Arcelor leads ongoing record hunt AEX | Financial

The AEX is 0.5% higher at a quarter to four on a new peak of 746.5 points. The main indicator already touched the highest closing level ever on Tuesday at 742.9 points. The AMX fluctuates around Tuesday’s closing position at 1054.5 points.

Most other European stock market indicators are again unable to keep up with the AEX. The British FTSE 100 loses 0.3%, the French CAC 40 is unchanged and the German DAX gains 0.1%.

The US stock markets are already working the dip on Tuesday when they open. After fifteen minutes of trading, the Dow Jones index is 0.4% and the Nasdaq index 0.6% higher. The figures of the financial institutions that were released before the stock market received a mixed reception. Both Bank of America and BlackRock lose. Citigroup and Wells Fargo are gaining ground.

Support is provided by Federal Reserve Chairman Jerome Powell’s announcement to the US Congress that the economic recovery is not sufficiently advanced to phase out the bond-buying program. He also reiterated his earlier position that inflation will remain high for a few more months but then fall back.

Daam Martijn van Holst, trader at ABN Amro Oddo BHF, points out that much of the optimism about the strong economic recovery is already reflected in the prices. “It remains to be seen whether there is even more in the barrel thanks to the forthcoming figures.”

Steel in demand

Steel group joins the Dutch main funds ArcelorMittal led by a gain of 4.4%, supported by higher metal prices and a target increase to €40 by US Jefferies.

Shell is 1.8% higher. Raizen, a partnership of the Dutch oil giant and the Brazilian conglomerate Cosan, is aiming for a valuation of about $13.5 billion in its upcoming IPO, according to Bloomberg news agency. It would be the largest IPO in Brazil this year.

The suppliers to the chip sector follow. ASML, Iron on ASMI win 1.6%, 1.5% and 1.4% respectively.

Heineken yields 1.5%. Food and Cleaning Products Manufacturer Unilever goes down 1%.

Just Eat Takeaway drops 0.2%. The meal delivery company will provide a trading update on the second quarter on Thursday.

In the medium-sized funds, steel producers aperam and soil researcher Fugro with pluses of 2.5% and 2.3% respectively leading the way.

Intertrust is less to do with a loss of 5.9%. British bank HSBC has resumed tracking the financial services provider with an ‘underweight’ rating.

AScX fund NSI gains 0.2%. The property fund saw its result rise in the first half of the year and raised its expectations for the entire financial year. According to CEO Bernd Stahli, confidence in the market returned in the second quarter thanks to the progress of the vaccination program.

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