The AEX plunges 2.2% at around four o’clock to 656.7 points after having previously partially reduced the damage. The AMX slows down 1.7% at 975.2 points.
The other European stock market indicators keep the damage somewhat more limited, aided by the less heavy weighting of technology shares.
Investors are looking forward to Jerome Powell’s statement to Congress on the Fed’s monetary policy later this afternoon. According to Philip Marey, an economist at Rabobank, Powell is going to continue the line he has started this year by emphasizing that inflation expectations in the US have gone too far. Marey points out that in view of the weakening in the US labor market with unemployment still double compared to the beginning of last year, a wage price triangle is still far from being an issue. “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. ”
At the Dutch main funds KPN against a hit of 8.1%. 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 plunges 9.2% 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 are also weighed down by the slump in tech funds, with 6.1% and 4.1% respectively slipping.
Financial values show a divided picture. Aegon loses 1.5%. ING plus 0.6%.
Real estate group Unibail-Rodamco-Westfield gets off the bat with a profit of 2.7%. The defensive food group Unilever rates 1.4%.
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.
Would you like to receive the DFT Newsletter automatically by email every morning from now on? Then you can sign up here for free.
The most important financial news every morning.
Invalid email address. Please fill in again.