WHAT’S NEW - Apple, Amazon, Alphabet, Facebook - beat, beat, beat, beat. Yesterday's quarterly aftermarket releases stand out for the structural changes triggered by IT in our daily lives, including investing. But yesterday turned also out to be a broad stock correction day in the light of two further US events: President Trump’s proposal to delay the November election, and, even more, the worst quarterly GDP figures since 1946, although not surprising with the pandemic-related lockdowns in the second quarter. The US economy contracted by 9.5% in non-annualized rates, similar to the -10.1% second-quarter figure released for Germany yesterday. The lockdown hit demand in all components except government spending. Exports even crashed by almost two thirds.
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