The AEX recovers somewhat and records a 0.1% loss at 781.2 points around 4 pm. The AMX is 0.4% lower at 1097.8 points.
In Europe, the German DAX is 0.5% in the red, the British FTSE is also 0.5% lower, the French CAC 40 is down 0.4%. The new consumer confidence figure in Germany, according to GfK, turned out lower than expected. The share of DWS falls 12%. The Wall Street Journal reports that Deutsche Bank’s asset management arm is being investigated by US authorities for possible exaggerated claims about sustainability.
In Asia, the Nikkei is holding 0.1% gains. South Korea surprised: the central bank has raised interest rates to prevent the economy from overheating. It is the first time in nearly three years that the Bank of Korea has raised interest rates.
New York at a loss
In New York, stocks open flat, the Dow gains 0.1%. The Dow Jones closed with a 0.1% gain on Wednesday. After consultation with the White House, technology companies such as Apple and Microsoft promised to invest billions in extra in data security after a series of hacks.
This afternoon the new figure for weekly benefit claims is on the agenda. Analysts expect US economic growth to be revised from 6.5% to 6.7%, quarter-on-quarter.
The market weighs on the Federal Reserve executives, gathered in Jackson Hole, especially the words of chairman Jerome Powell tomorrow, according to ING. “We think he will hint at tapering again tomorrow, the gradual scaling back of the bond-buying program). Which may then be officially settled at the December Fed policy meeting.”
“The markets are reacting hesitantly to Powell’s actions on Jackson Hole, also because of last week’s shock reaction and signals of growth slowdowns in China,” said chief economist Luc Aben of Van Lanschot Kempen. “We see that the economy is cooling down, but not too much. On a worldwide basis, you see the corona infections capping, and that is relevant: the extent to which we get out of corona, including the delta variant, determines the recovery of the economy. That picture changes in the US. There are several signals from China that the government wants to support the markets.”
Powell’s performance is mainly about timing, says Aben. “It is certain that there will be tapering, phasing out of bond purchases. In December or February, does that really matter? More relevant is when the first interest rate step is taken by the Federal Reserve. I think the end of 2022, so that’s still a while
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The euro is trading slightly lower at $1.1768. The interest rate for a 10-year US government bond is 1 basis point lower at 1.334%, the yield for the German bund rises 5 basis points to -0.420%.
The oil price falls 0.4% to $71.99 for a barrel of North Sea oil.
In the main funds, the insurer notes ASR top (+2.4%). JPMorgan Chase increases its stake to 5.69%.
LED lighting producer Signify leads with 2.7% price gain. The producer received a recommendation from Credit Suisse.
Just Eat Takeaway is trading flat, after industry rival Delivery Hero reported better-than-expected results.
shell (+0.2%) reports that it has received a permit to supply green electricity and gas to Dutch consumers. With the energy from Dutch wind and solar parks, it competes with Eneco, Essent and Vattenfall. Shell says it is pursuing a ‘substantial’ position in green energy.
Chip funds are set lower. In Taiwan, TSMC, the world’s largest chip maker, is said to increase its chip prices by 10 to 20%. Semiconductor ASMI drops 0.8%, chip supplier besi drops 0.5% and index heavyweight ASML lose 0.7%. Payment Processor Adyen loses 1.2%, as well as Philips.
ING (-0.1%) becomes with KPN (-0.7%) most traded.
Metal supplier hits in the Midkap AMG lost 2.1% at the bottom. stainless steel maker aperam loses 0.9%.
Biotech fund Galapagos is picked up at the top with 2.2% price gain. Charging station supplier alfen recorded a 0.6% profit.
SBM Offshore plus 0.3% after ING’s reconfirmed buy recommendation this morning on what the analyst calls solid quarterly figures.
At the small caps, investors put private bank Van Lanschot Kempen 1.5% higher on better-than-expected profit over the past six months.
Publisher glasses publishes quarterly figures after the close of trading and notes a 0.9% price gain. HALL also reports and loses 0.8%.
The economy is booming, so why aren’t we improving? Martin Visser discusses this in the podcast Kwestie van Centen. Also available on Apple Podcasts, Google Podcasts and Spotify:
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AEX loss recovers to 780 points | Financial
Source link AEX loss recovers to 780 points | Financial