AEX shoots up further despite job downer | Financial

The AEX is 0.8% higher at 766.2 points at the close. The Midkap index is up 0.8% to 1067.3 points.

Most other European stock market indicators are also green, although they often lose out against the AEX. Britain’s FTSE 100, German DAX and French CAC gain 0.3%, 0.9% and 0.3% respectively.

When the European stock markets close, the Dow Jones index is 0.8% lower and the Nasdaq index is virtually unchanged. In the US, a disappointing private sector jobs report is ruining the mood. According to payroll processor ADP, 330,000 new jobs were added in the past month. Job growth of 683,000 was taken into account in advance. Employment plays an important role in the Federal Reserve’s interest rate decision.

Official employment figures are scheduled for Friday. An increase of 875,000 is expected and unemployment will fall from 5.9% to 5.7%. Philip Marey, economist at Rabobank, emphasizes that part of the working population has withdrawn to look after the children because schools are closed. “This is expected to improve from September, partly due to the declining government support and the reopening of schools. In addition, there is a shortage of staff in large cities, especially in the catering industry, partly because a migration to the countryside has started during the outbreak of the corona crisis.

Marey takes into account that the Federal Reserve (Fed) will remain on hold for the time being when it comes to reversing the extensive monetary support policy. „The Fed is taking it very easy with the taperen to prevent, as in the past with former Fed President Bernanke, a startle response if the brakes are applied too early.”

The Rabobank economist also points out that the relationship between China and America remains difficult. “There is a different relationship compared to the era of Trump who flew into it aggressively as a boxer, while Biden in that role revolves more around China with technology as a hot topic.”

Stock markets in Asia were largely ahead this morning on the back of an acceleration in China’s services sector. The Nikkei in Tokyo, on the other hand, was down 0.2% on ongoing concerns about the rapid spread of the Delta variant of the coronavirus in Japan.

IMCD popular

Shines in the AEX IMCD with a gain of 10.5% in response to its figures release. In the second quarter, growth at the chemicals distributor continued to accelerate compared to the first three months of the year.

The suppliers to the chip sector are also at the forefront. Iron, ASMI in ASML gain 3.7%, 2.9% and 2.9% respectively.

Prosus is helped by 3% by the price recovery at the Chinese tech group Tencent, in which the tech investor has a large stake.

Dataleverancier Wolters Kluwer makes 0.6% profit in response to his Numbers. Top woman Nancy McKinstry spoke of a faster than expected recovery from the corona crisis, but also warned of additional costs due to the reopening of the economy.

Philips is down from a 2.8% decline due to concerns about the impact of the company’s previous major recall of ventilators following an FDA warning. The regulator has classified the recall from Philips in the highest risk category, the so-called Class 1. Philips itself plans to go to the Supreme Court in a conflict with supermarket chain Lidl that has been going on for years. The court in The Hague ruled against Philips in April in the ‘shavers war’ with Lidl.

For Just Eat Takeaway investors have 1.9% less left, despite a buy recommendation from Goldman Sachs. The American bank believes that the risks are amply priced in and uses a price target of € 130.

Shell loses 1%. The oil and gas group is said to be considering leaving Nigeria after 85 years. During the last shareholders’ meeting of Shell, CEO Ben van Beurden already hinted that the position in Nigeria was no longer sacred.

Ahold Delhaize must give 0.6%. The Belgian tax authorities demands €380 million from the Dutch-Belgian supermarket group. The conflict concerns the way in which Ahold Delhaize acquired the American stores of its Belgian subsidiary Delhaize in 2018.

In the medium-sized funds, Elves, the specialist in batteries, switchgear and charging stations, with a profit of 4.4%.

JDE Peet’s follows with a progress of 2.4%. The coffee and tea maker expects the recovery in, among others, the catering industry to continue in the second half of the year.

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