July 24, 2024

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Heavyweights push Bel20 into the red zone

Heavyweights push Bel20 into the red zone

(EBMFN) The Brussels Stock Exchange closed lower on Tuesday, with the Bel20 index losing 0.9 percent at 3,948 points, mainly due to declines in heavyweights Argenx, KBC and AB InBev.

The New York Stock Exchange opened its doors again on Tuesday after a long weekend. Nvidia continued its rise with gains of more than 5 percent in the early evening.

However, risk appetite is minimal among investors ahead of US inflation data on Friday.

This report will determine the Fed’s monetary policy and thus may cause some volatility.

Meanwhile, Philipp Jessels, chief strategist at BNP Paribas Fortis, noted that market expectations for Fed rate cuts are waning rapidly.

François Villeroy de Galhau of the European Central Bank noted that after the first cut in interest rates, perhaps next week, it cannot be ruled out that a second cut will follow in July.

However, Gijsels believes this will only happen if inflation numbers improve slightly. European inflation numbers are also on the list on Friday.

In the bond market, the German ten-year yield rose by three basis points to 2.58 percent in the early evening, while its American counterpart rose to 4.48 percent.

Brent crude rose by about 1 percent. Geisels pointed out that tensions in the Middle East are unfortunately escalating again, as the killing of an Egyptian border guard has raised fears of an escalation of the conflict.

“But in order to see a real big movement in prices, we have to wait for OPEC + to see to what extent they will maintain the production cuts. We must not forget that the price of oil, but in the order of derivatives, the price of all raw materials, is important. For inflation, and linked to that, of course, is also the interest rate.” “.

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On the currency front, the euro was trading at $1.0877 early in the evening.

In Brussels, Belgium’s federal debt agency announced on Tuesday that nearly 104 million euros in state bonds had been raised after the second day of filings.

The risers and the fallers

Most stocks in the Bel20 closed in the red on Tuesday, with the exception of Aedifica, which rose 0.6 percent and sector peer WDP, which rose 0.7 percent. Only Melexis performed better with a 1.1 percent share price increase.

D’Ieteren, which holds its annual meeting on Thursday and will also publish a quarterly update, rose 0.4 percent.

On the other hand, heavyweights Argenx and KBC lost about 1.5%. AB InBev shares fell 2.0%.

Outside the main index, IBA stock rose 1.9 percent, while DEME stock lost 2.5 percent.

Smallcap Unifiedpost shares fell 5.1 percent to 3.33 euros. However, Degroof Petercam raised its price target for the fintech from €2.80 to €3.10, while maintaining Houden’s recommendation.

Volatile Belisi stock rose 6.5 percent, while Sequana Medical rose more than eight percent.

Wall Street

At the end of the European trading day, the New York Stock Exchange lacked direction.

Source: ABM Financial News

ABM Financial News is a resource for stock market news, video and data, both for real-time trading platforms and trading rooms and for online and offline media publications. The information in this article is not intended to provide professional investment advice or a recommendation to make particular investments.