The share of heavyweight Shell was in the leading group of an almost flat AEX index on Monday. The oil and gas group continued to benefit from the strong rise in oil prices. Investors continued to look forward to the start of the quarterly earnings season.
In the United States, the season kicks off this week with the results of major US banks such as JPMorgan Chase, Goldman Sachs and Citigroup.
In addition, they were still waiting for news from the financially distressed Chinese real estate group Evergrande, which has to make a new interest payment on its debts on Monday. The company has already missed two bond payment terms this month.
The main index on Beursplein 5 was a fraction higher in morning trading at 772.63 points. The MidKap lost 0.1 percent to 1043.46 points. The indicator in Frankfurt fell 0.3 percent, and Paris won a fraction. London climbed 0.3 percent. Bank of England Governor Andrew Bailey warned Britain last weekend of a potentially “very damaging” period of inflation, which will turn out higher than previously thought.
Investors also kept an eye on developments in the energy market. The high demand for oil due to the strong economic recovery from the corona crisis and the limited supply drive prices. A barrel of US oil became 2.1 percent more expensive at $81.05. On Friday, the price of a barrel of American oil broke through the 80 dollars for the first time since 2014. Brent oil cost 1.8 percent more at $83.83 a barrel.
The strongest climber among the main companies on the Damrak was steel manufacturer ArcelorMittal, with a profit of 1.9 percent. Oil producer Shell followed with a plus of 1.5 percent. Signify climbed 0.8 percent thanks to a buy recommendation from Kepler Cheuvreux. Chip machine maker ASML closed the row with a minus of 1.1 percent.
ABN AMRO rose 1.7 percent in the MidKap. The bank is simplifying its organizational structure, with the four current divisions being replaced by three new departments. In addition, three new directors are appointed.
In Paris, Carrefour won 0.1 percent. According to Bloomberg news agency, the French supermarket group was recently approached by its competitor Auchan for a takeover. Auchan was willing to pay about 16.6 billion euros for Carrefour. However, the takeover talks have stalled over the offer and the terms of the deal.
The euro was worth $1.1577 against $1.1572 on Friday.