The Amsterdam AEX index may cross the 700 point limit in the next short trading week, breaking the old record from 2000. The main index on the Beursplein 5 rose sharply on Friday. Interest in the financial markets is focused, among other things, on figures related to the US labor market and developments surrounding the container ship in the Suez Canal.
On Friday, the AEX index closed 1.7 percent higher at 696.62 points, meaning that an all-time high of 701.56 points from September 2000 appeared. Oil prices rose sharply because the Suez Canal is an important shipping route for oil tankers, among other things. Now that they couldn’t sail through the canal, they have to wait or walk around Africa. Rising oil prices provided a nice addition to Damrak’s heavyweight crippling. Steel group ArcelorMittal also showed strong price gains.
Work is still underway to tow the Evergreen ship from the Suez Canal. Progress is being made in clearing the huge container ship that has been blocking the all-important waterway in Egypt since Tuesday and caused massive traffic congestion for ships waiting along the shipping lane.
On Friday, the US government will release the important jobs report for March. Incidentally, stock exchanges in Europe and New York were closed that day because of Good Friday. But earlier in the week, the ADP payment slip processor also released data on the US job market that may cause market movement.
Investor attention is also focused on US President Joe Biden. It is expected to deliver a new $ 3 trillion economic support package on Wednesday, including major investments in infrastructure and renewable energy projects. Biden will then give a speech in Pittsburgh, where he will likely unveil his plans for this incentive program called “Build Back Better”.
There will also be other macroeconomic data from the US and Europe, including on activity in industry and services. Figures on economic activity are also included from China. In addition, there is information about, for example, retail sales and unemployment in Germany, inflation and consumer confidence in the Eurozone. In terms of business results, it is fairly quiet.
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