Amsterdam's AEX Index briefly sets record above 800 before falling several points

AMSTERDAM - The Amsterdam AEX index broke a new record on Wednesday, briefly pushing past 800 points on Wednesday. A significant stock price loss by Just Eat Takeaway, the parent company of Thuisbezorgd.nl, was partly responsible for bringing the index back below the historic point limit. The price movements on the other European stock exchanges were limited. A series of disappointing macroeconomic results from China fueled concerns about a slowdown in the global economic recovery from the coronavirus crisis.

The main index at Beursplein 5, home of the Euronext Amsterdam stock exchange, was 0.2 percent higher around noon at 799.43 points and reached the highest price ever at 800.34 points. It dipped to 797,08 by 1:30 p.m. At the end of March, the AEX already managed to replace the 21-year-old record of just over 700 points. The MidKap fell 0.4 percent to 1,091.06 points. Frankfurt remained flat and Paris fell 0.2 percent. London gained 0.2 percent.

In China, strict local coronavirus restrictions clearly weighed on consumer spending in August, causing retail sales to weaken considerably. August industrial production in the country also grew, but at its weakest pace in more than a year.

Steel manufacturer ArcelorMittal showed the strongest gains in the AEX with an increase of 2 percent. Insurer NN Groep and ASML, which produces machines that make microchips, followed by advancing 1.7 and 1 percent respectively. DSM gained 0.4 percent thanks to a "buy" recommendation from ING. The share price gained 4.5 percent a day earlier thanks to the new strategic plans of the specialty chemicals group.

Just Eat Takeaway, on the other hand, posted a loss of 4.5 percent. Investors were likely reacting to the agreement that British competitor Deliveroo concluded with American online retailer Amazon. Under the deal, Amazon Prime customers will not have to pay a delivery fee for select orders at Deliveroo for one year.

Inditex fell 2 percent in Madrid despite the Spanish clothing group, known for brands such as Zara and Pull & Bear, boostting its profits and sales to pre-coronavirus levels. In Stockholm, its competitor Hennes & Mauritz (H&M) lost 2.8 percent. The Swedish clothing chain saw sales pick up in the past quarter, but analysts had hoped for more. H&M also continues to suffer from moderate sales in Asia and Australia, where the coronavirus measures were tightened.

 

The euro was worth $1.1827 versus $1.1822 a day earlier. A barrel of US oil cost 1.3 percent more at $71.35 a barrel. Brent oil became 1.2 percent more expensive at $74.48 a barrel.




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