The AEX remains the major European stock exchanges last week with 0.9% profit. From January 1, that is 8% increase at the end of 527.99 points. The German Dax lost 2.4% in that period and the CAC-40 in Paris lost 1.1%.

The Signify share performed the best in the past trading week with 6.2% profit, for heavyweight ING, which became 4% more expensive. ArcelorMittal had a difficult week: -7.9%.

At Midt funds, Intertrust topped off with 4.4% gains against the basement with TomTom (-9.6%), Wereldhave (-9.6%) and AMG (-8.7%).

The European Commission reduced the growth prospects for the Dutch economy from 2.5% to 1.7% on an annual basis. The Dutch ten-year rate fell 8 basis points to 0.19%.

There have been many asset downgrades by analysts, such as those for Heineken. That fear of less return seems worrying. “But Morgan Stanley puts it in historical perspective. “This is the normal pattern for the beginning of the year”, says Corné van Zeijl (Actiam Asset Management) in his preview.

ING Investment Office expects even more good quarterly results, followed by the strongest growth.

“The hope of some rapprochement in the trade dispute between the US and China, which flared up on Thursday, did not lead to an agreement”, says macro economist Stefan Koopman (Rabobank) about the sentiment on the stock market.

“The deadline of March 1 for a complete trade agreement is probably not met. They may make limited agreements, such as more purchases of American soya beans and more LNG gas to China. What really matters is the structural protection of intellectual property of American companies, for which the negotiators have too little time. So that cloud will remain above the financial market until the summer, “says Koopman.

On Monday, the Rabo economist will pay extra attention to the British growth figures presented (10:30 am). Recent purchasing managers’ figures were poor and consumers are becoming more cautious. Rabobank is counting on 0.2% growth in the fourth quarter, the market on a 0.3% increase for the island economy affected by Brexit.

Koopman: “A downward surprise will mean that those who think rationally in London will still seek a Brexit deal with the EU. The uncertainty is stifling everywhere. A total solution is not necessary for investors, the market only needs to know what is coming as a direction.”

On Wednesday, the US government reports its most recent inflation figure. That was always of the greatest importance. But the Federal Reserve has already said on the brake to kick, the importance has decreased.

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