AEX price flat, but ASML, BESI and ASMI continue to rise

On the last day of the week, the AEX price trades at approximately the level at which the stock exchange closed on Thursday. However, that does not mean that there are no movements in the market. For example, we see green figures again with the chippers.

ASML, BESI and ASMI are doing well again. Investors seem to care little about central banks' rate hikes.

This week, of course, was largely dominated by the US central bank's interest rate hike. It was a bit stricter than expected. After all, the central bank indicated that it expected even more interest rate hikes in the coming months. For example, we can say that we may be looking at the beginning of a cycle of interest rate hikes.

In addition to the US central bank, we also saw interest rate hikes from the European Central Bank and the Bank of Japan. While the oil price remains around 100 dollars per barrel and global bond yields are at the highest levels in a few decades.

So the cost of capital is rising, but the stock market is not paying much attention to it for the time being. Of course, it doesn't do anything at all. It would have been better for the AEX if the pukes of capital were around zero, as we saw over the past decade.

But the new reality is that capital gets a price again. However, this does not necessarily mean that there will be immediate problems for shares. If the return on capital for the stock market remains higher than the cost of capital, then things are going well.

For the AEX, it is clear that the chippers are pulling the cart again. ASML weighs the heaviest in the stock market index and therefore does the most work. Nevertheless, the increases at BESI and ASMI also play an important role in the price development of the Dutch stock market index.

For the time being, belief in the AI revolution seems to outweigh the rise in bond yields for investors. As a result, there is still a chance that the bull market will have a resounding continuation in the coming years.