February 27, 2024

Taylor Daily Press

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Stock market gains in Amsterdam after U.S. consumer confidence figures

Stock market gains in Amsterdam after U.S. consumer confidence figures

Stock market sentiment in Amsterdam improved sharply on Wednesday after U.S. consumer confidence figures. Americans are more optimistic about the economy and their own finances this month, which is welcome news for global financial markets.

An indicator of consumer confidence in the world’s largest economy has risen at the fastest pace since the start of 2021, according to a new survey by research group The Conference Board. This was much stronger than economists had expected. The positive figures come on top of earlier signals that the US is avoiding a recession despite rising interest rates.

The AEX index on Damrak ended the session up 0.2 percent at 793.69 points, following losses on the previous day. Midcap rose 0.4 percent to 924.29 points. London’s stock market ended up more than 1 percent, and Paris ended up 0.3 percent. The Frankfurt Stock Exchange ended slightly lower.

Investors also processed reports from Klaas Knot, president of De Nederlandsche Bank and key policymaker at the European Central Bank. As far as he was concerned, he reiterated that interest rates in the Eurozone should remain at their current high levels for some time to come in the fight against hyperinflation.

Encouraging news came from the United Kingdom as inflation was much lower in November than in the previous month. It also believes in interest rate cuts by the Bank of England, which will benefit equity valuations.

ING attracted attention on the Amsterdam Stock Exchange. The bank wants to phase out financing for oil and gas exploration and pumping by 2040. The stock ended 0.4 percent lower. Construction firm Heijmans fell 0.2 percent. The construction company received an order for maintenance work on highways in the south of South Holland.

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In Copenhagen, Ørsted won by more than 3 percent. A major developer of renewable energy projects has decided to go ahead with building the world’s largest wind farm off the British coast. Earlier, the Danish group had to take a large write-down due to the cancellation of US wind energy projects, which caused consternation among investors.

The euro was up about 0.1 percent at $1.0963 against the dollar. U.S. crude was up 1.1 percent at $74.76 a barrel. Brent crude was up 1 percent at $80.03 a barrel.