At about 12.30 the AEX index was 1% higher at 540.3 points. The AMX was rated at 1% plus at 784.5 points.
Investment strategist Wim Zwanenburg (Stroeve Lemberger) talks about a bizarre trading week for AEX, which closed at 542.22 points late last week. This week, the stock market was under pressure due to fears of a recession among investors after the ten-year yield in the US fell below the two-year yield for the first time in 2007. However, Zwanenburg, in particular, expects US companies to continue showing profit growth over the next twelve months. "We see the stock market plunge as a chance to buy," the investment strategist said.
Investors processed Friday's statements by Finnish ECB Director Olli Rehn about a "significant and meaningful stimulus package" to be presented at the European Central Bank meeting on 12 September. They also looked ahead to the central bankers' meeting next week at Jackson Hole in the US. According to Zwanenburg, many eyes at Jackson Hole are directed at Fed President Jerome Powell. "The market is addicted to interest rates cuts. But Powell did not want to say last month that the Fed began a series of interest rates cuts in the US. "
Wall Street is expected to open 0.9% to 1.2% this afternoon. Stock exchanges in Paris (+ 0.9%), Frankfurt (+ 0.7%) and London (+ 0.4%) also improved.
IMCD is disappointing
It was at AEX Aegon (+ 3.3%) leader. The insurer lost 7.7% on Thursday after the announcement of disappointing buffers. The industry has a partnership ASR (+ 2.2%) and NN (+ 2.8%) also had wind in their sails.
Biotechnology company Galapagos (+ 3%) reported that its rheumatic drug filgotinib is entering the next phase and is being evaluated by the European Medicines Agency EMA. An important step, says CEO Van de Stolpe.
IMCD was Damrak's biggest loser with a decline of 11.2%. The chemical distributor made more profit in the first half of the year, but analysts were disappointed. Piet van der Slikke, chairman of the board, also called market sentiment "volatile and uncertain". ING provides buying advice but provides difficult market conditions.
Haaksbergse scored among medium-sized funds TKH 2.7% loss. The vendor sold the Torqx component with poor results in half a year. ING lowered its advice on TKH's stock from buy to hold, with a lower price target of € 41, citing weakened macroeconomic conditions.
At the top of the AMX was a chip supplier Bessi thanks to a 3.6% exchange rate gain. Soil researcher Fugro followed with a plus of 3.4%.
Small cap fund ForFarmers offered investors a 2.8% return. The animal feed maker went through the hoof on Thursday with a drop of 12.9% after disappointing half-year data.
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