Image default

Damrak is warming up to recovery after a restless week on the stock market

The Amsterdam stock exchange appears to be recovering somewhat on Friday after the very restless stock market week. The positive mood in the Asian markets therefore seems to be continuing in Europe. Inflation fears, fueled by higher-than-expected inflation in the US this week, kept investors captivated and sparked a sell-off in global equity markets in recent days.

Fighting high inflation

To combat high inflation, the Federal Reserve will have to raise interest rates sharply and higher interest rates are generally bad news for investments such as stocks. Higher interest rates also slow down the economy, creating the risk of a recession.

US central bank president Jerome Powell, whose second term has been approved by the Senate, said in an interview with Marketplace on Thursday that controlling inflation will “not be easy”. He also stated that he cannot guarantee that there will be a so-called soft landing, in which a recession is avoided, but that the central bank does see ways to avoid an economic contraction.

Stock Markets Ahead

The AEX index on Beursplein 5 is heading for an opening profit of more than 1 percent. Stock markets also appear to be opening higher elsewhere in Europe. Visit the website for more information. Major Asian stock markets advanced strongly on Friday. The Nikkei in Tokyo ended the week with a gain of 2.6 percent, thanks in part to a price jump of almost 12 percent from Japanese tech investor Softbank. The Hang Seng index in Hong Kong rose 2 percent in the meantime.

Heijmans announced a takeover on Damrak. The construction company buys Dynniq Energy, an energy specialist engaged in the design, construction and improvement of power stations on the electricity grid. Dynniq is also working on energy connections for households and the installation of smart meters in homes. A takeover sum was not given. Dynniq has an annual turnover of more than 30 million euros and about 100 people work there.


The crypto market also seems to have stabilized somewhat. Problems with the stablecoin TerraUSD saw the crypto market evaporate more than $200 billion in value in one day. The value of bitcoin, the largest crypto currency, fell below $26,000 for the first time in 16 months. The digital currency is now worth more than $30,000.

The euro was worth $1.0398, against $1.0402 a day earlier. A barrel of US oil cost 1.4 percent more at $107.65. Brent oil became 1.7 percent more expensive at USD 109.24 a barrel.