The AEX ends 1.1% lower at 664.1 after plunging to a low of 653 points earlier in the day. The AMX declines 0.9% to 983.49 points.
The other European stock market indicators keep the damage even more limited, aided by the less heavy weighting of technology stocks.
Fed chief Jerome Powell said at a two-day hearing before Congress this afternoon that the economic situation in the United States is expected to improve in the course of this year. He did warn, however, that the US labor market is far from recovering from the downturn that caused the corona pandemic.
“Better words than deeds”
Philip Marey, economist at Rabobank, points out that in view of the weakening in the American labor market with unemployment still double compared to the beginning of last year, a wage price spiral is still far from under discussion. “Even if the interest rate threatens to get out of hand, Powell still has monetary tools to contain it, although he will prefer to do it with words rather than deeds for the time being.”
According to Corné van Zeijl, analyst at Actiam, the AEX is falling faster than surrounding stock exchanges in Europe due to the heavy weighting of the tech funds that have risen sharply in recent weeks. “Rising interest rates and very high valuations are a bad combination. It may take a while for the concerns about this to fade into the background. Moreover, the sentiment was overly optimistic. ”
Tap Adyen and KPN
At the Dutch main funds KPN against a decrease of 6%. America Movil sells € 2.2 billion in bonds that can be converted into shares of the Dutch telecom company from 2024. This seems to have lost the chance that the company of Mexican billionaire Carlos Slim, which had built up a 20% interest, will make a takeover bid in the foreseeable future.
Bottom of the league Adyen makes a plunge from 8% to well below € 2000. An unnamed early investor sold 450,000 shares of the payment processor at $ 2,077 per share. This brings the proceeds to € 935 million. The extensive sale of Adyen shares and the reduced sentiment among tech funds played a major part in the share, says Van Zeijl.
The suppliers to the chip sector ASMI and ASML In late afternoon trading, the damage was reduced, slipping 2.5% and 2.2% respectively.
Financial values show a divided picture Aegon loses 0.6%. ING plus 1.8%.
Real estate group Unibail-Rodamco-Westfield posted a profit of 2.4%. The defensive food group Unilever rate 2.4%.
Air France KLM is reviving a lot
The supplier to the chip sector is the supplier of the medium-sized funds Besi with a bleeding of 7.1% at the bottom. PostNL follows with a minus of 4.4%.
GrandVision yields 1%. The optical chain sMonday for the second time in court opposite EssilorLuxottica. The French-Italian eyewear giant is trying to get out of the agreed takeover of € 7.3 billion.
Air France KLM excels with a gain of 4.5%. Basic-Fit strengthens 1.6%.
Smallcap Alfen falls 5.6%. The charging station supplier that has risen rapidly in recent months is also suffering from profit-taking.
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Tech again throws a spanner in the works with the AEX | decline Financial
Source link Tech again throws a spanner in the works with the AEX | decline Financial