The chief executive of Norway's $1.8 trillion sovereign wealth fund, one of the world's largest investors, said on Thursday that inflationary pressure in the United States was one of the biggest risks to financial markets this year.

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The oil fund, as it is known at home, is the world’s biggest single owner of public equities, with shares in almost 9,000 companies globally. It was established in the 1990s to invest Norway’s petroleum wealth and is largely an index-tracker, working according to a strict mandate from the country’s Finance Ministry.

Nicolai Tangen, CEO of Norway's sovereign wealth fund, warns that inflation in the United States poses a risk to financial markets. He also highlights global sovereign debt levels as a concern, suggesting investors may soon demand more to finance governments.

EUROPEAN shares closed higher on Thursday, buoyed by President Donald Trump’s address to the World Economic Forum in Davos, while declines in heavyweight technology stocks tempered gains. Read more at The Business Times.

Switzerland's Economy Minister Federal Councillor Guy Parmelin, from left, Thailand's Minister of Commerce Pichai Naripthaphan, Norway's Minister of Trade and Industry Cecilie Myrseth, Prime Minister of Thailand Paetongtarn Shinawatra,

The chief executive of Norway's $1.8 trillion sovereign wealth fund, one of the world's largest investors, said on Thursday that inflationary pressure in the United States posed a risk to financial markets this year.

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Norway's central bank held its policy interest rate unchanged at a 17-year high of 4.50% on Thursday, as unanimously expected by analysts in a Reuters poll, and maintained plans to start cutting borrowing costs in March.