AEX to record on wings of tech and economic recovery | Financial

The AEX closed 1.1% higher at 780.28 points.

The AMX is up 1.2% this afternoon to 1095.00 points.

Amsterdam clearly trumps the price boards in London (+0.4%) and Frankfurt (+0.4%). Only Paris (+1.1%) can join the best-performing European index.

Wall Street profit

In New York, stocks are in the green this afternoon, with gains between 0.3% and 0.8%. On Friday, the Dow Jones index (+0.7%) and tech stock Nasdaq (+1.2%) closed with big profits.

The stock markets took a knock last week after the minutes of the Federal Reserve, the system of central banks in the US, talked about scaling back monetary stimulus, or ‘tapering’. However, stock prices have now almost recovered.

“The Fed’s hints about ‘tapering’ occasionally scare investors. But then the prices quickly recover,” says asset manager Richard Abma (OHV).

He expects Fed Chair Jerome Powell to give another hint about phasing out the stimulus program Friday at the annual meeting of central bankers in Jackson Hole, US. So far, however, it is unclear when the central bank chairman wants to start with that phase-out.

The risk fee for a 10-year US Treasury bond is up 6 basis points to 1.267%. The euro strengthens 0.3% to $1.1737. Bitcoin is up 4% to $50,205.

Brent oil costs 3.2% more at $67.21 a barrel.

“At the moment, fear of a possible correction on the stock markets is hard to find, also thanks to much better than expected quarterly figures from companies,” said investment manager Simon Wiersma of ING. Eurozone purchasing manager figures were good. The reaction on the bond market is seen as positive, interest rates are rising, the euro is strengthening against the dollar. Faith in the economic recovery remains good.”

It should also not surprise investors what Powell will say on Friday, says Wiersma. “Interest rates will rise. But the number of infections in the US has risen sharply, giving the Fed the argument not to start tapering too soon. In addition, the company figures have been very strong.”

In the AEX, payment service providers Adyen (+ 3.1%) and chip supplier Iron (+2.6%) the frontrunners. Deutsche Bank raised its price target after the latest quarterly figures from €2100 to €2550 with an unchanged advice.

Semiconductor ASMI increases 1.8%. Chip machine maker ASML, with a 19% weighting of the AEX, propels the main index with a 2% increase.

beer brewer Heineken (+2.3%) and energy giant Royal Dutch Shell (+2.3%) are also popular with investors. Shell is the most traded stock and benefits from the 3% higher oil price. The ‘black gold’ is recovering after seven days of declines. Commodity markets are more positive now that China appears to be able to limit the spread of the delta variant of the coronavirus.

Wiersma: ,,And there has been a lot of speculation in oil, but the strong purchasing manager figures give commodities markets a positive signal.”

KPN wins 0.7%. The telecom company started with the purchase of its own shares for €200 million.

Prosus must depreciate 0.5% late in the trade. It has started buying $5 billion of its own shares. Prosus is riding on the nearly 3% price increase of the Chinese internet group Tencent, in which the tech investor has a sizeable stake.

food giant Unilever (-0.3%) is the biggest lag behind the main funds.

retail property fund Unibail and steel manufacturer ArcelorMittal leave up to 1.1%.

In de AMX is AMG the big winner with a price jump of 9.6%. The metal specialist is launching a special battery that can replace diesel generators in industry. The battery consists of two parts of the metals lithium and vanadium and can quickly meet an additional demand for power. In addition, AMG acquired the German software company Phyr7, which specializes in energy storage.

Soil Researcher Fugro rises 4.1%.

real estate fund WDP stands at 0.9% loss at the bottom of the medium-sized funds.

Trustkantoor Intertrust ends 0.4% lower. The financial service provider is troubled by a story in the FD about Minister Hoekstra (Finance), who is considering banning trust offices in the Netherlands.

In the small cap funds, B&S (-1.1%) with figures that pleased ING. The cruise ship supplier and distributor of all major beverage and perfume brands still struggled with headwinds as a result of the corona crisis, but made more profit in the first half of the year. For the second half of the year, the company provides a further recovery.

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