AEX overcomes pressure from tech with impulse banks | Financial

The AEX index ends unchanged at 663.35 points. At the start the main indicator rose above 668 points. The AMX does not move at 989.33 points either.

Stock exchanges elsewhere in Europe are also slightly green: the German DAX gains 0.2% and the French CAC-40 gains 0.1%.

In the afternoon a disappointing job report from salary processor ADP about the American private sector came out. The number of jobs in February grew to 117,000, while an increase of 225,000 was expected. The official employment figures are scheduled for Friday. There, a plus of 195,000 new jobs are provided and an unchanged unemployment rate of 6.3% of the labor force.

“Difficult recovery in the US labor market”

Teeuwe Mevissen, economist at Rabobank, emphasizes that the recovery in the US labor market after the corona blow is still difficult. “The sharp decline in unemployment in America also shows a distorted picture because many people, such as in the hospitality industry, no longer look for work and are therefore not counted. Employment is therefore a top priority for the Biden government to prevent jobs from being lost forever. ”

With the end of the earnings season in sight, investors’ focus is shifting to the macro agenda, says Mevissen. “It remains to be seen how the service sector, which is lagging considerably behind industry, will fare in the coming period. Furthermore, the fear of interest will continue to occupy the market for a while, although we do not assume that the underlying inflation will continue to rise, partly because improvement in the labor market in Europe and America is expected to take a long time. In addition, the attention will of course still be focused on vaccine news. Biden has already hinted that the coming Christmas can probably be celebrated normally again. ”

“Interest story continues to play”

According to Jos Versteeg, analyst at InsingerGilissen, the interest story will remain hanging above the market for the time being. However, he points out that fears that the Federal Reserve will soon have to pull the brakes is still far from being an issue, as rising inflation is expected to remain contained. “Continuing trends, such as technology and aging, play a role in this.”

Versteeg takes into account that stock market volatility is not over yet. “Calm must first return to the bond markets. In addition, there is reason to be a bit more cautious about chip funds after the long run up, although we are still positive about the sector for the long term. ”

This week, the focus is further on the meeting of OPEC members scheduled for tomorrow. “There is a good chance that in view of the strong recovery in the oil price in recent weeks, production in countries united in OPEC will be increased again. That will put pressure on the oil market. ”

Prosus in demand

Book with the main funds Prosus 1.1% profit helped by the significantly higher share price at the Chinese internet giant Tencent, in which the techinester has a major interest. Versteeg emphasizes that in addition to the optimism about the Tencent participation, Prosus is also making good progress with meal delivery in emerging countries, such as India and Russia. Steelmaker

Financials are at the forefront, buoyed by the pick-up in long-term bond yields, which are back to 1.5% in the US. Leader ING heading 4.3% higher in response. NN Group and Aegon thicken 3.9% and 3.5%.

Broadcaster Randstad is also popular and stands out 2.2%. ArcelorMittal wins 0.5%.

Shell can add 0.7% with the support of the further rising oil price due to the expectation in the market that members of the OPEC oil cartel will maintain the agreements on limiting oil production at Thursday’s meeting.

Biotech fund runs at the bottom Galapagos against a loss of 2.3%. ASMI yields 2%. ASML declines 1.6%.

Adyen is also inferior. The rate of the online payment processor dropped 1.3%, while Just Eat Takeaway had to give up 2.1%.

The leading position is still reserved for medium-sized funds Arcadis with a plus of 2%.

Pharming that shows quarterly results tomorrow before stock exchange, will gain 0.5%.

Construction company BAM (+ 2.1%) is well on track with the small caps. New leader Brunel shoots up 3.3%.

At a charging station maker Fastned (-1.4% on € 61.8) Berenberg has increased the price target from € 80 to € 91 with a repeated buy advice. Thanks to the latest share issue, Fastned can accelerate its growth, says Berenberg.

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AEX overcomes pressure from tech with impulse banks | Financial
Source link AEX overcomes pressure from tech with impulse banks | Financial

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