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2Q 2006 Quarterly report

International equity markets declined in the second quarter, particularly in Japan and emerging markets. The return on the international equity portfolios managed by Norges Bank was negative 3.3 per cent. Higher international interest rates resulted in a decline in bond prices.

Global equity prices continued to rise until mid-May, but fell sharply over the following month, especially in emerging markets and Japan. Companies in the IT sector fared worst, while companies in the energy and oil sectors performed best. As in the first quarter, bond prices in the main markets fell during the second quarter. It was only the second quarter since 1 January 1998 with negative returns in both the equity and bond markets.

Webcast from the press conference