Economy

Business figures help stock market move forward Financial

The AEX was 0.6% higher at 55 minutes past ten at half past three, after the 2.6% decline on Thursday. The AMX rose 1.3% to 767.6 points.

Most other European exchanges lagged. The British FTSE 100 fell 0.2%. The German DAX and the French CAC 40 climbed 0.6% and 0.2% respectively.

The index futures pointed to a 0.2% to 1.2% higher start of the US stock markets at half past three, after the divided picture Thursday.

Asset manager Renco from Schie (Valuedge) points out that in recent months the day following the Fed meeting always went badly for investors. “The Fed’s message was as expected, but the next day you saw another negative reaction. A few lousy company numbers and the tweet from Trump that he wants to postpone the elections also weighed on sentiment. But we see that investors are quickly overcoming this, thanks in part to the strong quarterly figures from Apple, Amazon and Facebook. ”

Van Schie does not consider the strong economic contraction figures from Europe this morning for the second quarter (France -13.8%, Spain -18.5%, Italy -12.4%) important for the stock market sentiment. “These look back. Be more important leading indicators, activity data, news about one corona vaccine or drug and the number of infections in the US. ”

About the expiration of the current support program in the US, including a $ 600-a-week benefit to Americans living during the United States corona crisis unemployed, Van Schie is not much worried. “The market is anticipating a new package of $ 1 to $ 1.5 trillion and that will likely be announced one these days.”

The asset manager has a clear preference for European over American equities. “First of all, the euro appears to be breaking out of the downward trend against the dollar over the past 12 years. We think this will continue. In addition, the economic outlook for Europe is more favorable than for the US, partly because the virus is better controlled there. The past has also shown that a recession leads to a change of power. US stocks, which have performed strongly in the past 10 years, can do relatively worse from now on. “

Chip supplier went to the Dutch main funds ASMI and payment processor Adyen with pluses of 3.5% and 3.2% respectively.

Real estate fund Unibail-Rodamco-Westfield (+ 3%) and steel giant ArcelorMittal (+ 2%) recovered somewhat from the blows on Thursday following the figure publications.

The insurers ASR, NN and Aegon gained 2.1%, 2% and 1.6%, respectively.

Chip machine manufacturer ASML rose 0.8% after buying advice from US bank Wells Fargo.

Shell was unchanged. After the more than 5% decline yesterday in response to its quarterly figures, the energy group received a small price target increase to € 17 from Berenberg. His holding advice remains intact.

Heavyweight headed to the bottom of the AEX Unilever with a 0.6% loss.

In the Midkap went Basic-Fit with a profit of 9.6% in the lead. The fitness chain saw its quarterly revenue decline 24% and also came with a quarterly loss to € 51.9 million, but maintained quarterly results against its 2020 goals. Fewer subscribers dropped out than expected. And Basic-Fit promises to open another hundred branches despite the crisis. According to ING, Basic-Fit delivers strong performance, especially in recovery of numbers of subscription holders. For KBC, the group did what the analyst, who uses the target price of € 29, expected.

Cable and telecom company Altice rose 8.6%. Quarterly figures published on Thursday after trading were well received by investors.

Logistics real estate fund WDP won 2.4% after reporting higher quarterly earnings. The occupancy rate remained stable at 98.2%, a fraction more than at the end of December 2019. WDP performed for investment bank KBC according to its estimates.

Biopharmaceutical Pharming after the hit on Thursday in response to the reported dip in sales in the second quarter, was down another 3.2%.

Air France KLM (-1.2%) will cut another 1,500 jobs after a loss of € 800 million in the first half. There is a 93% decrease in travelers compared to last year. ING analyst Quirijn Mulder saw the figures in a slower recovery in turnover. According to him, a return to better net results will take “much longer”. The French trade minister reported about the sister company Air France that nationalization is not on the agenda.

Secondment worker Brunel In the small quarter (+ 5.7%), sales for the past quarter were down 13% to € 223.4 million. Solid figures, compliments ING analyst Marc Zwartsenburg. KBC immediately gave an advice increase to ‘accumulate’, coming from ‘hold’. There is potential up to € 8 per share, according to KBC. Brunel’s turnover decline was less than feared.

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