Investors were still processing the modest growth target for the Chinese economy. China is aiming for growth of ‘around’ 5 percent this year. That’s one of the lowest growth targets for the world’s second-largest economy in decades.
Interest rate issues also hovered above the stock markets. European Central Bank President Christine Lagarde told the Spanish newspaper El Correo last weekend that it is very likely that interest rates in the eurozone will be raised by another half a percentage point later this month in the fight against inflation. Investors are also looking forward to the statements that US central bank president Jerome Powell will make before the US Congress on Tuesday and Wednesday.
Fortieth anniversary of AEX and Adyen
The AEX was 0.2 percent higher in morning trading at 762.29 points. Several children and grandchildren of Tjerk Westerterp opened the trading day on Monday by sounding the gong. Westerterp, then director of the Amsterdam options exchange, devised the index in 1983, which started on March 4 that year. The MidKap fell 0.1 percent to 1022.51 points. The stock exchanges in Frankfurt and Paris gained up to 0.5 percent. London lost 0.1 percent.
In addition to Besi, payment company Adyen was in the leading group of the AEX with a plus of 0.9 percent. Steel manufacturer ArcelorMittal (minus 0.6 percent) closed the row due to the disappointing growth target for the Chinese economy.
Euro and oil rate, Corbion and Galapagos
In the MidCap, Corbion continued the decline and was at the bottom with a loss of 2.5 percent. The specialty chemicals company plummeted almost 12 percent on Friday after the publication of the annual figures. Analysts at Berenberg lowered their price target for the stock. Biotechnologist Galapagos was the strongest riser with a gain of more than 1 percent.
The euro was worth $1.0643 against $1.0605 on Friday. A barrel of US oil cost 0.4 percent less at $ 79.40. Brent oil also fell 0.4 percent cheaper, at $85.49 a barrel.