Amsterdam stock exchange in the red, Prosus strongest decline

The AEX index on the Amsterdam Stock Exchange entered the weekend with a significant loss on Friday. Among other things, investors processed figures on U.S. producer prices, which were slightly higher than expected. In the main Damrak index, tech investor Prosus was the biggest loser.

The AEX closed with a loss of 1.6 percent at 765.16 points. On Thursday, the main index had gained 1 percent. The MidKap lost more than 1 percent to 903.68 points. In Paris, Frankfurt, and London, minus values of up to 1.3 percent were on the scoreboard.

The figures on U.S. producer prices revived interest rate concerns. That’s because manufacturers’ prices are reflected in the prices consumers ultimately pay. If inflation remains high, the Federal Reserve could raise interest rates for even longer.

Prosus ended the session down 3.8 percent on the AEX. The tech investor suffered losses on Chinese Internet and gaming company Tencent, of which it is a major shareholder. Chipmakers ASML, ASMI, and Besi also struggled with losses of up to 3.5 percent. Telecoms group KPN was the only riser among the major funds, with a plus of 0.2 percent.

In the MidKap, fertilizer maker OCI, and food delivery company Just Eat Takeaway were the laggards, down as much as 5.1 percent. Furthermore, maritime oil services provider SBM Offshore led the way, up 4.8 percent. Just the day before, SBM was the biggest loser among mid-cap funds, down 5.6 percent due to disappointing figures.

On the Zurich Stock Exchange, UBS rose 4.4 percent. The Swiss bank voluntarily terminated its agreement with the Swiss government on a loss guarantee in connection with its takeover of Credit Suisse. Group chief executive Sergio Ermotti said UBS can bear the total costs and financial impact of the Credit Suisse integration itself.

Furthermore, Telecom Italia fell slightly in Milan. The U.S. investor KKR, which wants to take over the telecommunications company, has reached a preliminary agreement with the Italian government. The latter may acquire a stake of up to 20 percent in the company after the takeover.

The euro was worth $1.0952, down from $1.1018 the previous day. A barrel of U.S. oil cost 0.5 percent more at $83.25. In addition, Brent oil became 0.6 percent more expensive at USD 86.90 per barrel.