Shell and US concerns pull AEX down | Financial

The AEX closed 0.7% lower at 545.3 points, after tapping 556.9 points in the morning. The index fell 2.6% on Thursday. The AMX saw the previous win completely evaporate and ended unchanged at 760.7 points.

The other European stock markets also lost ground after the blows on Thursday. The British FTSE 100, German DAX and French CAC 40 fell 1.5%, 0.5% and 1.4% respectively.

Of American stock exchanges performed better. When the European stock markets closed, the Dow Jones index was 0.3% lower and the Nasdaq index 0.7% higher.

Asset manager Renco from Schie (Valuedge) points out that in the past months the day following the Fed meeting always went badly for investors. “The Fed’s message was as expected, but the next day you saw another negative reaction. A few lousy company numbers and the tweet from Trump that he wants to postpone the elections also weighed on sentiment. We are now seeing support from the strong quarterly results Apple, Amazon in Facebook.”

Van Schie emphasizes that investors were cautious in the run-up to these figures publications, which vision investment advisor Rein Schutte of Noesis Capital Management shares. “In view of the enormous price increases in recent months, the figures had to be very good. And so they were even better than expected. ”

Van Schie does not consider the strong economic contraction figures from Europe this morning for the second quarter (France -13.8%, Spain -18.5%, Italy -12.4%) important for the stock market sentiment. “These look back. Be more important leading indicators, activity data, news about one coronavaccin or drug and the number of infections in the US. ”

About the expiration of the current support program in the US, including a $ 600-a-week benefit to Americans living during the United States coronacrisis unemployed, Van Schie is not much worried. “The market is anticipating a new package of $ 1 to $ 1.5 trillion and that will likely be announced one these days.”

Schutte also sees it positively. “In view of the elections, Democrats and Republicans cannot leave the unemployed in the cold. This is really an emergency. ”

Van Schie has a clear preference for European over American equities. “First of all, the euro appears to be breaking out of the downward trend against the dollar over the past 12 years. We think this will continue. In addition, the economic outlook for Europe is more favorable than for the US, partly because the virus is better controlled there. The past has also shown that a recession leads to a change of power. US stocks, which have performed strongly in the past 10 years, can do relatively worse from now on. “

The Dutch main funds ended up Shell with a 2.5% loss at the bottom, after falling 5.1% on Thursday in response to quarterly results.

Another heavyweight, food and detergent producer Unileverlost 1.5%.

Philips declined 1.3%. A commission in the United States House of Representatives believes that during the corona crisis, the US overpaid up to half a billion dollars for its respiratory equipment.

Chip machine manufacturer ASML closed 1.1% lower, despite buying advice from US bank Wells Fargo.

The supplier to the semiconductor sector ASMI and payment processor Adyen ended with pluses of 2.6% and 2.7% respectively.

ArcelorMittal recovered somewhat from a hit of 2% on Thursday following the release of the figures. Schutte believes that the steel giant is well engaged in reducing its costs and debt. “But there is still a lot of overcapacity in the market. And the economic recovery is not accompanied by major investments in infrastructure, among other things. ”

The Midkap shone Basic-Fit with a profit of 7.9% off. The fitness chain saw its quarterly turnover Decrease 24% and also came to € 51.9 million with a quarterly loss, but maintained its quarterly results for its 2020 goals. Fewer subscribers dropped out than expected. And Basic-Fit promises to open another hundred branches despite the crisis. According to ING, Basic-Fit delivers strong performance, especially in recovery of numbers of subscription holders. For KBC, the group did what the analyst, who uses the target price of € 29, expected.

Cable and telecom company Altice rose 5.9%. The Thursday after-trade published quarterly figures investors were well received. Credit Suisse saw reason to increase the price target to € 4.20.

Logistics real estate fund WDP won 0.7%, after reporting a higher quarterly profit. The occupancy rate remained stable at 98.2%, a fraction more than at the end of December 2019. WDP performed for investment bank KBC according to its estimates.

Biopharmaceutical Pharming after the hit on Thursday in response to the reported dip in sales in the second quarter, was down another 6%.

Air France KLM (-2.4%) deleted after a loss of € 800 million in the first half another 1500 jobs. There is a 93% decrease in travelers compared to last year. ING analyst Quirijn Mulder saw the figures in a slower recovery in turnover. According to him, a return to better net results will take “much longer”. The French trade minister reported about the sister company Air France that nationalization is not on the agenda.

Secondment worker Brunel (+ 1.8%) in the small caps over the past quarter booked 13% less turnover to € 223.4 million. Solid figures, compliments ING analyst Marc Zwartsenburg. KBC immediately gave an advice increase to ‘accumulate’, coming from ‘hold’. There is potential up to € 8 per share, according to KBC. Brunel’s turnover decline was less than feared.

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