Economy

Worry about lack of US support to cushion rise in AEX | Financial

The AEX was 0.8% higher at 600.6 points around 2 pm. On Thursday, the stock market indicator experienced the largest decline in a few weeks with a minus of 0.8%. The AMX rose 0.8% to 877.4 points.

The UK FTSE 100, German DAX and French CAC 40 climbed 0.8%, 0.6% and 0.7% respectively.

Index futures pointed to a flat to slightly lower opening of the US stock markets after Thursday turned out quite positive. Technology stocks are doing better again.

The American pharmaceutical company Pfizer and its German partner BioNTech are today applying for approval for their corona vaccine with the Food and Drug Administration (FDA). The drug could reach consumers “within hours” of approval, Pfzier and BioNTech said. The European Commission is purchasing 300 million doses of Pfizer’s corona vaccine.

Meanwhile, the second wave of infections in the US is spreading unprecedented. “This one is larger than the first, it means new lockdowns and more pressure on economic growth,” said analyst Corné van Zeijl (Actiam).

“It seems like a second lockdown is certainly being ignored by investors in the United States. The underlying fundamentals of the markets are good. The euphoria has also been spreading to sectors for a while; it’s not just technology, funds like ArcelorMittal, OCI, AMG have crept up like a thief in the night, ”says investment advisor Rein Schutte of Noesis. “Investors are looking more broadly across all sectors for stocks that hold potential.”

Reports that a new crisis support package will be negotiated again in Washington gave investors courage. The disagreement between US Treasury Secretary Steven Mnuchin and central bank president Jerome Powell over how to spend part of the emergency package did not help sentiment either.

Prosus remains strong

The Dutch main funds went Prosus with an expanded gain of 2.8% in the lead. The tech investor will come out with quarterly figures on Monday morning.

Steel giant ArcelorMittal and Shell followed with pluses of 2% and 1.9% respectively.

Unilever took 0.6%. The food and detergent manufacturer will be removed from the S&P Europe 350 at the end of this month as it becomes a wholly British company on paper.

Unibail-Rodamco-Westfield fell 0.2% after a recommendation increase to buy by Swiss bank UBS. On Thursday, the retail real estate fund still fell sharply, after a change of CEO was announced. RBC raised the price target to € 75.

KPN lost slightly after a target cut from UBS.

Brouwer Heineken fell 0.7%. Heineken wants to appoint James Thompson as commercial CEO to replace Jan Derck van Karnebeek. It is the seventh driver in a row. According to Jefferies, this is a signal that Heineken wants to cut costs more deeply and dare to innovate.

The supplier to the chip sector ASMI was at the bottom with a minus of 0.8%.

Profit PostNL

With the medium-sized funds PostNL with a gain of 3.4% at the top.

Altice Europe rose 0.6% to € 4.28, further distancing itself from the offer of € 4.11 per share that founder and major shareholder Drahi made for the remaining shares. The cable and telecom company managed to boost its results slightly again in the third quarter despite the corona crisis. “Beyond expectations,” said Bank of America.

Chip supplier Besi (+ 2.1%) received a purchase recommendation from Degroof Petercam, coming of love. The analyst increased the price target from € 43 to € 52. Besi is doing well itself, but peers are also benefiting from the improving market.

Smallcap ICT Group was up 12%, excluding news from the company. The share Euronext declined 0.4% following shareholder agreement to acquire Borsa Italiana.

Fastned climbed 3.8% on the local market. The operator of fast charging stations for electric cars has raised more than € 17 million with the issue of bonds.

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