The AEX closed 1.1% lower at 664.1 after dropping as low as 653 points earlier in the day. AMX fell 0.9% to 983.49 points.
Other European stock market indices are keeping the damage further limited, buoyed by the less heavy weight of tech stocks.
Federal Reserve Chairman Jerome Powell said in a two-day hearing before Congress this afternoon, that the economic situation in the United States is expected to improve during this year. However, he warned that the US labor market is still far from recovering from the downturn that caused the Coronavirus pandemic.
“Sayings are better than actions”
Philip Marie, an economist at Rabobank, points out that in light of the weakness in the US labor market, with unemployment still weak compared to the beginning of last year, the wage rate spiral is still far from being implemented. “Even if the interest rate threatens to spiral out of control, Powell still has monetary tools to contain it, although he prefers to do so with words rather than deeds for now.”
According to Corné van Zeijl, an analyst at Actiam, AEX is declining faster than the peripheral exchanges in Europe due to the heavy weight of tech funds that have risen sharply in recent weeks. High interest rates and overly high valuations are a bad combination. It may take a while for concerns about this to fade into the background. Moreover, the feelings were overly optimistic. “
Click on Adyen and KPN
In the Dutch major funds KPN Against a decrease of 6%. America Movil is selling 2.2 billion euros of bonds that can be converted into shares in Dutch Telecom from 2024. This appears to have missed the opportunity for Mexican billionaire Carlos Slim, which has raised a 20% stake, to present a takeover bid in the foreseeable future.
The bottom of the league Convicted It drops from 8% to well below 2,000 euros. An unnamed early investor sold 450,000 shares of the payment processor at $ 2,077 per share. This brings revenues to 935 million euros. Van Ziegel says the heavy selling of Adyen shares and the waning sentiment among tech funds played a major role in the stock.
Suppliers to the chip sector ASMI at ASML In the late afternoon trade, the damage was mitigated, dropping 2.5% and 2.2%, respectively.
Financial values show a split picture Egon Lose 0.6%. Action Plus 1.8%.
Real estate group Unibail-Rodamco-Westfield reported a profit of 2.4%. Defense Foodstuff Company Unilever It is also trending 2.4% higher.
KLM is recovering a lot
The supplier to the chip sector is the supplier of medium-sized funds iron With 4.4% bloodshed at the bottom. PostNL 2% must be donated.
Grand Vision It produces 1.2%. Optical chain sMonday for the second time in court versus EssilorLuxottica. The French-Italian eyewear giant is trying to exit the agreed € 7.3 billion acquisition deal.
KLM Air France It thickens 2.6%. Basic fit It strengthens 1.2%.
beanie The genies Falls 3%. The freight terminal supplier, which has risen sharply in recent months, is also struggling to take profit.
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