At ten past two the AEX index was 0.4% higher at 574.2 points. The AMX rose 0.3% to 769.8 points. Most of the other European stock exchanges gained light. The German DAX and French CAC 40 were up 0.6% and 0.1% respectively. The British FTSE 100 was down 0.3%.
The index futures indicated a flat to slightly higher opening of the American stock markets at 3:30 this afternoon.
OHV asset manager Richard Abma notes that investors are optimistic that EU leaders may reach an agreement on the € 750 billion recovery fund tonight. “You can see this mainly in the bond market, with a drop in Italian interest rates and a small increase in German interest rates. In the meantime, the amount of subsidies has already been reduced from € 500 billion to € 400 billion in the negotiations. ”
Abma points out that the persistently high number of new corona infections, on the other hand, depresses the mood. “There are some hot spots in Europe and things are continuing fast in the US. You can also see this in the polls, in which Trump is at a loss. That is also bad for sentiment, because the Democrats want to increase the tax. ”
The asset manager himself is quite cautious. “I am anticipating a decline in the stock markets, especially because they have risen very rapidly in recent months.”
Philips excels in AEX
In the AEX Philips the biggest riser in the AEX with a plus of 5.8%. The healthcare technology group thinks in the second half of this year to grow again. The medical device maker said that in the second-quarter figures, where corona virus sales and profits lagged last year. For the year as a whole, Philips is now thinking of ‘modest’ growth in comparable sales and the operating profit margin.
Biotechnology company Galapagos and chemical distributor IMCD followed with pluses of 2.4% and 2.3% respectively.
ABN Amro in ING were at the bottom with losses of 1.6% and 0.9% respectively. The investment associations VEB and European Investors intend to act on behalf of duped bondholders of the fallen German payment company Wirecard claim compensation from these two banks, among others.
Fair weight Royal Dutch Shell dropped 1%. The energy giant was affected by the lower oil price.
Prosus (-0.5%) threatens to fish behind the net in the takeover battle around the advertising branch of internet company eBay, which also includes Marktplaats. Takeover bids from other bidders would be more attractive. Adevinta is the biggest contender according to business newspaper Wall Street Journal. The Norwegian internet group is said to have made an offer in cash and shares, but the amount is not yet known. EBay’s advertising branch is expected to generate over 8 billion dollars.
GrandVision falls sharply
A lot in the AMX GrandVision 5.3% to € 24.35. Brillengigant EssilorLuxottica has a court in Rotterdam legal proceedings filed against the parent company of the optical chains Pearle and EyeWish. EssilorLuxottica wants to gain insight into the way in which GrandVision managed its affairs during the corona crisis. EssilorLuxottica has been working on a takeover of GrandVision for a year, but there may be a hitch or a lower offer. EssilorLuxottica has previously offered € 28 per GrandVision share. KBC Securities still expects the acquisition to continue. Should the offer go off the table, GrandVision’s price could drop to € 18, according to the Belgian asset manager.
PostNL took the lead with a profit of 3.6%. The postal and parcel deliverers benefited from a buying advice from investment bank UBS, including a price target of € 2.50.
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