as cold as the stock market in general.