The Amsterdam stock exchange retains volatility generated by dithering over the trade dispute, which is often offset by expectations of a rate cut. Despite everything, the AEX, an index without dividend reinvested, achieved a quality performance over 2019, with an advance of 18.3%, or 22.2% including distributions to shareholders. During these three months, the increase is limited to 1.65% even if a majority of values achieve a negative path.

Among the winners, during this reference period, ASML made an advance of 30%, taking advantage of the renewed hope for a trade agreement. The title of the specialist in equipment for the semiconductor industry is followed in its performance by Ahold Delhaize (supermarkets), which increased by 13% Graphically, in daily data, the index has changed over the past six months in a sinusoidal way, accelerating twice on highest points to 583 points, then falling back just as quickly to the bottom of 534 points. Moving averages perfectly reflect this neutrality with a horizontal orientation. It will therefore be necessary either to extend beyond the annual zenith or, on the contrary, to break the support of the 534 points, to validate a more directional trend.