After a strong start to the week, the stock markets look set for a break on Tuesday. The opening marks show minute readings. The AEX heads for a flat open (+0.04%)
Fortunately, there is plenty on the agenda to keep our party going and provide some local racing action. First let’s look at the broader market:
- European futures are almost flat
- In Asia, the Hang Seng index (Hong Kong) is 0.5% lower, with technical shares particularly weak (Baidu -2.4%, Tencent -1.6%)
- Japan (Nikkei) and Korea (Kospi) are clearly higher, but still had a day to catch up after a long weekend
- Wall Street had a good day yesterday: S&P 500 +1%, Nasdaq +1.2%
- EUR/USD is very stable in the $1.07-$1.08 range
- The price of oil (Brent) stands just above $83, after more than two weeks of steady decline
- Bitcoin and gold are holding steady at $63,590 and $2,321 respectively
The construction company Heijmans called the alarm early this morning with figures Q1, which is positive in tone. At least the company has overcome the obstacles that BAM encountered last week and is sticking to the vision that was given before.
From the press release:
Just like a month ago in the interview with IEX, the CEO of Heijmans Ton Hillen also wants to say something about the situation on the housing market in the interpretation of the figures. At the moment, a lot of attention is being paid to expanding the range of affordable housing, he says.
“Attention to this part of the market is important, but we should not lose sight of flow. available.”
In the interview with IEX we asked Hillen what he would do first if he were housing minister for a day:
If Ton Hillen, CEO of Heijmans, was the housing minister, he would make decisions. Read the interview – https://t.co/10FTBkmaSU via @IEXnl
– IEX Investors Desk (@Beleggersdesk) April 2, 2024
Soon after Heijmans, the Q1’s van smallcap Kendrion inside. Kendrion is going down the drain after announcing last month that it is axing its car division. In the remaining business, a (expected) decline in turnover was seen in Q1, but profitability is increasing due to “strict cost measures”.
AMG and the lithium price
That doesn’t end with Q1 figures on the Damrak, as raw materials house AMG opens its books after hours this afternoon. In any case, the producer of ‘critical materials’ will show a sharp decline in Ebitda, no one doubts that. ING analysts To put it in at $28 million in Q1, or a 60% decline from last quarter.
The good news for AMG is that the decline in lithium prices, which is causing a lot of trouble for the company, seems to have calmed down. There has even been a small revival this year.
Disney after the war
Before the opening of Wall Street, Disney will first release quarterly figures – the first results from the recent battle at the top of the company, where CEO Bob Iger emerged as the winner. At the shareholders’ meeting he managed to convince the activist investor Nelson Peltz – you know him from Unilever – keep out of control.
The price has fallen slightly since then, after a nice rally since last October which led to a price increase of around 50%. At Disney – which is now reporting Q2 figures due to a broken financial year – a slight increase in turnover is expected compared to the same quarter a year ago. The consensus is for $22.1 billion and earnings per share of $1.10, both slightly lower than in the previous quarter (Q1).
Much attention will be paid to the developments of the streaming service Disney +, which is in the streaming wars at the moment it lags behind rival Netflix. After Disney+ reported a drop in subscribers last quarter following a price increase, the market will be eager to see that drop materialize. Netflix suffered a huge price swing after excellent Q1 results; So Disney has to create a good story to convince the market.
News
The headlines from yesterday’s close:
- 08:16 German exports increased unexpectedly
- 08:10 German factory orders unexpectedly fell
- 08:10 AEX probably starts trading day in green
- 07:59 Increasing profitability at Kendrion
- 07:56 Heijmans is selling more homes
- 07:36 Arcadis secures multi-year contract in Canada
- 07:36 Update: Asian stock markets are divided
- 07:30 Siemens Healthineers sees results picking up
- 07:12 Japan’s service sector continues to grow
- 07:03 European stock markets are expected to open higher
- 06:56 Dutch inflation has indeed fallen
- 06:52 Stock market agenda: macroeconomic
- 06:51 Stock market agenda: foreign currency
- 06:50 Show agenda: Dutch companies
- May 6 Stock market update: AEX on Wall Street
- May 6 Wall Street closed higher
- May 06 The price of oil closed higher
- May 06 Feds Barkin: current Fed monetary policy can bring inflation to desired level
- May 6 Wall Street heading for a higher close
- May 6 European stock markets closed higher
Agenda
Lots of seasonal numbers today, of course, with some interesting things on the menu after the close.
- 07:00 Infineon Q1 figures
- 07:00 UBS Q1 numbers
- 07:00 Zalando figures Q1
- 07:00 Solve Figures Q1
- 07:30 Heijmans Q1 figures
- 07:30 Kendrion figures Q1
- 08:00 BP figures Q1
- 08:00 Marking factory orders March
- 08:00 Showing the balance of trade in March
- 11:00 Eurozone March sales
- 1:00 PM Nikola Q1 numbers
- 1:00 PM Disney Q2 numbers
- 13:00 Allfunds annual meeting
- 13:00 DSM Annual meeting Firmenich
- 1:00 PM Philips annual meeting
- 1:00 pm TKH annual meeting
- 6:00 PM AMG Q1 figures
- 6:00 PM Marel Q1 figures
- 9:00 PM US Consumer Credit March
- 10:00 PM Lyft Q1 numbers
- 10:00 PM Reddit Q1 numbers
Council
- Goldman Sachs is raising ING’s price target to €17.50 from €16.70
- UBS raises Prosus price target to €50.00 from €46.00
- KBC Securities lowers TKH’s price target to €62.00 from €62.20
- RBC is reducing the Galapagos price target to €32.50 from €34.60
- KBC Securities raises its hold recommendation to buy PostNL
Short positions
Top 10 short positions in AFM chart (source: Shortsell.nl)
And then this
Defense software firm Palantir benefits from AI, but loses 10% aftermarket on weaker-than-expected outlook
Palantir beats revenue but provides lower-than-expected guidance https://t.co/T2ByxPgDrl
— CNBC (@CNBC) May 6, 2024
A few more signs of cooling in the US
US banks report weaker loan demand, Fed survey says https://t.co/GeU33zSBsl pic.twitter.com/dqFvZIGjKJ
— Reuters Business (@ReutersBiz) May 6, 2024
He can suffer, so to speak
Bill Gates’ big deal: the plug has been pulled on a long-term battery project https://t.co/50QfpoJbDy pic.twitter.com/46KUCski22
— DFT (@dft) May 6, 2024
Take over? No thanks, says Sabadell
Banco Sabadell rejects a €12bn takeover bid by BBVA https://t.co/1uyhwtPV4a
— Financial Times (@FT) May 6, 2024
Pieter Short is editor-in-chief of IEX Media. The information in this column is not intended as professional investment advice or as a recommendation to make specific investments.
2024-05-07 06:42:56
#AEX #takes #breather #luckily #caps #IEX.nl
