STOCKHOLM - Swedish builder Skanska reported third-quarter earnings far below market expectations on Wednesday as weak property markets took a toll in the shape of asset writedowns and goodwill impairment charges, sending its shares down 12%.
A series of interest rate hikes across the world to tame surging inflation has pummelled residential and commercial property businesses over the past year, while construction activity has held up well, above all, in the United States. Skanska forecast weak residential and commercial property markets in the Nordics over the coming year but said it still expected strong construction activity in the key U.S. market, where state and federal investment is driving demand."Focus today will all be on Property, where we remain cautious amid the current rates environment," analysts at Jefferies said in a research note. "We would expect to see share price weakness today.
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