The AEX was 0.1% higher at 572.09 points around a quarter to four. On balance, the main indicator shot up almost 7%. The AMX dropped fractionally to 827.73 points.
The other European stock markets became less and less red. The British FTSE 100, the German DAX and the French CAC 40 fell to 0.3%.
In the afternoon a better than expected American job report came out. Last month, 638,000 new jobs were added. Job growth of 590,000 was expected in advance. Unemployment fell from 7.9% to 6.9. while a much smaller decrease to 7.7% was expected.
The labor market in America is moving in the right direction, says Joop van de Groep, asset manager at Fintessa. “The sharp fall in unemployment in the US is a particularly positive surprise. In addition, the labor participation was not too bad. “
While not all votes have been counted yet, Democratic presidential candidate Joe Biden has by far the best chance of getting elected. Current President Donald Trump will legally challenge his impending loss.
According to Van de Groep, the remarkably good state of affairs in the stock markets has mainly to do with the expected division in Congress with a majority of Republicans in the Senate and a majority of Democrats in the House of Representatives. “Winning the White House will slow down Biden’s ability to address the announced corporate tax hike and tackle major tech funds.”
“More in the barrel”
The Group assumes that there will be even more in the coming weeks for the stock markets towards the highs of mid-July. “Business figures are generally better than expected and forecasts are also being revised upwards. In addition, the European central bank is ready again in December to take action with new stimulus to support the economy against the impact of the second corona wave with new lockdowns. A judicial battle for president in the US will eventually end sooner or later. ”
Rein Schutte, investment advisor at Noesis Capital Management, emphasizes that investors let off steam after the mainly tech-driven rally in recent trading days. He points out that there was a rotation from value stocks to tech funds as Democrats are almost certainly not going to get a majority in Congress. According to him, the fall in American interest rates also played a role in the preference to get into tech. “Furthermore, it is mainly a matter of waiting to see who will win the presidential elections in the US.”
After the strong revival of the stock markets this week, Schutte anticipates that the advance will be restricted. “The focus will shift again to the second corona wave and its impact on the economic recovery. As long as there is no vaccine, this dark cloud will hang over the market. In addition, a deal on new corona support in the US does not seem to be on the agenda for the time being as long as the outcome of the US elections is disputed. ”
Galapagos down
Biotechnology company dived into the Dutch main funds Galapagos 5,8% down in response to disappointing quarterly results. According to Schutte, the most important item for Galapagos to get the green light for filgotinib in the US market remains the most important item.
ABN Amro was also at the rear. The share price of the banking group fell 1.2%.
Digital payment processor Adyen was worth 1.1% less after the nice ride up earlier this week.
Philips fell 0.6%. The medical technology company came out with its medium-term financial goals.
Tech investor Prosus booked a gain of 2.4%. According to Van de Groep, a factor in this is that Chinese companies, such as Tencent, in which Prosus has a major interest in a victory for Biden, are expected to be dealt with less harshly.
ArcelorMittal took the lead with a plus of 2.9%. The improved state of affairs at the steel group, helped by the car industry, continued to have a positive effect. Van de Groep emphasizes that US import tariffs on European steel may be adjusted if Biden wins.
ING, which came out with disappointing quarterly figures on Thursday, was 0.6% in recovery. Insurer Aegon gained 1.6%.
Air France KLM dive
With the medium-sized funds Air France KLM with a loss of 2.4% in the rear.
Boskalis fell 3.4%, on the report that sales in the third quarter remained stable compared to the first half of the year. The maritime service provider is also sticking to its previously stated forecast for this year.
Vopak decreased 0.2%. Its oil storage tanks were fuller in the third quarter than in the first half of the year.
BAM had to give up another 0.5%. On Thursday, the construction company already lost ground after its figures are published.
Smallcap Sif plunged nearly 10%, following an advisory cut by ING to sales in response to the quarterly figures presented Thursday. The bank believes that the analyst consensus for the foundation specialist for next year is too high.
Euronext fell 0.7% in the local market, in response to its quarterly figures.
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