The AEX index got better and better and ended 2% higher at 551.67 points. With that, the damage was cleaned up again in the past week. The AMX also performed well with a plus of 2.1% at 801.3 points. The agenda is almost empty. In the Netherlands, producer confidence increased further in September, for the fifth month in a row.
Elsewhere in Europe, investors saw the glass half full again. The UK FTSE 100 index rose 1.6%, the German DAX was even better in shape with a 3.1% gain thanks to strong enthusiasm from the German banks and the French CAC-40 was pushed up 2.4% .
The Brexit talks will continue this week. With Downing Street looking to scrap 10 parts of the deal, tough negotiations are expected. However, the British pound rose sharply because of the hope that the United Kingdom will still be able to prevent a hard Brexit deal.
According to Joop van de Groep, asset manager at Fintessa, investors have thrown off the reluctance of the past week despite Trump’s further increasing pressure on China and new lockdowns are on the horizon to stem the increasing corona infections. “There is confidence that a correction in the equity markets will be much less deep than in March due to the massive stimulus from governments and central bankers. In addition, China appears to be emerging stronger from the corona crisis and many companies are benefiting from the structural trend among consumers to make online purchases. ”
Van de Groep foresees that the election campaign between President Donald Trump and Democratic candidate Joe Biden will continue to riot. “For example, the Republicans and Democrats have only this week to make a deal on new corona support. Then it can only be done again in November. You can also see volatility increasing in options trading after the US elections. ”
“Fear of the second corona wave”
Jos Versteeg, analyst at InsingerGilissen, emphasizes that the good start to the trading week in Amsterdam was driven by the cheerfulness on Wall Street last Friday. He points out that tech funds in the US in particular took the lead. “With the fear of a second corona wave, tech has come back into the spotlight, partly because of the strong balance sheets, which means that companies in this sector will not quickly get into financial trouble.”
Steel is on the rise
Steelmaker entered the AEX ArcelorMittal the long list of winners with a price jump of 10.9% to € 11.44. The sale of ArcelorMittal USA to steelmaker Cleveland-Cliffs at $ 1.4 billion was well received by investors. Arcelor closed an excellent deal, ING analysts praise both the purchase price and the strengthening of the balance sheet. ING has a purchase advice of € 18.00.
Financial institutions also did excellent business. Aegon increased 8%, ING headed 4.6% higher. ABN was worth 6.7% more. The enthusiasm among investors about the greater participation of the Chinese insurer Ping An in the British industry peer HSBC provided support. Despite the nice recovery movement, Versteeg keeps a close eye on the upcoming performances in this sector. “Further consolidation at European banks is a difficult story.”
Galapagos (+3) was also on the rise. The biotech company also received the green light from the European Commission for its filgotinib, shortly after the approval given by Japan. KBC raised its target price a fraction to € 145.00 with continued purchase advice. According to Versteeg, investors feared that the red light in America for the drug would also play a role in the approval in Europe.
Real estate fund Unibail-Rodamco-Westfield gained 4.3%. Food delivery person Just Eat TakeAway thickness 1.7%. Its shareholders were advised by institutional investor voting consultancy Glass Lewis and ISS to vote in favor of the acquisition of GrubHub.
Fitness chain reported among the medium-sized funds Basic-Fit (+ 0.5%) to appeal the forced closure of 148 gyms in Paris, Bordeaux and Marseille. Already priced in, KBC Securities responded to the message.
Real estate fund Eurocommercial Properties led this index with an increase of 9.1%. Pharming won 5,1%.
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