The Recent Movements on the Global Stock Markets
Crisis in China and recommended stocks by ING
The global stock markets have been experiencing some turbulence lately, with the Bitcoin (BTC) price stagnating and the focus turning towards the performance of the stock markets. Let’s explore the recent movements on the stock markets.
Start on Wall Street
The Nasdaq and S&P 500 have opened 0.3% lower as a result of consecutive losses in recent weeks. The futures suggest a flat opening, while increasing bond yields continue to put pressure on stocks.
Unrest in Amsterdam
The AEX-index in Amsterdam is showing clear declines. Prominent players like Prosus are experiencing a 4.1% drop following the loss of Tencent in Hong Kong. ArcelorMittal and Aperam are also affected by the global steel slump, partly due to the declining orders from China.
Luc Aben, chief economist at Van Lanschot Kempen, suggests that despite high policy rates, further increases may be limited or even absent. The resilient US labor market could have implications for inflation and interest rate hikes.
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Chinese real estate crisis
Vastgoedgigant Evergrande has become the symbol of the Chinese real estate crisis. After canceling important meetings with creditors and announcing a revised financial recovery plan, the company lost about one-fifth of its value. This undoubtedly affects confidence in the Chinese real estate sector, which could have unwanted consequences for China and the rest of the world. It is definitely an important topic to keep an eye on in the coming months.
Recommendations from ING
The bank has made some changes to its favorites list for the Benelux region. New additions include Basic-Fit and Vopak, while TKH Group has been removed from the list. ING has a positive outlook on market conditions for Vopak, especially regarding oil storage.
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