(ABM FN-Dow Jones) The Amsterdam Stock Exchange started the new trading week with a profit on Monday, but then fell back into the red again.
Around 11 o’clock, the AEX was half a percentage point lower at 649.48 points.
“Investors should expect big moves in both directions,” said Mark Haefele, CIO of UBS. Improvements in inflation, the job market, economic resilience and the Fed’s nuanced statements could lead to a market recovery, the CIO said.
Investors were able to react to a growth figure coming from China and the purchasing manager indices in Europe.
The Chinese economy grew by 3.9% in the last quarter, with growth currently at 3.0% this year. Figures were expected last week, but have presumably been postponed so as not to overshadow the Communist Party’s five-year congress. Growth is well below the roughly 5.5% that Beijing officially expects.
Purchasing manager data this morning indicated an acceleration of the contraction in October. S&P economist Chris Williamson believes the euro zone should contract in the fourth quarter.
The euro / dollar is trading at 0.9833 and the US 10-year yield drops to 4.201%.
Oil costs around 2% less.
Risers and Fallers
The leader of the AEX is Aegon with a 3.1% price increase, followed by Wolters Kluwer with 2.4%. Asmi, who opens the books tomorrow, earns 2.1 per cent.
Philips unveiled final quarterly figures ahead of the show, which after a warning earlier this month was no longer surprising. Philips, however, has announced a sizable layoff of 4,000 jobs. According to ING, new CEO Roy Jakobs is taking decisive steps. The stock fell another 3.0%.
Just Eat Takeaway loses 2.9% and Prosus 13.1%. Tech stocks on the Hong Kong Stock Exchange fell sharply this morning. Tencent, Prosus’ main stake, lost 11.4%.
In the AMX, Arcadis earns 1.9% and Flow Traders 1.6%. PostNL delivers 2.7% and Vopak 4.4%.
Azerion leads small caps with a 3.6% price increase and Ebusco follows with 2.0%. The NSI drops 2.7%.
Bron: ABM financial news
From Beursplein 5, the editors of ABM financial news keep an eye on the developments of the stock exchanges, and in particular that of Amsterdam. The information in this column is not intended as professional investment advice or as a recommendation to make certain investments.
