WEEKLY UPDATE – Stocks in Stockholm dived after depressing US economic growth data.

• European stocks close lower on US growth data
• White House hails 'solid' US growth • US economy grew less than forecast

Swedish stocks slipped Friday as sentiment was dampened by US government data showing a slowdown in the economic recovery. The OMX Stockholm 30 closed down 0.17 percent Friday. Compared to last week the index was down 1.70 percent.

Sweden's GDP increased more-than-expected -- 3.7 percent -- in the second quarter while exports increased by 14 percent and imports by 18 percent. However, US data said Friday afternoon that its economy slowed to a 2.4 percent annual rate in the second quarter, lower than expected.

Stocks gained courage later the same afternoon after data showed that manufacturing activity in the Chicago region increased more than expected in July, based on numbers from the Chicago purchasing managers index.

A number of Swedish and European heavyweight companies has posted impressive earnings this week, underlining strength of corporate recovery. Analysts are expecting European earnings to rise about 25-35 percent this year before tapering off and increasing 10-15 percent next year, Bloomberg said.

Anglo-Swedish pharmaceuticals giant Astrazeneca shares soared Thursday to their highest level in nearly four years after its second-quarter net profit jumped to 2.1 billion dollars on strong performance across emerging markets and the firm moved a step closer to approval for its experimental heart drug Brilinta.

The world’s largest lockmaker Assa Abloy Wednesday reported a 21 percent rise in second-quarter net profit and raised growth forecast. The stock has gained around 45 percent in value over the past 12 months.

Europe's main stock markets rose at the start of trading on Monday, as investors gave their first response to the pre-weekend release of "stress tests" on the European banking sector. In Stockholm all four major banks rose in morning trading.

Since the turn of the year the OMX Stockholm 30 index is up 10.04 percent.

This article has been published at The Swedish Wire and Nasdaq OMX Nordic.